Description: With each premium payment a receipt is issued which indicates the next due date of premium payment. (economictimes.indiatimes.com)
If regular premiums are not paid within the grace period of 30 days from due date of premium, your policy will lapse and the life cover will cease immediately. (avivaindia.com)
In addition, the policy holder can also change the amount and the due date of the premium as well. (goodfinancialcents.com)