Grace Period: On failure of payment of the premium for monthly payment modes, a grace period is allowed for 15 days within which the policyholder can pay his premium dues. (policybazaar.com)
The Grace Period, in case of monthly payment mode, is 15 days. (policybazaar.com)
In the case of premium payments via monthly payment modes the grace period allowed is 15 days. (policybazaar.com)