A grace period for payment of premium of 15 days applies for monthly premium payment mode and 30 days for other modes of premium payment. (policybazaar.com)
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)
For premium paying term of less than 10 years, a guaranteed surrender value can be acquired on payment of all premiums for at least 2 consecutive years. (comparepolicy.com)