What is the standard grace period for ordinary life policies?

The standard grace period for ordinary life policies is typically one month, which allows policyholders additional time to pay their premium after the due date without risking a lapse in coverage. This one-month grace period is commonly set to ensure that the policy remains in force, allowing the insured to catch up on premium payments without immediate consequences. It reflects the insurance industry's understanding that policyholders may occasionally face financial difficulties or oversight, thereby providing a safety net.

While options like two weeks, three months, or six months may seem reasonable for various other types of financial agreements or insurance policies, they do not align with industry standards for ordinary life insurance policies specifically.