The grace period provision in a life insurance policy means that if a premium is not paid on its due date:

解析

The grace period keeps coverage in force for a specified time after the premium due date (commonly 30 or 31 days), so a late-paying policyowner does not lose protection; if the insured dies during the grace period, the death benefit is paid minus the premium owed. The policy does not lapse at midnight on the due date. The insurer is not required to refund every premium previously paid and close the contract, and the death benefit is not permanently reduced simply because a payment was late.