How to Calculate Late Fee for delayed LIC Premium Payment? Life Insurance Corporation of India(LIC) provides a certain grace period to all its customers on their policy premium payments according to the mode of payment of the policy. A grace period of 30days (30 days if mode of payment is Yearly/Half-yearly/Quarterly and 15 days if the mode is monthly) grace period to make … [Read more...] about Late Fee Calculation for delayed LIC Premium Payment