There is a grace period provision of 30 days after the due date for payment of your renewal premium. If the renewal premium is not received within this time period, the policy will lapse and the life insurance protection will cease to exist. To bring such a policy back in force, the policy owner will need to complete the reinstatement requirements. This may include certain medical tests and additional charges to be paid.
Excess premium, if any, is adjusted against the future premiums. The policy holder does not earn any interest for the excess premium paid.