10 days
30 days
45 days
60 days
Answer is Right!
Answer is Wrong!
The correct answer is: B. 30 days
As per IRDA regulations issued, a grace period of 30 days is allowed beyond the expiry date of a policy for renewal. This means that if you renew your policy within 30 days of the expiry date, your policy will continue to be in force. However, if you do not renew your policy within 30 days, your policy will lapse and you will have to start a new policy from scratch.
Here is a brief explanation of each option:
- Option A: 10 days. This is not the correct answer because the grace period allowed beyond the expiry date of a policy for renewal is 30 days, not 10 days.
- Option B: 30 days. This is the correct answer because the grace period allowed beyond the expiry date of a policy for renewal is 30 days.
- Option C: 45 days. This is not the correct answer because the grace period allowed beyond the expiry date of a policy for renewal is 30 days, not 45 days.
- Option D: 60 days. This is not the correct answer because the grace period allowed beyond the expiry date of a policy for renewal is 30 days, not 60 days.