Section 16-202 - Grace period(a)(1) Each policy of life insurance shall contain a provision that a grace period shall be allowed within which the payment of any premium after the first may be made.(2) The grace period shall be: (ii) at the option of the insurer, 1 month of not less than 30 days; or(iii) 4 weeks, for a policy of industrial life insurance with premiums payable more frequently than monthly.(b) The policy continues in full force during the grace period.(c) If a claim arises under the policy during the grace period, the amount of any premium due or overdue may be deducted from the policy proceeds.