Maharaji's 'grace' was never a one-off package transmitted at initiation, but rather the correct initiation was a plumbing job, whereby you were wired up to receive the grace from then on. It was up to you and your practice (satsang, service and meditation) to keep that pipe clear, so that the grace could enter your life in an ongoing fashion.
Nowadays 'grace' is not so much mentioned, but the benefit (necessity even) of hearing Maharaji speak is to become 'inspired' by him; he is billed now as an 'inspirational speaker'. As I see it, the new inspiration and the old grace are interchangeable, even synonymous:
1) They both come from Maharaji directly, and only from him; you cannot obtain them other than through him.
2) You can only be fully wired up to receive them if you get the Knowledge in an approved Knowledge session (initiation).
3) You still need to do 'satsang' (listen to Maharaji), service ('help out') and meditation to understand and benefit from inspiration and/or grace.
4) You still need 'that' inspiration/grace to understand what Maharaji is really giving, and to understand your true self. In other words, inspiration/grace is still needed to understand Maharaji's message - for you to free yourself from your 'mind' and find your 'heart'.