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LIC's Amulya Jeevan II is a regular premium paying conventional without profit pure protection plan.• Minimum Basic Sum Assured: Rs. 25,00,000/-
A grace period of one calendar month but not less than 30 days will be allowed.
If the death of the Life Assured occurs within the grace period but before the payment of premium then due, the policy will still be valid and the benefits are paid after deduction of the said unpaid premium and also the unpaid premium/s falling due before the next policy anniversary.
If premium is not paid before the expiry of the days of grace, the Policy lapses.
If the Policy has not lapsed and the claim is admitted in case of death under the policy where the mode of Payment of Premium is Half-yearly, unpaid premium(s), if any, falling due before the next policy anniversary shall be deducted from the claim amount.
Additionalpremium for Half-yearly Mode: 2% of tabular annual premium rates
High Sum Assured Rebate: Nil
This policy shall be void if the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk or from the date of revival, an amount equal to 80% of the premiums paid till the date of death (excluding any taxes and extra premium, if any), provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.
The policies can be dated back within the same financial year. No dating back interest shall be charged.
Any further instructions would be issued by Actuarial Department, Central Office, as applicable from time to time.
Proposal Form No. 300 & 340 as applicable shall be used under this plan.