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LIC’s Amulya Jeevan II Plan – Term Life Insurance

LIC’s Amulya Jeevan II Plan is well known Term plan under Life Insurance category. When it comes to bonus offers, no pure Term Insurance plan gives additional bonus facilities to the Policy Holder. Moreover, if the insured dies within Policy tenure, then the nominee receives the benefits and nothing is payable to the Policy Holder when the policy reaches its maturity.

Payment of Premiums:
Premiums can be paid regularly during the term of the policy at yearly or half-yearly intervals.
A grace period of one month but not less than 30 days will be allowed for payment of premiums.

Revival:
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the expiry of policy term, by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

The cost of the medical reports, including special reports, if any, required for the purpose of revival of the policy, shall be borne by the Life Assured.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Paid-up Value:
The policy shall not acquire any paid-up value.

Surrender Value: No Surrender Value will be available under this plan.

Taxes: 
Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the Policyholder on Installment premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Cooling-off period:
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period on cover, stamp duty charges, expenses for medical examination and special reports, if any.

Exclusion:  Suicide:
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, extra premium and rider premiums, if any,), provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.