LIC Amulya Jeevan – II (T-823)| Complete details

LIC Amulya Jeevan – II (T-823) is a pure Term Insurance plan from Life Insurance Corporation (LIC) of India. In other words, Amulya Jeevan is a regular premium paying, conventional, without profit, pure protection plan.

Term Life Insurance or Protection Insurance is the cheapest form of Life Insurance available in the market. Term Insurance offer you high value protection on the occurrence of an unfortunate event and that too at an affordable cost. Read more on Term insurance policies and things to know about it.

Amount of Insurance Coverage needed for you can be scientifically evaluated using the human life value (HLV) concept. You can use Human Life Value – calculator to calculate insurance coverage needed for you in few simple steps.

LIC’s Amulya Jeevan -II (T – 823)
Eligibility Conditions and Features
Condition Minimum Maximum
1. Age at Entry 18 years
(Completed)
60 Years
(nearest birthday)
2. Policy Term 5 Years 35 Years
3. Sum Assured 25,00,000 No Limit
4. Maximum Cover Ceasing Age 70 Years (nbd)
5. Sum Assured in multiples of 1,00,000
6. Premium Mode Yearly and Half Yearly
7. Rebates/Additional Premium 2% extra premium
for Half-Yearly Mode

 LIC’s Amulya Jeevan – Plan Calculators
 Premium Calculator (Click To Open)  Benefit Calculator (Click To Open)

Use the calculator given above to get a clear idea of LIC’s Amulya Jeevan plan. Just enter the basic details like Age, Sum Assured,  Term etc. and click the ‘calculate benefits’ button. A benefit details chart also will be available on click of a button.

LIC Amulya Jeevan Plan – Benefits
1. Insurance Coverage

Insurance coverage equal to Sum Assured shall be available for Normal or Accidental death during the term of the policy.

2. Maturity Benefit

As it is a pure term insurance plan, no maturity benefit shall be payable after the premium paying term.

3.Income tax Benefits

Income tax benefits shall be available on the premium paid under section 80 C of Income Tax act. Read more on the Income Tax Calculation and income tax benefits.

Sample Premium for 50 Lakh Sum Assured – Amulya Jeevan
Age 10 years (Term) 15 Year (Term) 20 Year (Term) 25 Year (Term)
25 6900 6900 7303 8280
30 7418 8165 8280 11270
35 9488 11270 13628 16330
40 13858 17078 20528 24323
Amulya Jeevan – Important things to remember.
  1. Minimum Sum Assured available under the plan is Rs.,25,00,000 If you want a lower insurance coverage, you can go for LIC’s Anmol Jeevan -II plan .
  2. Grace period for premium payment is 30 days. If the premium is not paid within 30 days, policy will get lapsed and insurance coverage will cease.
  3. No surrender value or loan will be available under this plan.

 

Requirement For Revival of Amulya Jeevan Plan
Period from first unpaid premium Requirements for revival
31 days to 60 days Arrears of premium with interest thereon
61 days and above Arrears of premiums with interest thereon subject to submission of proof of continued insurability
(Medical and Declaration of Good Health)
Other Term insurance plans from LIC

Anish L J
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Anish L J

Anish L J is a finance, insurance and software consultant with more than 18 years of experience in these fields. He thoroughly follows developments in insurance and finance. 'INSURANCE FUNDA' (www.insurancefunda.in) is his endeavour to provide simple and solid solutions in the Insurance and Finance sectors.
Anish L J
Follow me

Anish L J

Anish L J is a finance, insurance and software consultant with more than 18 years of experience in these fields. He thoroughly follows developments in insurance and finance. ‘INSURANCE FUNDA’ (www.insurancefunda.in) is his endeavour to provide simple and solid solutions in the Insurance and Finance sectors.

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