Key Features of LIC Amulya Jeevan II Plan 823
- Pure term insurance policy with no maturity payout
- Large life coverage available at affordable premium rates
- Death benefit paid as Sum Assured to the nominee
- No surrender value under the policy
- Loan facility not available
- Premiums eligible for tax deduction under Section 80C
- Death claim amount exempt under Section 10(10D)
- Grace period of 30 days available for yearly and half-yearly premium modes
- Free-look period of 15 days from the date of policy receipt
LIC Amulya Jeevan II Plan 823 is a pure term insurance policy offered by the Life Insurance Corporation of India (LIC). The plan provides high life insurance coverage at affordable premium rates, helping secure the financial future of the policyholder’s family in case of an unfortunate death during the policy term.
Unlike endowment or money-back insurance plans, LIC Amulya Jeevan II does not provide any maturity or survival benefit. The policy pays only the death benefit if the insured person dies during the policy tenure.
LIC Amulya Jeevan II Plan 823
Launch and Withdrawal Dates of LIC Amulya Jeevan II Plan 823
- Launch Date: LIC introduced Amulya Jeevan II Plan 823 on 3 February 2014.
- Withdrawal Date: The plan was discontinued from LIC’s portfolio on 5 August 2019.
Although the policy is no longer available for new purchases, existing policyholders continue to receive benefits according to their original policy conditions. LIC later introduced newer term insurance products such as LIC New Tech-Term and LIC New Jeevan Amar for new buyers.
Key Features of LIC Amulya Jeevan II Plan 823
| Feature | Details |
|---|---|
| Plan Type | Pure Term Insurance Plan (Non-Participating, Without Profit) |
| Minimum Entry Age | 18 years completed |
| Maximum Entry Age | 60 years |
| Policy Term | 5 to 35 years |
| Minimum Sum Assured | ₹25,00,000 (multiples of ₹1,00,000) |
| Maximum Sum Assured | No fixed upper limit, subject to underwriting |
| Maximum Cover Ceasing Age | 70 years |
| Premium Payment Mode | Yearly and Half-Yearly |
| Loan Facility | Not Available |
| Surrender Value | Not Available |
| Revival Period | Policy revival allowed within 2 years from lapse |
| Rebates | Available for yearly mode and higher Sum Assured |
The plan follows a simple structure — premiums are paid regularly, and if the policyholder dies during the policy term, the nominee receives the Sum Assured.
Benefits of LIC Amulya Jeevan II Plan 823
Death Benefit
If the insured dies during the policy term while the policy is active, LIC pays the full Sum Assured to the nominee. This benefit helps provide financial protection to the family during difficult circumstances.
No Maturity Benefit
Since this is a pure term insurance policy, no maturity amount, bonus, or survival benefit is payable if the policyholder survives the policy term.
Why Choose LIC Amulya Jeevan II Plan 823?
Affordable Premium Rates
As the policy focuses only on life protection without investment or savings benefits, the premium remains comparatively lower even for higher coverage amounts.
Large Life Coverage
The plan is suitable for individuals looking for substantial life cover to financially secure their dependents.
Tax Benefits
Premiums paid under the policy qualify for tax deductions under Section 80C, while death claim proceeds are generally exempt under Section 10(10D), according to prevailing tax regulations.
Simple and Transparent Structure
The policy does not involve bonuses, market-linked returns, or complex investment features, making it easy to understand.
How LIC Amulya Jeevan II Plan 823 Calculator Works
The LIC Amulya Jeevan II Calculator is an online premium estimation tool that helps users calculate approximate premium amounts before purchasing the policy.
The calculator generally requires the following details:
- Applicant’s age
- Desired Sum Assured
- Policy term
- Premium payment frequency (Yearly or Half-Yearly)
Based on these inputs, the calculator estimates the premium amount along with applicable taxes according to LIC’s premium rates.
Using the calculator helps policyholders compare coverage options and plan their insurance expenses more efficiently.
LIC premium calculators are available on LIC’s official website and various trusted insurance portals.
Step-by-Step Process to Use LIC Amulya Jeevan II Plan 823 Calculator
Choose the Plan
Select “LIC Amulya Jeevan II Plan” or Plan 823 from the available plan list in the calculator.
Enter Your Age
Provide your current age. Eligibility for this plan is available between 18 and 60 years.
Select Policy Term
Choose the coverage duration according to your requirement. The available policy term ranges from 5 years to 35 years.
Enter Sum Assured
Input the desired life cover amount. The minimum Sum Assured starts from ₹25,00,000 and must be selected in multiples of ₹1,00,000.
Select Premium Payment Mode
Choose either yearly or half-yearly premium payment mode based on your convenience.
Calculate Premium
After entering all details, click on the calculate option to view the estimated premium amount along with applicable taxes, if displayed.
For currently active term insurance plans, LIC also provides online premium calculators for LIC New Tech-Term and LIC New Jeevan Amar on its official website.
Example Premium Calculation of LIC Amulya Jeevan II Plan 823
Suppose a 30-year-old individual chooses:
- Sum Assured: ₹50,00,000
- Policy Term: 25 years
- Premium Mode: Yearly
Based on sample market estimates for this plan, the annual premium for this coverage generally ranged between approximately ₹9,800 and ₹11,000 before GST, depending on underwriting factors and source estimates.
- If the policyholder dies during the policy term, the nominee receives ₹50,00,000 as the death claim benefit.
- If the policyholder survives the complete 25-year term, no maturity amount is payable and the policy ends automatically.
This shows that LIC Amulya Jeevan II Plan 823 was purely a protection-oriented term insurance plan without investment or savings benefits.
Factors That Affect LIC Amulya Jeevan II Premium
Age of the Policyholder
Premium rates increase with higher age. Younger applicants generally pay lower premiums for the same coverage amount.
Sum Assured
Higher Sum Assured leads to higher premium amounts, although large coverage amounts may receive premium rebates.
Policy Term
A longer policy term may increase the overall premium payable and can also slightly affect premium rates.
Premium Payment Frequency
Half-yearly premiums are usually slightly higher compared to yearly mode because of modal loading charges.
Benefits of Using LIC Amulya Jeevan II Online Calculator
Saves Time
The calculator instantly provides estimated premium values without manual calculations.
Better Financial Planning
It helps users decide suitable coverage and policy duration according to their income and budget.
Easy Comparison
Users can compare multiple Sum Assured options and policy terms before choosing a suitable plan.
Improved Accuracy
Most calculators use LIC-based premium structures and GST estimates, providing more accurate premium projections.
Currently, LIC offers online premium calculators mainly for active term insurance products such as LIC New Tech-Term and LIC New Jeevan Amar, which replaced older plans like LIC Amulya Jeevan II Plan 823.
Is LIC Amulya Jeevan II Plan 823 Suitable for You?
LIC Amulya Jeevan II Plan 823 was considered suitable for individuals who:
- Wanted pure life insurance coverage without any investment or savings component
- Had family members or dependents financially dependent on their income
- Preferred affordable premiums with a higher Sum Assured
- Were between 18 and 60 years of age at the time of policy purchase
- Did not expect any maturity amount or return of premium on survival
For new buyers today, similar conditions can be considered while selecting LIC’s current term insurance plans such as LIC New Tech-Term or LIC New Jeevan Amar.
Alternatives to LIC Amulya Jeevan II Plan 823 for New Buyers
Since LIC discontinued Amulya Jeevan II Plan 823 in 2019, new customers can consider the following LIC term insurance plans:
| Plan Name | Plan Number | Type | Highlights |
|---|---|---|---|
| LIC New Tech-Term | 954 | Online / Digital Term Plan | Flexible options with competitive premiums |
| LIC New Jeevan Amar | 955 | Offline Term Insurance Plan | Wide coverage with customizable features |
| LIC Saral Jeevan Bima | 859 | Standard Term Plan | Simple IRDAI-approved term insurance product |
| LIC Digi Term / Yuva Term | Various | Modern Term Plans | Designed for different customer profiles |
These plans offer pure protection benefits similar to or better than LIC Amulya Jeevan II while continuing LIC’s trusted insurance legacy.
Important Things to Consider Before Buying a Term Plan
Assess Your Coverage Requirement
Use methods such as Human Life Value (HLV) or income replacement calculation to determine the appropriate Sum Assured.
Compare Different Plans
Review premium rates, features, benefits, and LIC’s claim settlement record before selecting a term insurance policy.
Check Additional Riders
If available, riders such as accidental death benefit or critical illness cover can improve overall protection.
Understand the Nature of Term Plans
Pure term insurance policies like Amulya Jeevan II, New Tech-Term, and New Jeevan Amar focus only on life protection and generally do not provide maturity value, bonuses, or investment returns.
Frequently Asked Questions (FAQs)
What type of insurance plan was LIC Amulya Jeevan II Plan 823?
It was a pure term insurance policy without profit participation, offering only death benefit protection.
When was LIC Amulya Jeevan II Plan 823 launched?
The plan was introduced on 3 February 2014.
Is LIC Amulya Jeevan II Plan 823 currently available?
No, LIC discontinued the plan on 5 August 2019. Existing policies continue according to their original terms and conditions.
What was the entry age allowed under the plan?
- Minimum Entry Age: 18 years
- Maximum Entry Age: 60 years
What policy term options were available?
The policy term ranged from 5 years to 35 years.
Did the policy provide any maturity benefit?
No, the policy did not offer any maturity or survival benefit if the policyholder survived the policy term.
Conclusion
LIC Amulya Jeevan II Plan 823 was a simple and affordable pure term insurance policy designed to provide substantial financial protection to families at comparatively low premium rates. Since the plan has been withdrawn, new buyers can now explore LIC’s latest term insurance products such as LIC New Tech-Term, LIC New Jeevan Amar, Saral Jeevan Bima, and other modern protection plans currently offered by LIC.
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