LIC Amulya Jeevan II Plan 823 Calculator
UIN: 512N286V01
Launch Date: February 3, 2014
Withdrawal Date: August 5, 2019
(This is a Closed Plan - No longer available for new purchases)
Premium Details
Key Features of Amulya Jeevan II Plan 823
- Pure term insurance plan with no maturity benefit
- High life cover at low premium rates
- Death benefit: Sum Assured payable to nominee
- No surrender value available
- No loan facility available
- Premium eligible for tax deduction under Section 80C
- Death benefit is tax-free under Section 10(10D)
- Grace period: 30 days for yearly and half-yearly modes
- Free look period: 15 days from policy receipt
LIC Amulya Jeevan II Plan 823 is a pure term insurance plan offered by the Life Insurance Corporation of India (LIC). It provides high life cover at affordable premiums, ensuring your family gets adequate financial protection in case of an unfortunate event during the policy term.
Unlike traditional endowment or money-back plans, this policy does not offer any maturity benefit or survival amount; it only pays out the sum assured on the death of the policyholder during the policy term.
Launch and Withdrawal Dates of LIC Amulya Jeevan II Plan 823
- Launch Date: The LIC Amulya Jeevan II Plan was launched on 3rd February 2014.
- Withdrawal Date: This plan was officially withdrawn from LIC’s portfolio on 5th August 2019.
Though this plan is withdrawn for new sales, existing policyholders can continue enjoying the benefits as per their original policy terms and conditions. For new buyers, LIC now offers updated term insurance alternatives like LIC’s New Tech-Term and LIC’s New Jeevan Amar.
Key Features of LIC Amulya Jeevan II Plan 823
| Feature | Details |
|---|---|
| Plan Type | Pure Term Insurance (Non-Participating, without profit) |
| Minimum Entry Age | 18 years (completed) |
| Maximum Entry Age | 60 years (nearest birthday) |
| Policy Term | 5 to 35 years |
| Minimum Sum Assured | Rs. 25,00,000 (in multiples of Rs. 1,00,000) |
| Maximum Sum Assured | No explicit upper limit, subject to underwriting |
| Maximum Cover Ceasing Age | 70 years (nearest birthday) |
| Premium Payment Frequency | Yearly and Half-Yearly |
| Loan Facility | Not available |
| Surrender Value | No surrender value payable |
| Revival Period | A policy can be revived within 2 years of lapse. |
| Rebates | Premium rebate for annual mode and high sum assured |
This plan is straightforward: pay premiums regularly, and if the policyholder passes away during the term, the nominee receives the sum assured.
Benefits of LIC Amulya Jeevan II Plan 823
Death Benefit
If the insured person dies during the policy term, the nominee receives the full sum assured as a death benefit, provided the policy is in force and premiums are paid up to date. This benefit is designed to provide financial security and peace of mind to the family in case of unforeseen events.
No Maturity Benefit
If the policyholder survives the policy term, no amount is paid at the time of maturity; the policy simply terminates without any survival benefit or bonus.
Why Choose LIC Amulya Jeevan II Plan?
- Affordable Premiums: Since this is a pure protection plan without any survival or investment benefit, the premiums are comparatively low for a high sum assured.
- High Sum Assured: Suitable for those seeking high life cover to support family and financial dependents in the event of death.
- Tax Benefits: Premiums paid under eligible conditions are generally available for tax deduction under Section 80C, and death claim amounts are usually exempt under Section 10(10D) as per prevailing tax laws (subject to change and conditions).
- Simple and Transparent: With no bonuses or complicated returns, the terms are easy to understand and explain to clients.
How Does the LIC Amulya Jeevan II Plan 823 Calculator Work?
A LIC Amulya Jeevan II calculator is a useful online tool that helps prospective policyholders estimate their premium amount quickly. Using the calculator, you typically enter the following:
- Your age
- The sum assured desired
- The policy term
- Premium payment frequency (yearly or half-yearly)
The calculator then uses LIC’s premium rates and applicable GST to show you the approximate premium you will have to pay. Using the calculator helps you make an informed decision and plan your finances before purchasing any term plan.
You can find LIC premium calculators on LIC’s official website and on trusted insurance portals.
Step-by-Step Guide to Using LIC Amulya Jeevan II Plan Calculator
- Select Plan Name: Choose “Amulya Jeevan II Plan” or Plan 823 (where available) in the calculator dropdown.
- Enter Age: Provide your current age (must be between 18 and 60 years for this plan).
- Choose Policy Term: Select the duration for which you want the cover (5 to 35 years).
- Enter Sum Assured: Input the desired coverage, in multiples of Rs. 1,00,000, minimum Rs. 25,00,000.
- Choose Premium Mode: Select yearly or half-yearly payment options.
- Click Calculate: The calculator displays the estimated premium you need to pay for your inputs, including applicable taxes where shown.
For live policies and current purchases, LIC’s New Tech-Term and New Jeevan Amar premium calculators are available on LIC’s official website under Term Assurance Plans.
Example Calculation of LIC Amulya Jeevan II Plan 823
Suppose a 30-year-old person selects a sum assured of Rs. 50,00,000 for a policy term of 25 years with yearly premium mode. Based on sample market data for this plan, the annual premium for Rs. 50,00,000 sum assured for age 30 and 25 years term is commonly shown in the range of around Rs. 9,800 to Rs. 11,000 before GST, depending on the source and applicable factors. (Actual premium is as per LIC’s underwriting rules at time of sale.)
- If the person unfortunately passes away within the policy term (say after 10 years), the nominee gets Rs. 50,00,000 as a death benefit.
- If the person survives till the completion of 25 years, nothing is paid on maturity, and the policy ends.
This clearly shows that the plan works purely as a death protection cover and not as an investment product.
Factors Affecting Premium in LIC Amulya Jeevan II Plan
- Age of the Insured: Premium increases with age; younger lives pay lower rates for the same sum assured.
- Sum Assured: A higher sum assured leads to a higher total premium but usually a lower rate per lakh due to high sum assured rebates.
- Policy Term: Longer policy terms generally increase the total premium outgo and can slightly change the rate per thousand sum assured.
- Premium Payment Mode: Half-yearly premiums usually work out slightly higher on a yearly basis than the annual mode due to modal loading.
Advantages of Using Online LIC Amulya Jeevan II Calculator
- Time-saving: Instantly get estimated premiums without manual calculations.
- Planning: Helps you decide the cover amount and term based on your budget and income.
- Comparison: You can compare different terms and sums assured before finalizing.
- Accuracy: Uses LIC’s official or market-aligned premium rates for calculations, improving accuracy over manual estimates.
You can also now use LIC’s term plan calculators for New Tech-Term and New Jeevan Amar, which are the active term products replacing older term plans like Amulya Jeevan II.
Is LIC Amulya Jeevan II Plan 823 Right for You?
LIC Amulya Jeevan II was ideal for you if you
- Wanted pure life cover without any investment component.
- Had a family or dependents relying on your income.
- Preferred affordable premiums with a high sum assured.
- Were aged between 18 and 60 years at entry.
- We’re comfortable with no return of premium on survival and no maturity value.
Today, for new purchases, similar suitability criteria apply when choosing LIC’s New Tech-Term or New Jeevan Amar instead of this closed plan.
Alternatives to LIC Amulya Jeevan II Plan 823 (For New Buyers)
Since LIC Amulya Jeevan II was withdrawn in 2019, new buyers should look at LIC’s current term assurance plans:
| Plan Name | Plan No. | Type | Remarks |
|---|---|---|---|
| LIC’s New Tech-Term | 954 | Online / tech-focused term | Higher flexibility, competitive pricing |
| LIC’s New Jeevan Amar | 955 | Offline term plan | Customizable options, wide coverage |
| LIC’s Saral Jeevan Bima | 859 | Standard simple term plan | IRDAI standard product, simple features |
| LIC’s Digi Term, Yuva Term, etc. | Various | Term assurance plans | Newer plans for different profiles |
These plans provide similar or enhanced pure term insurance benefits and are backed by LIC’s trusted reputation.
Important Considerations Before Buying a Term Plan
- Evaluate your insurance needs using tools like a Human Life Value (HLV) calculator or income replacement method to choose the right sum assured.
- Compare premium rates, features, and claim settlement track records for different LIC term plans currently available.
- Consider additional riders, if available, such as accidental death benefit or critical illness cover, to enhance protection.
- Understand that pure term plans like Amulya Jeevan II, New Tech-Term, and New Jeevan Amar do not accumulate cash value or bonuses; they are protection-focused only.
FAQs on LIC Amulya Jeevan II Plan 823 and Calculator
Q1. What type of plan is LIC Amulya Jeevan II Plan 823?
It is a pure term insurance plan (non-participating, without profit) offering life cover without any maturity or survival benefits.
Q2. When was LIC Amulya Jeevan II Plan 823 launched?
The plan was launched on 3rd February 2014.
Q3. Is LIC Amulya Jeevan II Plan 823 still available for purchase?
No, LIC withdrew the plan on 5th August 2019. Existing policies continue as per their terms, but new policies are not issued.
Q4. What is the minimum and maximum entry age for this plan?
Minimum entry age is 18 years (completed), and maximum entry age is 60 years (nearest birthday).
Q5. What is the policy term available under this plan?
Policy terms range from 5 years to 35 years.
Q6. Is there any maturity benefit if I survive the policy term?
No, there is no maturity benefit; the plan pays only on death during the term, and the policy terminates on survival.
Conclusion
LIC Amulya Jeevan II Plan 823 was a straightforward, pure term insurance plan providing high life cover at affordable premiums, ideal for those seeking financial security for their families without any investment returns.
Its withdrawal means new buyers should now explore LIC’s newer term plans like New Tech-Term, New Jeevan Amar, Saral Jeevan Bima, and other term assurance products currently listed on LIC’s official website, while existing policyholders continue to enjoy coverage as per their original contract.
Naresh Kumar is a web developer, digital marketer, and LIC agent dedicated to helping people make smarter financial decisions. He creates easy-to-use tools such as LIC premium, maturity, return, SIP, home loan, and surrender calculators, along with insightful articles on LICCalculator.info to simplify insurance and investment planning.