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). As a term plan, 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.
This type of plan is suitable for individuals who want large cover with minimal premium, focusing purely on protecting their loved ones financially.
Launch and Withdrawal Date of LIC Amulya Jeevan II Plan 823
- Launch Date: LIC Amulya Jeevan II Plan was launched on 3rd February 2014.
- Withdrawal Date: This plan was withdrawn from the LIC portfolio on 5th August 2019.
Though this plan is withdrawn, existing policyholders can continue enjoying the benefits as per their policy terms. For new buyers, LIC offers similar term insurance alternatives.
Key Features of LIC Amulya Jeevan II Plan 823
| Feature | Details |
|---|---|
| Plan Type | Pure Term Insurance (Non-Participating) |
| Minimum Entry Age | 18 years (completed) |
| Maximum Entry Age | 60 years (nearest birthday) |
| Policy Term | 5 to 35 years |
| Sum Assured | Minimum Rs. 25,00,000 (in multiples of Rs. 1,00,000) |
| Maximum Cover Ceasing Age | 70 years (nearest birthday) |
| Premium Payment Frequency | Yearly and Half-Yearly |
| Loan Facility | Not Available |
| Surrender Value | No surrender value |
| Revival Period | Policy can be revived within 2 years of lapse |
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. 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.
Why Choose LIC Amulya Jeevan II Plan?
- Affordable Premiums: Since this is a pure protection plan without any survival benefit, the premiums are comparatively low.
- High Sum Assured: Ideal for those seeking high life cover to support family and financial dependents in the event of death.
- Tax Benefits: Premiums paid under this plan are eligible for tax deductions under Section 80C of the Income Tax Act.
- Simple and Transparent: With no bonuses or complicated returns, the terms are easy to understand.
How Does the LIC Amulya Jeevan II Plan 823 Calculator Work?
A LIC Amulya Jeevan II Calculator is a useful tool that helps prospective policyholders estimate their premium amount quickly. Using the calculator, you enter:
- Your age,
- The sum assured desired,
- The policy term,
- Premium payment frequency (yearly or half-yearly).
The calculator then uses LIC’s premium rates to tell you the approximate premium you will have to pay.
Using the calculator helps you make an informed decision and plan your finances.
Step-by-Step Guide to Using LIC Amulya Jeevan II Plan Calculator
- Select Plan Name: Choose ‘Amulya Jeevan II Plan’ or Plan 823 in the calculator dropdown.
- Enter Age: Provide your current age (must be between 18 and 60 years).
- Choose Policy Term: Select the duration for which you want the cover (5 to 35 years).
- Enter Sum Assured: Input the amount of coverage desired, in multiples of Rs. 1,00,000 (minimum Rs. 25,00,000).
- Choose Premium Mode: Yearly or half-yearly payment options.
- Click Calculate: The calculator displays the premium you need to pay for your inputs.
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.
- Yearly premium would approximately be Rs. 11,172.
- If the person sadly passes away within 10 years, the nominee gets Rs. 50,00,000.
- If the person survives till the completion of 25 years, nothing is paid on maturity.
This clarifies how the plan works purely as a death protection cover.
Factors Affecting Premium in LIC Amulya Jeevan II Plan
- Age of the Insured: Premium increases with age.
- Sum Assured: Higher sum assured leads to higher premium.
- Policy Term: Longer policy terms may increase the total premium.
- Premium Payment Mode: Half-yearly premiums usually have slightly higher rates than yearly payments due to administrative costs.
Advantages of Using Online LIC Amulya Jeevan II Calculator
- Time-saving: Instantly get estimated premiums.
- Planning: Helps you decide the cover amount and term based on your budget.
- Comparison: Compare different terms and premiums before finalizing.
- Accuracy: Uses LIC’s official premium rates for calculations.
You can find LIC Amulya Jeevan II calculators on LIC’s official website and trusted insurance portals for precise calculations (LIC India Official).
Is LIC Amulya Jeevan II Plan 823 Right for You?
This plan is perfect if you:
- Want pure life cover without any investment component.
- Have a family dependent on your income.
- Prefer affordable premiums and high sum assured.
- Are aged between 18 and 60 years.
- Are comfortable with no return of premium on survival.
Alternatives to LIC Amulya Jeevan II Plan 823
Since the plan was withdrawn in 2019, new buyers should look at:
- LIC Tech Term Plan,
- LIC Jeevan Amar,
- LIC New Jeevan Shanti.
These plans provide similar or enhanced features with pure term insurance benefits. They are also backed by LIC’s trusted reputation.
Important Considerations Before Buying
- Evaluate your insurance needs using tools like the Human Life Value Calculator to choose the right sum assured.
- Compare premium rates and terms for different plans.
- Consider additional riders if available, for accidental death or critical illness cover.
- Understand that term plans like Amulya Jeevan II do not accumulate cash values or bonuses.
FAQs on LIC Amulya Jeevan II Plan 823 and Calculator
What type of plan is LIC Amulya Jeevan II Plan 823?
It is a pure term insurance plan offering life cover without any maturity or survival benefits.
When was LIC Amulya Jeevan II Plan 823 launched?
The plan was launched on February 3, 2014.
Is LIC Amulya Jeevan II Plan 823 still available for purchase?
No, LIC withdrew the plan on August 5, 2019. Existing policies continue, but new policies are not issued.
What is the minimum and maximum entry age for this plan?
Minimum entry age is 18 years, and maximum entry age is 60 years (nearest birthday).
What is the policy term available under this plan?
Policy terms range from 5 years to 35 years.
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.
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 investment returns. Its withdrawal means new buyers should explore LIC’s newer term plans, but existing policyholders continue to benefit.
Using the LIC Amulya Jeevan II Calculator helps prospective buyers estimate premiums based on their age, desired cover, and term, enabling informed planning.