LIC Amulya Jeevan II

LIC Amulya Jeevan II is a special life cover plan that was chosen mainly for protection. Jeevan Amulya provides financial protection to the policy holder’s family. Plan no. 823 is a pure term insurance plan that was introduced by the Life Insurance Corporation on 3^rd February 2014 as per the new IRDA guidelines. LIC Amulya Jeevan provides high life cover in the case of insured’s inappropriate death during the policy term. The Minimum benefit value of Lic Jeevan Amulya is INR 25,00,000. There are no maturity benefits or survival benefits for this LIC Plan 823.

What are the Features of LIC Jeevan Amulya Plan?

• No maturity or survival benefit

• High Life cover on Low Premium

• Sum assured of 25 Lakhs, or more can be opted

• Tax benefit under Section 80 C

• Non-Participating Traditional Plan

LIC Amulya Jeevan 2 Eligibility Conditions

S.No	Eligibility Conditions & Restrictions	Details
1.	Minimum Age of Entry for Life Assured	18 years (Completed)
2.	Maximum Age of Entry for Life Assured	60 years (Nearest Birthday)
3.	Minimum Policy Term	5 years
4.	Maximum Policy Term	35 years
5.	Minimum value of Sum Assured	Rs. 25,00,000
6.	Maximum value of Sum Assured	No limit
7.	Maximum age at Maturity	70 years (Nearest Birthday)
8.	Mode of Premium Payment	Yearly and Half Yearly
9.	Revival	Within two years
10.	Grace Period	Within 30 days

Benefits of Jeevan Amulya 2 Policy

The Benefits of LIC term plan (Plan no. 823) are as follows

• Death Benefit: LIC Plan 823 provides the facility of a one-time death benefit to the nominee of the life assured. It comprises of one huge amount based on the opted premium value. This Death Benefit is valid only during the tenure of the plan and fails once the plan reaches its maturity. So there will be no compensation for death of the insured after completion of the policy term. The Death benefit of Jeevan Amulya II is tax-free.

• Maturity Benefit: As Amulya Jeevan II is a complete life term policy, there are no Maturity benefits.

• Tax Benefit: Under Section 80C of Income Tax Act, 1961 India, every year Rs. 1,00,000 was allowed as a deduction from the taxable income.

• Grace Period: A Grace Period of not less than 30 days will be allowed for the payment of premium. If the death of the Life Assured occurs within the grace period, the policy will still be valid and benefits are paid after the deduction of the said unpaid premium. If the premium is not paid before the expiry of the grace period, the policy terminates.

• Cooling-off period: The Policyholder may return the policy to the corporation within 15 days if he/she was not satisfied with the Terms and Conditions. The count should be from the date of receipt of the policy.

Rebates/ Additional Premium of LIC Plan 823

Policy completed under Corporation’s Employee Insurance Scheme (CEIS) will be eligible for the CEIS rebate as a percentage of the tabular annual premium. However, the plan should not be taken through Agent/ Broker/ Corporate Agent/ Direct Sales Executive, etc.

S.no.	Policy Term	% of Tabular Annual Premium
1.	5 to 14 years	5%
2.	15 years or more	10%

For Half-yearly mode, the additional premium was 2% of tabular annual premium rates.

LIC Amulya Jeevan Premium Calculator

LIC Jeevan Amulya Calculator is used to calculate the premium amount in half yearly and yearly modes. You can calculate the LIC Amulya Jeevan II Premium amount that has to be paid to get all the benefits available under this policy through Amulya Jeevan 2 Premium Calculator. With Lic Jeevan Amulya Premium Calculator you can calculate your premium easily.

Buying Procedure of LIC Jeevan Amulya Term Plan

The Buying procedure of LIC Amulya Jeevan II plan is very simple. Life Assured can buy the LIC Plan 823 either in online or offline mode. Major drawback why a lot of people stayed away from LIC term plans is their high price. When compared with online or offline term plans available with other insurers in India, insured think that these are costly. But few still tried to buy Amulya Jeevan term plans with LIC because of their faith in it and to diversify their risk among the insurers.

Buying LIC Term Plan 823 in Online mode

Generally, people prefer online method of buying term plans to the offline method. But both these methods are simple if you have all the information with you. The Step by Step procedure for buying the LIC plan 823 is as follows.

Visit the site and click to fill the Application or Proposal form, you can find all the information over there. Mainly one have to provide their Education details, Occupation, PAN details, Medical history, Form 16/ ITR for last 3 years or Pay slip for last 3 months, Existing life insurance plans, etc. The mode of premium payment is available in yearly and Half yearly basis. The payment can be made through Net Banking, Credit Card or Debit Card. But the Policy holders should pay within the grace period.

Buying LIC Jeevan Amulya 2 plan in Offline mode

In Offline mode, the insured have to approach the LIC Agents. Those insurers will guide you and give instructions about LIC Amulya Jeevan II plan. The Premium can be paid at the cash counter of any LIC Branch Office by Cash/ Cheque/ DD. Policy Holders should keep the following documents with them before buying the LIC term plan.

1. Application form/ Proposal form.
2. Address for communication.
3. Annual Income details.
4. ID proof number.
5. Previous insurance policy details.
6. Bank account number and IFSC code.
7. Nominee and Appointee details.
8. Age and health condition of your family members, including parents.

LIC Term 823 Amulya Jeevan Plan Claim Procedure

The Documents required for claim procedure under LIC Amulya Jeevan II plan are

1. Duly filled claim form.
2. Original Policy Document.
3. Identification Proof.
4. Death Proof.
5. Medical treatment document before death.
6. Age proof.

Additional Information for LIC New Amulya Jeevan 823 Plan

Paid up Value: The LIC New Amulya Jeevan plan doesn’t acquire any paid-up values.

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

Loan Facility: No Loan will be granted.

Back-Dating Interest: No dating back interest shall be charged but the policies can be dated back within the same financial year.

Policy Stamping: The Charges for policy stamping will be 20 paise per thousand of Sum assured under this plan.

Policy Renewal: If the premium was not paid within the grace period, then the policy will lapse. The Lapsed policy may be revived within a period of two years but during the life time of the Life Assured.

Service Tax: 12% Service tax is applicable.

Assignments/ Nominations: Assignments or Nominations are possible under this Plan 823 but should be made at the proposal stage as per Section 39 of Insurance Act, 1938.

Proposal Forms: Proposal Form no. 300 and 340 should be used for this LIC Amulya Jeevan II plan.

Riders: No riders are available in this Term Plan no 823.

Suicide Clause: If the life assured commits suicide within 12 months from the date of commencement of risk, 80% of the premiums paid till the date of death will be paid.

FAQ’s of LIC Amulya Jeevan II Plan

1. Can I get any Loan benefits in the New LIC Amulya Jeevan plan?

A. No loan will be generated under this policy.

2. Is there any paid-up values for the LIC Term plan 823?

A. Lic plan no 823 doesnot require any paid up values.

3. Is there any chance to continue the policy after the Grace Period?

A. You can revive the policy within the two consecutive years but it should be during the life time of the Life Assured.

For more information regarding LIC Term plans, visit and bookmark our site www.policybook.in