LIC Amulya Jeevan II (Plan 823, UIN 512N286V01) was a pure term plan sold from 3 February 2014 to 5 August 2019. It pays the sum assured if the life assured dies during the term and nothing on survival. Cover starts at ₹25 lakh for terms of 5 to 35 years. Our estimate for a 30-year-old with ₹50 lakh for 25 years is ₹7,100 a year, with no GST on top.
Amulya Jeevan II 823 Term Premium Calculator
Your estimate
- Premium per instalment
- ₹7,100
- Total premium paidover the full term
- ₹1,77,500
- Yearly cost per ₹1 lakh cover
- ₹142
- Estimated maturity amountpure term plan: nothing is paid on survival
- ₹0
- Cover till age
- 55 years
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Amulya Jeevan II Plan 823?
LIC Amulya Jeevan II (Plan 823) is a no-frills term insurance policy. It was launched on 3 February 2014 (UIN 512N286V01) as the successor to Amulya Jeevan I (Plan 190) and withdrawn on 5 August 2019. For years it was LIC’s main offline term plan for people who wanted a large cover.
If the life assured dies during the policy term, the nominee receives the full sum assured. If not, the cover ends quietly on the maturity date. There are no bonuses, no savings and no refund of premiums.
Amulya Jeevan II at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 823 / 512N286V01 |
| Plan type | Non-linked, without-profit pure term assurance |
| Sold | 3 Feb 2014 to 5 Aug 2019 |
| Entry age | 18 (completed) to 60 (nearest birthday) |
| Cover ends by | Age 70 |
| Policy term | 5 to 35 years |
| Minimum sum assured | ₹25,00,000, in multiples of ₹1,00,000 |
| Premium modes | Yearly and half-yearly |
| Grace period | 30 days |
| Revival | Within 2 years of the first unpaid premium |
| Surrender, paid-up, loan | Not available |
How the Plan 823 premium is calculated
The premium is a rate per ₹1,000 of sum assured, read from a chart by age and term. Older ages show only the terms that keep the cover within age 70. The calculator fills in ages and terms between the chart points so that the premium changes smoothly rather than in jumps.
- Rate × sum assured ÷ 1,000 gives the yearly premium.
- Half-yearly mode adds a 2% loading, split into two instalments.
- No GST is added: individual life premiums are exempt from 22 September 2025 (term premiums carried 18% before that).
Worked example. A 30-year-old takes ₹50 lakh for 25 years, paying yearly. The estimated premium is ₹7,100 a year, which is the amount payable now that GST no longer applies. Across the full term, that is ₹1,77,500. Put another way, each ₹1 lakh of cover costs about ₹142 a year.
A 35-year-old with ₹25 lakh for 30 years on half-yearly mode pays a yearly premium of about ₹4,875. Each half-yearly instalment is ₹2,486.
Tip: a bigger cover barely changes the rate per lakh. Doubling the cover from ₹25 lakh to ₹50 lakh roughly doubles the premium, so pick the cover your family actually needs rather than the minimum.
Death benefit
The nominee receives the basic sum assured as a lump sum if the life assured dies during the term and the policy is in force. The amount does not depend on how many premiums were paid before the claim.
Survival: no payout
When the term ends, the policy terminates. No maturity amount is paid and premiums are not returned. The low premium buys pure protection.
Tax treatment
Premiums qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old regime. The death claim is exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)).
Who should keep a Plan 823 policy?
If you bought Amulya Jeevan II between 2014 and 2019 and are still paying, the policy is almost always worth continuing. Your rate was locked in at your entry age, and your health then. Replacing it now would mean a higher age, fresh medicals and probably a higher premium.
If your cover no longer matches your income or loans, add a new term plan on top rather than dropping this one. Use our term plan calculator to size the extra cover.
What replaced Amulya Jeevan II?
LIC’s later offline term plan was New Jeevan Amar (Plan 955), which has since been withdrawn too. Compared with 823, it added a choice of level or increasing cover, lower rates for non-smokers and women, and limited or single premium options. Today LIC sells New Tech-Term (Plan 954) online and Yuva Term (Plan 875) through agents.
How to use this calculator
- Enter your age at entry.
- Set the policy term; the age limit updates to keep cover within age 70.
- Enter the sum assured.
- Pick yearly or half-yearly mode.
- Read the premium, instalment, total outgo and cost per ₹1 lakh. Figures are estimates.
Frequently asked questions
Can I buy LIC Amulya Jeevan II Plan 823 now?
No. LIC withdrew Plan 823 on 5 August 2019. Existing policies continue on their original terms while premiums are paid. For a new LIC term policy, compare New Tech-Term (954) and Yuva Term (875); New Jeevan Amar (955) has also been withdrawn.
What is the premium for ₹50 lakh in Amulya Jeevan II?
Using the plan's rate chart, a 30-year-old choosing ₹50 lakh for 25 years pays about ₹7,100 a year. No GST applies from 22 September 2025; under the earlier 18% GST it was ₹8,378. That works out to roughly ₹142 a year for every ₹1 lakh of cover.
Is there any maturity benefit in Plan 823?
No. Amulya Jeevan II is a pure term plan. If the life assured survives the full term, the policy ends and no premium is refunded. The only payout is the death benefit during the term.
What are the age limits for Amulya Jeevan II?
Minimum entry age is 18 years completed and maximum is 60 years nearest birthday. The cover must end by age 70, so a 50-year-old can choose at most a 20-year term.
Does Amulya Jeevan II have a surrender value?
No. There is no surrender value, paid-up value or loan. If premiums stop, the cover lapses. A lapsed policy can be revived within two years of the first unpaid premium, subject to health evidence and payment of arrears with interest.
How is Amulya Jeevan II different from Amulya Jeevan I?
The eligibility rules are the same, but Plan 823 uses a newer, cheaper rate chart and dropped the single premium option. Plan 190 was sold from 2008 to 2013; Plan 823 replaced it in February 2014.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.