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LIC Term Plan

LIC Amulya Jeevan (Table - 823) is a term life insurance plan which provides financial protection to your family in case of unfortunate demise. The policy should be having a minimum sum assured of 25 Lakhs. Sum assured lesser than 25 Lakhs can be taken in Anmol Jeevan.

You get good Sum Assured at very low priced premium. In the event of policyholder’s demise, the cover taken is paid to the nominee. There is no maturity benefit in LIC Amulya Jeevan- 2 as it’s a pure term life insurance plan.

LIC term insurance premium calculator shall be availed here.


Service Tax is applicable on the premium paid for this policy, at the rate of 15% (as per the current service tax rate) of the premium paid every year.                

Policy term - 5 to 35 years

Age of Policy holder - 18 to 60 years

Maximum age at maturity - 70 years

Do I really need a Term Insurance

From long since, Indians see term insurance plan as a waste of money, as they dont receive any returns back from the term insurance plan if they survive till the end of the policy term. Ideally, the insured person  never receives back the returns in his hands in any case. If at all the coverage of the person expires during the policy term, its the nominee of the insured person who is going to get back the returns. The joint family system in the Indian culture never brought any requirement for insurance with Indians. But now, India and Indians are not the same as it was a few decades ago. The family systems got disintegrated and the savings with Indians got considerably reduced with increase in Loans, debt and credit cards. So, its time now for us to think about insurance so that our family is not being left with burden of loans and debts in case any unfortunate incident.

What is Term Insurance

Term insurance is the purest form of insurance, in which the insured person will not get any maturity benefits if he/she survives the policy term. Consider if a person takes a term insurance plan for a period of 20 years. He has to pay the premium for the 20 years based on the premium payment mode chosen. If the person survives till the end of the 20 years, he would not get any money back. Else if the person expires before the completion of that 20 years, then the insurer would provide the sum insured to the nominee and the policy would be closed.