LIC Amulya Jeevan II Plan: Benefits, Premium Rates, Reviews

Term insurance plans help in protecting your family’s financial security. These plans pay a lump sum benefit to the family on the death of the insured and the premiums are very low. As such, they help in replacing the income for the family which is lost on the death of the bread-winner. LIC Amulya Jeevan II is such a protection plan which provides unmatched protection to you and your family.

Overview of LIC Amulya Jeevan II Plan

LIC Amulya Jeevan II is a pure term insurance plan which pays a lump sum death benefit if the insured dies during the term of the policy.

Key features of LIC Amulya Jeevan II Plan

Here are the notable features of the plan which make it advantageous for policyholders –

  1. The sum assured is paid in a lump sum on the death of the insured within the policy duration
  2. The premiums are very low and affordable allowing you to opt for high coverage levels for your family’s financial security
  3. Coverage for up to 35 years is available under the plan

Benefits offered by LIC Amulya Jeevan II Plan

Here are the benefits which the plan offers –

  1. Death benefit
  2. If the insured dies within the term of the policy, the sum assured is paid in a lump sum and the policy is terminated.

  1. Maturity benefit
  2. Since this is a pure term insurance plan, the plan has no maturity benefit. If the insured survives the term of the policy, no benefit would be paid.

  1. Revival
  2. If the due premiums are not paid within the due date of the policy, the policy would lapse. If the policy lapses the coverage stops and no benefits are payable. However, LIC Amulya Jeevan II allows you a period of two years to revive a lapsed policy. Within these two years, you can pay the outstanding premiums and reinstate a lapsed policy. Once revived, the policy allows you full coverage for the remaining period of insurance.

Tax benefits of LIC Amulya Jeevan II Plan

LIC Amulya Jeevan II Plan offers you two different tax benefits both on the investments that you as well as the benefits which you receive. The tax benefits are as follows –

  1. Section 80C
  2. The premiums that you pay to buy and renew the policy are allowed as a tax-free deduction from your taxable income. You can reduce your taxable income by INR 1.5 lakhs by claiming a deduction on the premium paid for the policy.

  3. Section 10 (10D)
  4. The death benefit which is paid under the policy also does not attract any tax. The benefit is completely free from tax. Thus, your family can enjoy a lump sum benefit on which no tax would be payable.

    Eligibility parameters of LIC Amulya Jeevan II Plan

    Entry age

    18 years to 60 years

    Maximum maturity age

    70 years

    Term of the policy

    Minimum – 5 years

    Maximum – 35 years

    Sum assured

    Minimum – INR 25 lakhs

    Maximum – no limit

    Premium amount

    Depends on age, term and sum assured selected

    Premium payment tenure

    Equal to the term of the plan

Premium details of LIC Amulya Jeevan II Plan

Premiums for LIC Amulya Jeevan II are payable either annually or semi-annually. In the case of semi-annual premium payments, however, an additional 2% premium would be payable.

The sample premium rates, payable under the policy, at different combinations of age and term are given in the table below. For calculation purposes, the following are assumed –

  • The insured is a male
  • The insured does not smoke
  • The sum assured is INR 50 lakhs
  • Premiums are paid annually

Age of the insured

Term 10 years

Term 15 years

Term 20 years

Term 25 years

30 years

INR 6450

INR 7100

INR 8200

INR 9800

40 years

INR 12,050

INR 14,850

INR 17,850

INR 21,150

50 years

INR 29,250

INR 34,450

INR 40,250


How does LIC Amulya Jeevan II Plan work?

Let’s say Mr Verma buys LIC Amulya Jeevan II Plan for a sum assured of INR 50 lakhs. He is 30 years old and he buys the policy for a term of 25 years. The premium for the plan would be INR 9800 (as per the above table). Here’s how the policy would work –

  • The coverage would continue for 25 years till Mr Verma reaches 55 years of age
  • If Mr Verma dies during the term of the plan, the death benefit payable would be INR 50 lakhs
  • If, however, Mr Verma survives till the end of the term of 25 years, no benefit would be paid on maturity

Exclusions under LIC Amulya Jeevan II Plan

Suicides are excluded from the coverage of the plan if committed within a year of buying or reviving the policy. If the insured dies due to suicide within 12 months of buying a policy or reviving a lapsed policy, 80% of the premiums paid would be refunded back.

How to buy LIC Amulya Jeevan II Plan?

LIC Amulya Jeevan II Plan has been withdrawn by LIC and so you cannot apply for a fresh policy. However, LIC offers other term insurance plans like LIC’s Tech Term, LIC’s Anmol Jeevan II and LIC’s Jeevan Amar. If you are looking to buy a term plan from LIC, you can choose from these three.

How to make a claim under the LIC Amulya Jeevan II Plan?

In case of death of the insured, the nominee or legal heir should inform LIC about the death. Claim Form 3783 should be filled and submitted with the relevant documents. Once the documents are submitted, LIC would check and verify them and then pay the death claim directly to the bank account of the nominee or the legal heir.

 You can also choose to make your term insurance claim through Turtlemint. If you have bought LIC Amulya Jeevan II Plan from Turtlemint’s platform, you can raise your claim with Turtlemint itself. Just call 1800 266 0101 or send a mail to and your claim would be registered. Turtlemint would then take the necessary steps to get your claim settled at the earliest possible time.

Documents required for making a claim

To make a valid death claim, the following documents would be required –

  • Death certificate
  • Policy bond
  • Identity proof of the nominee/legal heir
  • Bank details of the claimant
  • Police FIR, post mortem report, inquest report, etc. if the insured died in an accident


A grace period of 30 days is allowed under the policy after the expiry of the premium due date. During this period the policy continues to run and you can pay the outstanding premium without incurring any penalty.

No, the sum assured cannot be chosen in thousands. It should be chosen in multiple of 1 lakh. Thus, if you need coverage of more than INR 25 lakhs, you would have to choose a sum assured of INR 26 lakhs.

For reviving a lapsed policy, the outstanding premiums, interest thereon and proof of insurability would have to be submitted. This proof of insurability is in the form of a medical check-up as specified by LIC. You would have to bear the cost of the check-ups and submit a report to the company for reviving the policy.

No, the plan does not have any surrender value. If you surrender the policy, no benefit would be paid.