New Amulya Jeevan - II is a protection plan that gives high fiscal security to the family members of the policy holder in instances of unexpected deaths. The minimum amount guaranteed under this plan is 25 lakh INR while there is no upper ceiling on the death benefit amount. For any amount less than 25 lakh INR the life assured may opt for LIC’s Anmol Jeevan that is similar in structure. The policy is especially suited to people who work in high risk jobs. Therefore, any person can get the plan for oneself at very low premium rates and keep the financial future of his/her family secure.


Maturity Benefits

If the policy holder completes his/her policy duration and reaches the maturity phase of the plan then there would be no payment or maturity benefit to the policy holder or his/her nominee.

Death Benefits

If the policy holder faces an unexpected demise during the duration of active policy then his/her nominee would be provided the Sum Assured under death benefits. Hence, it is essential that the policy should be kept active and in force and all the premiums paid on time.

Mode of Payment of Premium

The policy holder has the option to pay the premiums on an annual basis, bi-annual basis or through a Solitary Premium method.

Policy Loan

The policy holder cannot take any loan on his/her Amulya Jeevan policy.

Tax Benefits

The policy provides tax benefits under Section 80 C for the amounts paid in premiums. At the time of the demise of the life assured, the nominee can benefit from tax relaxations on death claims under Section 10 (10D).

Surrender Value

LIC’s Table 823 (Earlier represented as Table 190) does not provide any facility of surrender value. So, if at any point the life assured wants to submit his/her policy and stop paying the premiums, then he/she would not get any value on the premiums paid.


Smallest Amount Guaranteed:The nominee of a policy holder would receive the smallest guaranteed amount of 25,00,000 INR in case of an unexpected demise of the life assured.

Highest Amount Guaranteed:There is no upper limitation on the highest amount guaranteed. Therefore, by opting for a higher premium amount the policy holder can secure a huge monetary amount for his/her beneficiary.

(The Amount Guaranteed would be in multiples of 1, 00,000 INR)

Lowest Entry Level Age:  The life assured should attain a minimum age of 18 years to benefit from this scheme.

Highest Entry Level Age: The life assured should be 60 years or less on his nearest official birthday.

Highest cover ceasing age: The life assured should be 70 years or less on his nearest official birthday.

Smallest policy duration:  The smallest policy duration would be of 5 years

Highest policy duration:  The highest policy duration would be of 35 years


The decrease in tabular premiums for diverse Sum Assured choices are presented as:

Rebate of 0.50% of SA on single premium of 1 Crore INR and above .

Grace Period:

The policy holder would be provided 15 day grace duration for paying his/her annual or biannual premiums. If the policy holder is not able to pay his/her due within this period of time then his/her policy would be termed as void.

Paid Up Amount:

There is no provision of any paid up amount under this plan.


If due to any reason the LIC’s Amulya Jeevan Policy has lapsed, and the policy holder wants to revive it then he/she can easily do so. The corporation provides a facility to the life assured to revive the plan within a span of 5 years from the first date of policy lapse and prior to the maturity date. The revival can be done only in the course of the lifespan of the policy holder.  To avail this facility, the life assured would have to submit a validation of sustained insurability to the Corporate’s satisfaction and pay the entire premium amount overdue along with the interest rates that are assigned by the Company and which are subjected to alter at bi-annual basis.


In case, the policy holder finds the “Terms and Conditions” unsatisfactory then he/she can submit back the LIC Table 823 Policy and get a refund on his/her amount.


The Amulya Jeevan Policy would be deemed void in the instance of suicide of the Life Assured.  It does not matter if the life assured is sane or insane, but if he/she voluntarily ends his/her life then the policy would cease to exist and the nominee would not be provided any death benefit even if all the premiums had been paid (including the one just before the death) and the policy had remained active.