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Term Plan from LIC – Amulya Jeevan-II

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lic term plan

With term plans becoming popular every day, India’s largest and most popular insurer Life Insurance Corporation (LIC) has also made its foray into this space. The term plan is named Jeevan Amulya-II. It is a pure protection plan, especially for those looking for insurance policies without any investments. Here are some of the benefits of the term plan from LIC:

Benefits under Jeevan Amulya policy

Death Benefit

The scheme provides death benefit equivalent to the sum assured opted for.

(Also see: Jeevan Anand – Best Lic Policy)

Maturity Benefit

There is no maturity benefit under this policy in case of survival of the insured person.

Who can take this policy- Eligibility Criterion?

Entry Age18 years60 years
Maturity Age-70 years
Policy Term5 years35 years
Premium Paying Term5 years35 years
Sum Assured25,00,000No Limit
Payment ModesYearly, Half-Yearly


You cannot avail any loan facility under this policy since it is a term plan.

(Also see: Best LIC Policy for Children)


Annualised premium rates per Rs. 1000 Sum Assured


Term of the Policy (years)































Tax benefits

The premiums paid under this policy will be eligible for deduction u/s 80C of income tax act. The lump sum amount received by the family will be tax free u/s 10.

Grace period

There will be a grace period of 30 days for premium payment.

Paid up and Surrender value

There will not be any paid up or surrender value for this policy.


LIC’s claim settlement ratio would attract any insurance buyer towards it. With LIC launching a term plan, people would love to purchase it. However, the premiums of this plan seem to be quite high compared to the online private term plans. If you are a die hard fan of LIC, you might still go for this on the basis of trust in claim settlement.

How do you find this article? Please leave your valueable comments.

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  • Varun

    Is this policy available
    online in LIC website…?

    • Av Suresh

      No, this is an offline policy of LIC. It has however recently launched an online term policy named e-term.

      • Mahesh Nagar

        its available online

  • Shivakumar Balasubramanian

    Hi, i will be traveling to US for 2 year contract, Will this term policy applies to US as well ?

    • Av Suresh

      Yes, it will cover deaths abroad. However, you need to update these details with the insurance company.

      • Shivakumar Balasubramanian

        Thanks Lot!

        • Av Suresh

          You are welcome, Shivakumar.

  • soumya reddy

    Can we opt for any riders with this policy?

    • Av Suresh

      Yes, there are riders such as critical illness, accidental death benefit which can be opted at the time of purchasing the policy.

  • tirtha_dutta

    I am having LIC’s Amulya Jeevan I with a coverage of 25L in my name….can I take the same policy for my wife (teacher)….Can I pay the prem. on her behalf?

    • Av Suresh

      Yes, you can take another one for your wife and pay premium on her behalf.

      • tirtha_dutta

        Sir, How would I take this policy online? I would prefer to take this into HDFC Click2Protect online…..

        • Av Suresh

          Compare offers from various insurers. LIC term plan is slightly expensive compared to its private counterparts. With IRDA imposing stringent guidelines, trust should not be an issue in life insurance. Opt for the policy that best suits your needs.

          • tirtha_dutta

            Thanks a lot….if I go for Click2Protect of HDFC, I can save around 3K in prem. in comparison to LIC’s Amulya Jeevan II…should I go?

          • Av Suresh

            If you are fine with claim settlement of HDFC, premium of this plan, & sum assured offered for this premium, you can go for it.

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