LIC Amulya Jevan II Plan

 A protection plan designed to secure the financial future of family members of a life insured, Amulya Jeevan II is targeted towards those who keep the interests of their loved ones in the forefront. This plan is ideal for members of the society who have amassed certain wealth, with an accustomed lifestyle.

Eligibility Criteria for LIC Amulya Jeevan II

Individuals who wish to protect their loved ones through Amulya Jeevan II need to satisfy the following basic criteria.

  • Maximum maturity age – The maximum maturity age for this plan is 70 years.
  • Minimum entry age – An individual should be at least 18 years old in order to participate in this plan.
  • Maximum entry age – The maximum entry age for Amulya Jeevan II is 60 years.
  • Minimum sum assured – The minimum sum assured under this scheme is Rs 25 lakhs.

Features of LIC Amulya Jeevan II

Some of the unique features of term plan from LIC are mentioned below.

  • Flexible policy terms – The policy terms under this plan range between 5 and 35 years, ensuring an individual can choose a term which suits his/her immediate requirements.
  • High sum assured – Policyholders can protect themselves to the tune of a minimum of Rs 25 lakh, with an option to increase this cover to match any amount they feel is necessary.
  • Grace period – A one month grace period is provided to policyholders who fail to pay their premiums on time.
  • Flexible premium payment modes – Policyholders can choose to pay the premium either once a year or once every six months.

Benefits of LIC Amulya Jeevan II

LIC Amulya Jeevan offers some unique benefits to policyholders, with the key ones mentioned below.

Death Benefit – In the unfortunate event of demise of a policyholder, his/her nominee will receive a death benefit equivalent to the sum assured under the plan. This benefit will be paid only if death occurs while the policy is in place.

Tax Benefits – The Income Tax Act of the country provides provisions for tax benefits on premiums paid and the benefit amount received.


Miss Rita, aged 40 years is a manager in a reputed MNC. She decides to secure the financial future of her family, a husband and two daughter aged 12 years and 14 years respectively. She chooses the Amulya Jeevan II with a policy term of 30 years. She thinks a sum of Rs 50 lakh will be sufficient financial protection for her family and pays an annual premium of Rs 30,000 towards the same. She makes her elder daughter the nominee under this scheme.

Unfortunately, 20 years down the line, Rita passes away due to cardiac arrest. Her elder daughter will now receive Rs 50 lakh from the insurance company. If Miss Rita were to survive the tenure, no maturity benefit would be paid to her.


  1. Will a maturity benefit be paid when the policy matures?

    No, there is no maturity benefit under this scheme and no amount will be paid if the policyholder survives till maturity.

  2. Will one be paid a surrender value on surrendering the policy?

    No, there is no provision for a surrender benefit under the Amulya Jeevan II plan.

  3. What happens if a policyholders fails to pay the premiums within the grace period?

    In such cases the policy will lapse and a policyholder will have to pay the premiums and a fine to revive it. Revival is possible only within 2 years of first unpaid due.

  4. Are there any exclusions under Amulya Jeevan II?

    Yes, there is a suicide exclusion clause which states that a nominee will be eligible for only 80% of the premiums paid if a policyholder commits suicide.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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