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LIC’s Amulya Jeevan II Plan is a well-known term plan. When it comes to offering bonuses,no pure term insurance plan offers additional bonus facilities to the policyholder. Moreover, if the insured dies within the tenure of the policy, then the nominee gets to receive the death benefits. However, nothing is payable to the policyholder when the policy reaches the maturity age. 

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LIC Amulya Jeevan - Key Features

  • Pure Term Plan that offers a death benefit but no maturity benefits.

  • Without Profit Traditional Plan.

  • The nominee gets to receive the Sum assured as the death benefit if the insured dies within the term of the policy. 

  • Choose policy terms between 5 years and 35 years as per the suitability 

  • Plan provides an option to choose premium payment mode either once time in a year or one time every 6 months. 

  • Policyholder can secure themselves with a minimum sum assured of Rs. 25 Lacs 

  • Long tenure of 35 years can be chosen.

  • Premium discounts for annual mode and high sum assured.

LIC Amulya Jeevan - Benefits

  • Death Benefit: In case of death of the life policyholder during the policy term, sum assured on death shall be payable. 

  • Maturity Benefit: On the survival to the end of the term of policy, no amount shall be payable.

  • Income Tax Benefit: Under Section 80 C, the policyholder gets Income tax benefits on the Premiums paid, and as per Sections 10(10 D), tax benefits can be enjoyed on the claims as well.

LIC Amulya Jeevan - Product Specification:

Criteria Minimum Maximum
Entry Age (Last Birthday) 18 years 60 years
Maturity Age (Last Birthday) - 70 years
Policy Term (PT) in years 5 years 35 years
Premium Paying Term (PPT) in years Equal to Policy Tenure
Premium Paying Frequency Annual, half-yearly
Sum Assured Rs 25 Lacs No Limit

LIC Amulya Jeevan - Details About Premium

Annual premium in Rupees for a Policy Tenure of 15 years. Basic Premium is mentioned below (Tax not included) 

Age Rs 50 Lacs Sum Assured Rs 1CR Lacs Sum Assured
30 Years 7100 14200
40 Years 14850 29700
50 Years 34450 68900
Five things to know before buying Term Plan Five things to know before buying Term Plan

LIC Amulya Jeevan - Policy Details 

Here are the salient policy details of LIC Amulya Jeevan-II Plan that one should be aware of before making a purchase decision: 

  1. Grace Period

    The policyholder gets 30 days to pay the premium. The policy gets to lapse if the policyholder fails to make the payment in the assigned grace period.

  2. Surrender Benefit or Termination Clause

    The policyholder does not get any surrender benefits available in the Amulya Jeevan plan.

  3. Free Look Period

    After taking the policy, you are allowed to go through it thoroughly for about fifteen days in order to find out its suitability for you. After completion of this period, the policyholder has the option to quit the policy provided no claims have been made.

  4. Backdating interest

    The policies can be dated back to the same financial year.

  5. Assignments/Nominations

    This plan offers nominations and assignments.

  6. Revival of discontinued policies 

    If the policy lapses due to non-payment of the due premium amount within the grace period, it may be revived during the policyholder’s lifetime, but within a time of 2 consecutive years from the date of 1st unpaid premium and before the maturity date. 

Why Buy Term Life Insurance from Policybazaar Why Buy Term Life Insurance from Policybazaar


In case, the policyholder commits suicide within 12 months of taking the policy, only 80 % of the premium that the policyholder has paid is returned to the nominee. However, if the insured commits suicide within 12 months of revival, then a higher surrender value or 80% of premiums is paid by the insured.

Documents Required for Amulya Jeevan

To take the policy, you need to submit documents that can attest to your existence such as address proof along with your complete medical history. Further, you might have to go for a medical examination depending on your age or the sum you need to assure.


  • What happens if a policyholder does not pay a premium within the grace period?

    Ans. The policy will lapse in such cases and a policyholder will have to pay the premium amount and a penalty to revive it. Revival of discontinued policy is possible within two years of 1st unpaid due premium date.
  • Will the policyholder be paid surrender value on surrendering the policy?

    Ans: No. there is no such provision for a surrender benefit under the LIC Amulya Jeevan-II plan.
  • Will a maturity benefit be paid at the time of policy maturity?

    Ans: No, there is no maturity payout under this plan.
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