LIC Amulya Jeevan 2 Plan- 823 Premium Calculator

LIC offers a pure-term insurance policy called LIC Amulya Jeevan 2 Plan- 823. It does not offer any age or life benefits, but it does offer high life coverage in the event that the policyholder passes away within the policy’s term. The plan is eligible for a tax refund under section 80(C) and provides a high life cover at a cheap premium. The premium can be paid annually or half-yearly, and the admission age is between 18 and 60.

Insurance is essential for covering people and their families from unanticipated events in this digital age. The Life Insurance Board of India (LIC) offers the well-known term insurance plan LIC Amulya Jeevan 2.

This post will examine the LIC Amulya Jeevan 2 Plan- 823 premium calculator and describe how it makes it easier for prospective policyholders to calculate their premiums.

LIC Amulya Jeevan 2 Plan- 823: A Simple Life Insurance Plan with High Coverage

LIC Amulya Jeevan 2 Plan- 823 is a term insurance plan that provides a large amount of financial protection at an affordable cost. This plan offers a lump sum payout to the nominee if the insured person passes away during the policy term. However, it does not offer any benefits if the policyholder survives the term, making it a good choice for those wanting only life coverage.

This plan also includes tax benefits under Section 80C for premiums paid and Section 10(10D) for claims received. The entry age for the plan is between 18 and 60 years, and the policy can remain active until the policyholder turns 70. There are no surrender benefits, meaning you cannot get money back by canceling the policy, and there’s a 30-day grace period to pay premiums. Policyholders also have a free-look period of 15 days and can assign or nominate beneficiaries.

Policies can be backdated within the same financial year, and discontinued policies can be revived within two years from the date of the first missed payment. In case of suicide within 12 months of starting the policy, 80% of the premiums paid will be returned to the nominee.

Key Details of LIC Amulya Jeevan 2 Plan- 823

• Entry Age: You must be between 18 and 60 years old to apply.
• Sum Assured: The minimum coverage is ₹25 lakhs, with no upper limit.
• Policy Term: Between 5 and 35 years.
• Maturity Age: Up to 70 years.
• Premium Payment: Yearly or half-yearly options.
• Loan and Surrender: No loan facility or surrender value.
• Paid-up Value: No value is built up if payments stop.

Importance of Calculating Premiums

Calculating the premium is essential to know how much you’ll need to pay periodically to keep the policy active. This helps you see if the policy is affordable and suitable for your needs.

Factors That Affect Premiums

1. Age: Younger people usually pay lower premiums because they are seen as lower risk.
2. Policy Term: Longer coverage periods may result in higher premiums.
3. Sum Assured: Higher coverage amounts generally increase the premium.
4. Payment Frequency: Annual, semi-annual, quarterly, or monthly payments affect the overall cost.

Benefits of Using the LIC Amulya Jeevan 2 Plan- 823

The premium calculator on the LIC website makes it easy to get an estimate of the premium for this policy.

• Accuracy: It gives you an exact premium estimate based on your inputs.
• Time-saving: Get a quick quote without needing to do manual calculations.
• Comparison: Allows you to compare premiums for different policy terms or sum assured amounts.

How to Use the LIC Amulya Jeevan 2 Plan- 823 Premium Calculator

1. Go to the LIC website: LIC Amulya Jeevan 2 Premium Calculator
2. Enter your age, policy term, sum assured, and payment frequency.
3. Click “Calculate” to see an instant premium estimate.

Step-by-Step Guide for Premium Calculation

1. Visit the LIC website or open the LIC mobile app.
2. Go to the Amulya Jeevan 2 premium calculator section.
3. Enter your age, policy term, sum assured, and premium frequency.
4. Click “Calculate” or “Get Quote.”
5. View your estimated premium amount.

FAQs on LIC Amulya Jeevan 2 Plan- 823

• Can I change the payment frequency after purchasing the policy?

Yes, you can change the frequency, but check with LIC for any associated conditions.

• Are premiums fixed for the entire term?

Premiums can vary depending on age, policy term, and sum assured. Use the calculator for an accurate estimate.

• Can I use this calculator for other LIC plans?

This calculator is specific to LIC Amulya Jeevan 2. Other plans have their own calculators.

• Is the calculated premium final?

The calculated premium is an estimate; the final amount may vary based on underwriting and policy details.