LIC Amulya Jeevan II Plan 823 Calculator

LIC Amulya Jeevan II Plan 823 was a term insurance policy that provided life cover for a fixed period. It was made for people who wanted a high amount of cover without adding savings or investment benefits.

If the insured person died while the policy was active, the Sum Assured was payable according to the policy conditions. If the insured person completed the full policy term, no maturity amount was paid.

Plan 823 has been withdrawn and is not available for a new purchase. Its UIN is 512N286V01, and LIC withdrew it on 5 August 2019. The calculator is therefore mainly useful for understanding an old policy, checking its premium estimate and reviewing its benefits.

What Is the LIC Amulya Jeevan 2 Calculator?

The LIC Amulya Jeevan 2 Calculator is an online tool for Plan 823. It uses the age at entry, policy term, Sum Assured and premium payment mode to show an estimated premium.

It can also show the age when the cover ends, total basic premiums over the term, basic death cover and maturity benefit. Yearly and half-yearly payment modes can be compared.

The result is only an estimate. LIC published sample premium rates for a few selected ages and terms, not a complete rate table for every possible combination. For an old policy, the premium printed on the policy bond or premium receipt is the final amount.

Also Check:

• LIC Amulya Jeevan-I Plan Calculator
• LIC Amulya Jeevan All in One Calculator

LIC Amulya Jeevan II Plan 823 Quick Overview

The plan did not provide a bonus, survival benefit, surrender value, paid-up value, or policy loan.

What Was LIC Amulya Jeevan II Plan 823?

Plan 823 was a protection-only policy. Premiums were paid regularly during the selected term to keep the life cover active.

The plan was useful for people who wanted financial protection for their family, home loan or other responsibilities. It was not meant for building savings. This is why it did not pay a bonus or return the premiums at the end of the term.

Withdrawal of the plan stopped new sales, but it did not automatically end policies that LIC had already issued. An existing policy could continue according to its original conditions when premiums were paid on time.

How to Use the Amulya Jeevan II Calculator

Enter the age when the policy started, not the present age. Then enter the Sum Assured shown on the policy bond and select the policy term.

The age at entry and policy term must not take the cover beyond age 70. For example, a person who entered at age 45 could normally select a maximum term of 25 years.

Select yearly or half-yearly premium mode. After pressing Calculate, the calculator can show the sample premium rate, estimated basic premium, age when the cover ends, death cover and maturity benefit.

If a tax field is available, enter the rate manually from the relevant premium receipt or payment period. Historical policies may have different tax rates. The Reset button clears all entered details.

Formula Used in Amulya Jeevan Plan 823 Calculator

Age When the Cover Ends

Age When Cover Ends = Age at Entry + Policy Term

The result must not be more than 70 years.

Basic Yearly Premium

LIC’s sample rates are given for every ₹1,000 of Sum Assured.

Basic Yearly Premium = (Sum Assured ÷ 1,000) × Premium Rate

This formula should be used only when the exact age and term are available in the published sample table or when the calculator has a complete official rate table.

Half-Yearly Premium

Plan 823 charged an extra 2% of the basic yearly premium when payment was made twice a year.

Extra Amount = Basic Yearly Premium × 2%

Total Premium for One Year = Basic Yearly Premium + Extra Amount

One Half-Yearly Payment = Total Premium for One Year ÷ 2

Total Basic Premiums

Total Basic Premiums = Basic Premium for One Year × Policy Term

For half-yearly mode, use the total of both payments for one year. Taxes and any extra premium charged by LIC should be kept separate.

Policy Benefits

Basic Death Cover = Sum Assured

Maturity Benefit = ₹0

Payment of a death claim depends on the policy being active and the claim meeting LIC’s conditions.

Sample Premium Rates

The following figures are LIC’s sample yearly rates for every ₹1,000 of Sum Assured. They do not cover every possible age or term.

A missing age or term should not be calculated by averaging two sample rates. In that situation, the calculator should ask for the basic premium written on the policy document or state that an official sample rate is unavailable.

Real Calculation Example

Consider an insured person who entered the plan at age 40 with the following details:

The age when the cover ends is:

40 + 15 = 55 years

The estimated basic yearly premium is:

(₹75,00,000 ÷ 1,000) × ₹2.97

= 7,500 × ₹2.97

= ₹22,275

The estimated basic premiums over 15 years are:

₹22,275 × 15 = ₹3,34,125

If half-yearly mode was selected, the calculation would be:

Extra 2% = ₹22,275 × 2% = ₹445.50

Total for one year = ₹22,275 + ₹445.50
                   = ₹22,720.50

One half-yearly payment = ₹22,720.50 ÷ 2
                        = ₹11,360.25

These amounts are before tax and any extra premium. The basic death cover is ₹75,00,000, while the maturity benefit is ₹0.

Death and Maturity Benefits

If the insured person died during the policy term while the policy was active, the Sum Assured was payable. If death happened during the grace period before the due premium was paid, the policy could remain valid, but unpaid premiums allowed under the policy conditions could be deducted from the claim.

There was no maturity payment if the insured person survived until the policy ended. There was also no bonus, loyalty addition or return of premium.

The policy did not build surrender or paid-up value. A loan was also not available. This made timely premium payment important because stopping premiums did not leave a smaller paid-up cover.

Missed Premium and Policy Revival

Plan 823 allowed a grace period of one month, but not less than 30 days, for yearly and half-yearly premiums. If the premium remained unpaid after this period, the policy lapsed.

A lapsed policy could be considered for revival within two consecutive years from the first unpaid premium date and before the policy term ended. LIC could ask for unpaid premiums with interest and proof of health. Revival became active only after LIC approved it and informed the policyholder.

The calculator cannot confirm whether a policy is active, lapsed or revived. Current policy status must be checked from LIC records.

Important Points for Existing Policyholders

The sample premium table is useful only for the exact ages and terms shown. The original policy bond and premium receipt should be used when the required combination is not available.

Tax should not be calculated using one fixed present-day rate for all past years. Service tax may appear on older receipts, while GST may appear on later receipts.

Any rider premium or extra premium charged after LIC’s medical and risk checks should be kept separate from the basic premium. The calculator also cannot approve a claim or confirm the final amount payable.

Frequently Asked Questions

What does the Plan 823 calculator calculate?

It can show an estimated premium, age when the cover ends, total basic premiums, Sum Assured and maturity benefit using the entered policy details.

Does LIC Amulya Jeevan II pay a maturity amount?

No. If the insured person survived until the end of the policy term, no maturity amount was payable.

How is the yearly premium calculated?

The Sum Assured is divided by 1,000 and multiplied by the applicable rate. A sample rate should be used only when the exact age and term appear in LIC’s published table.

What happens if a premium is missed?

A grace period of one month, but not less than 30 days, was available. If payment was not made within this period, the policy lapsed and needed LIC’s approval for revival.

Is LIC Amulya Jeevan II Plan 823 still available?

No. LIC withdrew the plan on 5 August 2019. It is not available for a new purchase.

Conclusion

The LIC Amulya Jeevan II Plan 823 Calculator helps explain the premium and benefits of an old term insurance policy. It can use official sample rates for the exact combinations published by LIC and show the effect of yearly or half-yearly payment.

The plan provided life cover but no maturity payment. Calculator results should be treated as estimates, while the policy bond, premium receipts and LIC records remain final.

Amit Kushwaha

Amit Kushwaha is a financial content creator and SaaS tool developer based in Lucknow, Uttar Pradesh. He has more than seven years of experience creating insurance-related content, online calculators, and practical digital tools for LIC policyholders, insurance buyers, and LIC agents.

Through LICPolicyCalculator.com, he focuses on simplifying complex LIC policy information into easy-to-understand guides and calculators. His work covers LIC premium estimates, maturity calculations, surrender value tools, policy return calculations, term insurance planning, and plan-specific calculator pages.