lic plan 823 (amulya jeevan ii) operates strictly as a pure term insurance policy carrying zero maturity benefits, meaning it disburses funds exclusively upon the demise of the insured during the active policy duration. matching this product against alternate offerings from the life insurance corporation requires categorizing policies by their structural mechanics. term products such as plan 823 deliver dedicated mortality cover at reduced premium rates, whereas traditional endowment options like jeevan labh (plan 936) and new jeevan anand (plan 915) blend risk protection with accumulated savings payouts upon maturity. executing precise premium estimations involves using official lic web tools, designated mobile applications, or digital aggregator platforms like policybazaar, maintaining constant input variables such as age, term length, and sum assured across all evaluated policies.
what is lic plan 823 (amulya jeevan ii)
lic’s amulya jeevan ii functions as a dedicated term insurance contract engineered to secure financial continuity for designated dependents if the policyholder passes away within the contracted timeline.
| structural metric | policy specifications |
| category | pure term insurance (zero maturity returns) |
| entry age limits | 18 to 60 years |
| policy duration span | 5 to 35 years |
| cap on maturity age | 70 years |
| minimum sum assured limit | ₹25 lakh |
| maximum sum assured | unrestricted |
| rider availability | unsupported |
| surrender value facility | unavailable |
| loan facility access | unavailable |
the defining characteristic of plan 823 remains its absolute absence of maturity or survival returns. if an insured individual outlives the entire active tenure, the nominee receives nothing, underlining its identity as a standalone risk mitigation instrument.
comparing plan 823 with other lic products
product comparisons typically contrast baseline term contracts against cumulative savings or endowment frameworks.
lic plan 823 versus lic jeevan labh (plan 936)
jeevan labh functions as a limited-premium endowment policy delivering combined death protection alongside maturity returns augmented by profit participation bonuses.
| feature comparison | lic plan 823 | lic plan 936 (jeevan labh) |
| structure type | pure term cover | endowment (savings combined with risk cover) |
| maturity return | none | guaranteed sum assured plus accumulated bonuses |
| premium payment tenure | matches full policy term | limited spans (10, 15, or 16 years) |
| rider support | not available | integrated options supported |
| loan facility | unavailable | permitted after 2 complete years |
| surrender value | unavailable | accessible after 2 complete years |
lic plan 823 versus lic new jeevan anand (plan 915)
new jeevan anand blends an endowment structure with lifelong security provisions, delivering standard maturity payouts while extending risk coverage past the initial maturity horizon.
| feature comparison | lic plan 823 | lic plan 915 (new jeevan anand) |
| structure type | pure term cover | endowment backed by whole-life protection |
| maturity return | none | provided |
| lifelong coverage extension | unsupported | active |
| bonus accrual | unsupported | eligible |
| loan facility | unavailable | permitted after 2 complete years |
lic plan 823 versus lic new endowment plan (plan 914)
plan 914 operates as a participating endowment vehicle balancing systematic savings with family financial protection.
| feature comparison | lic plan 823 | lic plan 914 (new endowment) |
| structure type | pure term cover | participating endowment |
| maturity return | none | provided |
| bonus accrual | unsupported | eligible |
| entry age band | 18 to 60 years | 8 to 55 years |
| policy duration span | 5 to 35 years | 12 to 35 years |
| minimum sum assured limit | ₹25 lakh | ₹1 lakh |
how to estimate premium outlays
lic premium rates fluctuate based on chronological age, selected sum assured, policy timeline, and chosen payment frequency. cross-evaluating products requires locking baseline inputs—such as matching age, uniform coverage limits, and identical durations.
viable estimation avenues involve:
- lic portal access: navigating through www.licindia.in to locate the premium calculator utility within online product sections.
- mobile utilities: utilizing verified tools like the lic policy calculators app on android platforms to map out plan projections.
- digital aggregators: running comparative quotes across insurance portals to evaluate market pricing.
- peer forums: reviewing discussion threads on platforms where policyholders share practical cost experiences.
as an indicative reference point, a 35-year-old securing a ₹10 lakh sum assured over a 25-year duration encounters an approximate annual commitment near ₹46,911 for new jeevan anand (plan 915). plan 823 demands lower pricing due to the total exclusion of maturity returns. official tools should always be consulted directly for exact pricing updates.
critical factors prior to selection
- protection versus accumulation: plan 823 focuses entirely on risk cover, whereas endowment alternatives cater to corpus-building objectives.
- budget allocation: term instruments consistently demand lower capital outlays compared to endowment variants.
- rider integration: plan 823 excludes add-on riders, unlike alternative frameworks supporting critical illness or accidental riders.
- withdrawal status: lic officially withdrew plan 823 on august 5, 2019, rendering it inactive for fresh policy issuance.
frequently asked questions
is lic plan 823 structured as a savings instrument?
no, plan 823 functions strictly as a pure term contract providing zero survival or maturity payouts.
what threshold defines the minimum sum assured for plan 823?
the policy enforces a baseline limit of ₹25 lakh.
are riders supported under plan 823?
no optional riders are attachable to this contract.
how does the death claim workflow operate for plan 823?
nominees receive the applicable sum assured upon submitting formal claim documentation and required verification proofs.
can policyholders secure a loan against plan 823?
no loan facilities apply to this discontinued product line.
