Life Insurance Corporation of India has an insurance policy for every need.
Two Year Temporary Assurance policy (Table no. 43) caters to the individuals who specifically need insurance cover against the risk for a short period of two years or less, for example, if you are going on tour for a year or two, you may consider a Temporary Term assurance plan.
Two Year Temporary Assurance Policy Summary:
LIC Temporary Assurance plan is for insuring non-insurance minded class of lives who require risk cover for a short period of 2 years or less. However, this plan is not allowed to pregnant women, physically handicapped lives, and when occupational extra chargeable.
Also, Medical Examination is compulsory, and the proposer is required to pay the medical examination fee.
Eligibility Conditions and Restrictions for Temporary Assurance:
- Min. age at entry: 18 years (lbd).
- Max. age at entry: 60 years (lbd).
- Min. S.A.: Rs. 3 lakhs
- Max. SA : 1 crore.
- SA in multiples: 50,000
- Max. Maturity age: 62 years.
- Modes Allowed: Single only.
- Terms Allowed: 6/12/18/24 months
- Accident benefit: Not Allowed.
- Maturity Benefits: NA
- Death Benefits: S.A.
Q: What amount will I receive after 2 years?
Ans: This is Term Insurance without profit, hence you will not receive any amount on the maturity date. If you are looking for a return with the insurance, check out the Endowment policy.
Q: What, if I die within 1 month after taking this policy?
Ans: Your nominee will receive Sum Assured up to 1 crore, depending on how much sum assured you opt.
Update: Two-Year Temporary Assurance Policy Table 43 Has Been Discontinued.
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.