Insurance Plans 213 views April 10, 2020

LIC 2 Year Temporary Assurance Plan is pure protection and temporary insurance plan which is issued only for two years time period. The plan provides only temporary protection to the policyholder for a very small period of time. The nominee or the beneficiary of the plan will receive the death benefit under the plan on the death of the holder of the policy during this two-year term of the insurance plan. However, nothing is paid at the end of two years or at the maturity of the plan as it is protection oriented term insurance plan. This Insurance product is suitable only for those people who require a temporary coverage of insurance particularly if he/she is planning to go on a tour or for any other particular reason.

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Features of LIC 2 Year Temporary Assurance Plan

This is a temporary and protection oriented insurance plan. The key features of the plan are as follows:

  1. This plan is meant particularly for non-insured individuals or who do not have any insurance plan and want a very short term policy for any specific reason
  2. The plan provides temporary insurance to the holder of the policy for a period of 6 months up to 2 years only.
  3. LIC 2 Year Temporary Assurance plan is designed especially for those insuring public who want risk coverage for a maximum period of two years.
  4. Under the 2 Year Temporary Assurance plan payment of a single premium is to be made at the policy outset to cover the plan term of two years. 
  5. A fee of Medical examination has to be paid by the proposer of the insurance plan at the time of making a proposal for the insurance plan. The proposal must accompany the age proof of the proposer of the insurance plan. 
  6. This insurance plan does not offer participation benefits and can be issued only under the category of ‘Without Profits’ insurance policy.
  7. The policy does not acquire any surrender value and no facility of loan against the insurance plan is available to the holder of the policy.
  8. No riders are available to be added with the insurance plan

Benefits of LIC 2 Year Temporary Assurance Plan

Benefits of this plan are as follows: 

Death Benefit

The total Sum Assured under the plan is paid as a death benefit to the nominee or beneficiary of the insurance on the death of an insured individual during the term of the insurance policy

Maturity Benefit

The plan does not offer any maturity benefit to the insured on maturity as this policy is a pure protection insurance policy. 

Tax Benefit under Income Tax Act

No tax benefit is available to the holder of the policy in this policy as it is for a small term of 2 years only.

Eligibility conditions of LIC 2 Year Temporary Assurance Plan

Before buying this insurance plan it is necessary for you to ensure that you satisfy the eligibility criteria of the insurance plan. The eligibility criteria to purchase the insurance policy are as follows: 

  1. Minimum sum assured under the plan is Rs 50,000 and Maximum sum assured under the plan is 1 Crore
  2. The minimum term of the policy is 6 months and a maximum term of the policy is 2 years. However, the term of the plan can be only for 6 months, 12 months, 18 months or 24months. 
  3. The term of premium payment Term is to be made in a single payment. 
  4. Minimum age of the holder of the policy for entry is 18 years and Maximum age for entry to the policy is 60 years 
  5. The maximum period of premium payment is 62 years
  6. Maximum age of the policyholder at maturity is 62 years. 
  7. The payment mode of the plan benefit is Single payment

Conclusion

LIC 2 Year Temporary Assurance Plan which provides assurance only for a small term. This insurance policy is suitable for a non-insured individual who requires coverage only for a specific event or for a specific term. LIC 2 Year Temporary Assurance plan provides the holder of the policy with risk assurance and risk coverage for a very short term of two years. Hence, this plan can be brought by individuals who are required or are going on tours for a term of one year or more. However, this plan has been withdrawn by LIC and is no more in force. Hence you can consider any other plan offered by LIC with the same features and benefits. 

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