LIC Two Year Temporary Assurance Policy
This 2 year temporary assurance policy is a pure term insurance policy for a SMALL period of 2 years which is primarily for temporary protection only. In this plan, if the Life Insured dies within the period of 2 years, the nominee will get the entire Sum assured but nothing is payable on maturity. This product is only for people who require a temporary insurance coverage especially if he is going on a tour or something.
Key Features of LIC Two Year Temporary Assurance Policy
- Insurance for non-insurance people who want short term insurance while for some specific reason.
- Temporary insurance for 6 months to 2 years only.
Benefits you get from LIC Two Year Temporary Assurance Policy
Death Benefit – The entire Sum Assured is paid to the nominee on death of Life Insured during the 2 years of the policy term.
Maturity Benefit – Being a pure protection plan, there is no benefit is payable on maturity.
Income Tax Benefit – No tax benefit available in this plan as this is a small term policy for 2 years only.
Eligibility conditions in LIC Two Year Temporary Assurance Policy
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Minimum
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Maximum
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Sum Assured (in Rs.)
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3,00,000
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1 Crore
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Policy Term (in years)
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6 months
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2 years
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Premium Payment Term (in years)
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Single
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Entry Age of Policyholder (in years)
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18
|
60
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Age at Maturity (in years)
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-
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62
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Payment modes
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Single
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Sample premium amount in LIC Two Year Temporary Assurance Policy
The below illustration is for a healthy Male (non-tobacco user) opting for:
Sum Assured = Rs.50,00,000
Policy Term = 2 years
Additional Features and Benefits of LIC Two Year Temporary Assurance Policy
Riders – There are no riders are available in this policy
You stop paying the premium – This is a single premium policy and hence no question of stopping the premium.
You want to surrender the policy – There are no Surrender benefits available under this term plan.
You want a loan against your policy –Loan facility is not available under this policy.
Alternate term plans from different insurance companies
Reliance Simple Term Plan
Bajaj Allianz New Risk Care II
Other term insurance plans from LIC
LIC Anmol Jeevan
LIC Amulya Jeevan
LIC Convertible Term Assurance Policy
