LIC Two Year Temporary Assurance Policy
Plan No. 43 - Premium Calculator
Plan Type: Term Assurance (Without Profits)
Launch Date: Historical Plan (Date not specified in official records)
Withdrawn Date: 16th November 2013
Policy Term: 2 Years (Fixed)
Note: This plan is no longer available for new policies
Premium Calculation Results
- This is a pure term insurance plan with no maturity benefits
- Premium calculation is approximate and based on standard rates
- Death benefit = Sum Assured (if death occurs within 2 years)
- No surrender value or policy loan available
- Plan was withdrawn on 16th November 2013
- Actual premium may vary based on medical examination and underwriting
LIC Two Year Temporary Assurance Policy Plan 43 Calculator is a specialized financial tool designed to help users estimate premium payments and understand the core features of the LIC Two Year Temporary Assurance Policy Plan 43.
Introduction to LIC Two Year Temporary Assurance Policy Plan 43
LIC’s Two Year Temporary Assurance Policy Plan 43 was a unique term assurance plan created for individuals needing short-term life cover. It fulfilled temporary insurance needs for specific situations, such as going on a tour or working on a short-term contract. The policy was straightforward, requiring a single premium for two years of cover and did not offer maturity benefits, loans, or bonuses.
Official Launch and Withdrawal Dates
Understanding the plan’s availability period is crucial for historical comparison, documentation, or reference.
- Launch Date: LIC Two Year Temporary Assurance Policy Plan 43 was made available many years ago, details on its specific launch date reflect archival sources.
- Withdrawal Date: The plan was officially withdrawn from sale by LIC on 16th November 2013. After this date, new policies under the plan were not issued; however, existing policyholders retained the benefits through maturity or policy expiry.
Key Features and Benefits
Short-Term Risk Cover
- The plan was designed for individuals who only require insurance protection for a limited period of two years.
- Ideal for situations like temporary assignments, overseas travel, or unique short-term commitments.
Single Premium Payment
- Users would pay a one-time premium at the outset.
- This payment covered the entire two-year risk protection period, avoiding recurrent payments.
No Maturity Benefit
- Since the plan is classified as “Term Insurance” without profits, it does not offer any maturity value.
- The focus is solely on risk coverage without investment or savings elements.
No Surrender, Loan, or Bonus
- The policy cannot be surrendered for value before completion of the term.
- No loan facility is available against the plan.
- No profit or bonus accrues on this plan.
Suitable for Temporary Needs
- Useful for professionals or individuals working on contracts, project-based assignments, or those requiring insurance for a short stay abroad.
Eligibility Criteria
Age of Entry
- Minimum Age: 18 years (completed).
- Maximum Age: 60 years at entry (nearest birthday).
Sum Assured
- Minimum Sum Assured: Generally INR 50,000 (may vary depending on LIC rules at the time).
- Maximum Sum Assured: Up to INR 5 Lakhs (subject to other policy restrictions).
Term
- Fixed: Only available for a two-year term.
Medical Requirements
- Subject to simple medical formalities depending on the sum assured and age.
Exclusions
- No profit participation, no surrender value, no loans, and no maturity returns.
- Suicide exclusion applies within the first year, in line with standard life insurance norms.
How the LIC Two Year Temporary Assurance Policy Plan Calculator Works
Purpose of the Calculator
The calculator is a simple, user-friendly web tool enabling users to instantly check the approximate premium for the LIC Two Year Temporary Assurance Policy Plan 43 given basic details like age and sum assured. Although the plan is withdrawn, the mechanism remains useful as an educational model for understanding premium calculation in term policies.
Information Required
To use an LIC Plan 43 online calculator, users need to input:
- Age at entry
- Gender
- Sum assured (desired life cover)
- Term (fixed at 2 years)
- Smoker/non-smoker status (if required)
- Medical class (if required)
Steps to Calculate Premium
- Input details: Age at entry, sum assured, etc.
- Algorithm: The calculator uses LIC’s official premium calculation formula for Plan 43.
- Output: The total single premium payable for two years’ coverage.
Example Calculation
Suppose:
- Age: 30 years
- Sum Assured: INR 100,000
- Term: 2 years
The calculator will output the one-time premium, say INR 1,200 (amount illustrative; actual premiums depend on official tables in use during plan operation).
For official calculators and methodology, refer to resources such as LIC’s official calculator, PolicyBazaar, and other online premium calculators.
Practical Scenarios and Usage
Who Should Have Chosen This Plan?
- Individuals with short-term life risk (e.g., working abroad for 2 years).
- Those seeking affordable, short-duration term life cover without a savings component.
- People needing insurance for temporary projects, assignments, or events.
Benefits Over Other Term Plans
- No recurring premium commitments.
- Quick and easy issuance due to simple terms.
- Flexible for temporary insurance needs.
Limitations
- No return of premium or maturity value.
- Cannot be continued or converted after expiry.
- Not suited for long-term protection or investment.
Detailed Premium Calculation Formula
The premium for LIC Two Year Temporary Assurance Policy Plan 43 was computed based on age, sum assured, and a two-year term rate. Official tables and rates were published by LIC at the time of plan operation.
Typical Formula: Single Premium=Sum Assured×Age Rate×2-year term factor
Where the “Age Rate” and “Term Factor” are determined by LIC’s underwriting norms and actuarial tables for Plan 43.
Comparison With Other LIC Term Plans
| Feature | LIC Plan 43 | LIC Tech Term | LIC Jeevan Amar |
|---|---|---|---|
| Term Duration | 2 years | Up to 40 years | Up to 40 years |
| Premium Payment | Single | Regular/Single | Regular/Single |
| Bonus/Profit Participation | No | No | No |
| Surrender Value | No | No | No |
| Suitability | Temporary needs | Long-term protection | Long-term protection |
Frequently Asked Questions (FAQs)
What is LIC Two Year Temporary Assurance Policy Plan 43?
This was a short-term, pure term insurance plan offering life cover for only two years. It required a single premium payment and did not provide any maturity returns or bonuses.
Who should use this policy?
This plan was suitable for people who needed insurance protection for a short, specific duration—such as overseas contracts, tours, or temporary assignments of up to two years.
Is this plan still available to purchase?
No, LIC withdrew the Two Year Temporary Assurance Policy Plan 43. New policies are not issued under this plan anymore.
What was the entry age for this plan?
The minimum entry age was 18 years, and the maximum entry age was 60 years (nearest birthday) at the time of purchase.
What was the minimum and maximum sum assured?
The sum assured typically started from INR 50,000 and could go up to INR 5 lakhs, depending on LIC’s underwriting rules during the plan’s availability.
Conclusion
LIC Two Year Temporary Assurance Policy Plan 43 was a practical, temporary solution to short-term life insurance needs with a simple single premium structure and no savings or profit elements.
Although the plan has been withdrawn, learning about its features, eligibility, and calculation methods via calculators is helpful for understanding how temporary assurances function and are calculated in the insurance world. For those seeking current LIC policy options, refer to the latest plans and use official calculators for accurate premium estimates.