LIC Two Year Temporary Assurance Policy
Plan Type: Term Assurance (Without Profits)
Launch Date: Historical Plan
Withdrawn Date: 16th November 2013
Policy Term: 2 Years (Fixed)
Note: This plan is no longer available for new policies
Important Information
- This policy is a pure term insurance plan and does not provide any maturity benefit upon survival.
- Premium figures generated through calculators are indicative and based on standard assumptions.
- In the event of death during the policy term, the applicable Sum Assured is payable to the nominee.
- The policy does not acquire surrender value and cannot be surrendered for any benefit.
- No loan facility is available under this plan.
- LIC discontinued the plan on 16 November 2013.
- Actual premium rates may vary depending on underwriting decisions, age, health condition, and medical examination results.
LIC Two Year Temporary Assurance Policy Plan 43 Calculator
The LIC Two Year Temporary Assurance Policy Plan 43 Calculator is a useful tool that helps users estimate premium costs and understand the benefits available under this short-duration term insurance policy.
The calculator is particularly useful for existing policyholders and individuals researching LIC’s discontinued insurance products.
Introduction to LIC Two Year Temporary Assurance Policy Plan 43
LIC Two Year Temporary Assurance Policy Plan 43 was a short-term term insurance policy designed to provide life insurance protection for a limited duration. It catered to individuals requiring temporary insurance coverage for specific situations such as overseas travel, project assignments, contractual employment, or other short-term financial obligations.
The plan focused exclusively on risk protection and did not include savings, investment, bonus participation, or maturity benefits.
Overview of LIC Two Year Temporary Assurance Policy Plan 43
The policy offered straightforward life insurance coverage through a single premium payment. Once the premium was paid, insurance protection remained active for the selected policy term without requiring any additional premium payments.
The plan was specifically designed for people seeking temporary financial protection rather than long-term wealth accumulation.
Launch and Withdrawal Details
Launch History
The policy was introduced many years ago and remained available as one of LIC’s specialized short-term protection plans.
Withdrawal Date
LIC officially discontinued Two Year Temporary Assurance Policy Plan 43 on 16 November 2013.
Although the plan is no longer available for new purchases, existing policies continued until their respective expiry dates according to the original policy conditions.
Key Features of LIC Two Year Temporary Assurance Policy Plan 43
Short-Term Life Insurance Protection
The policy was designed to provide insurance coverage for a limited duration, making it suitable for temporary protection requirements.
One-Time Premium Payment
Only a single premium payment was required at policy commencement, covering the entire policy duration.
No Maturity Benefit
As a pure term assurance plan, no maturity value or survival benefit was payable if the life assured survived the policy term.
No Surrender Benefit
The policy did not acquire any surrender value and therefore could not be surrendered for a cash benefit.
No Loan Facility
Policyholders were not eligible to obtain loans against the policy.
No Bonus Participation
Being a non-participating term insurance policy, it did not earn bonuses or participate in LIC’s profits.
Suitable for Temporary Insurance Needs
The plan was particularly useful for:
- Overseas travel requirements
- Contract-based employment
- Temporary work assignments
- Project-specific financial protection
- Short-term insurance obligations
Eligibility Criteria for LIC Two Year Temporary Assurance Policy Plan 43
| Parameter | Eligibility |
|---|---|
| Entry Age | 18 to 60 Years (Last Birthday) |
| Maximum Maturity Age | 62 Years |
| Policy Term Options | 6 Months, 12 Months, 18 Months, or 24 Months |
| Minimum Sum Assured | ₹3,00,000 |
| Sum Assured Multiples | ₹50,000 |
| Maximum Sum Assured | ₹1 Crore |
| Premium Payment Mode | Single Premium Only |
| Age Proof Requirement | Standard Age Proof Documents Required |
Why LIC Two Year Temporary Assurance Plan 43 Was Unique
Unlike traditional life insurance policies that combine protection and savings, this plan focused entirely on providing affordable short-term life insurance coverage.
The simplicity of:
- One-time premium payment
- Flexible short-term coverage periods
- High Sum Assured options
- Absence of long-term commitments
made it an attractive solution for individuals seeking temporary financial protection without investment-linked features.
For many policyholders, LIC Two Year Temporary Assurance Policy Plan 43 served as a practical and cost-effective way to obtain life insurance coverage for specific short-term needs while avoiding the complexity of long-term insurance contracts.
Entry Age and Eligibility Requirements
Age at Entry
- Minimum Entry Age: 18 Years Completed
- Maximum Entry Age: 60 Years (Nearest Birthday)
The policy was available to adults seeking temporary life insurance protection for a short and predefined duration.
Sum Assured Eligibility
- Minimum Sum Assured: Generally ₹50,000, subject to LIC’s prevailing rules at the time of policy issuance.
- Maximum Sum Assured: Up to ₹5 Lakh, depending on underwriting requirements and policy conditions.
Policy Duration
LIC Two Year Temporary Assurance Policy Plan 43 was available exclusively with a fixed coverage period of two years.
No longer-term or shorter-term variants were available under this specific plan option.
Medical Requirements
Depending on the applicant’s age and selected Sum Assured, LIC could require medical examinations or simplified health declarations before policy issuance.
Important Exclusions
The policy was designed purely for life insurance protection and therefore did not offer:
- Profit participation
- Bonus benefits
- Surrender value
- Loan facility
- Maturity proceeds
Like most traditional life insurance policies, suicide occurring within the specified exclusion period was subject to policy conditions and claim restrictions.
How the LIC Two Year Temporary Assurance Plan 43 Calculator Works
Purpose of the Calculator
The LIC Two Year Temporary Assurance Policy Plan 43 Calculator helps estimate the approximate single premium payable for obtaining two years of life insurance protection.
Although the policy is no longer available for purchase, the calculator remains useful for understanding how short-term term insurance premiums were determined.
Information Required for Premium Calculation
The calculator generally requires the following inputs:
Age of the Life Assured
The applicant’s age at the time of policy commencement.
Gender
Gender may be considered where applicable under historical premium structures.
Desired Sum Assured
The amount of life insurance coverage required by the applicant.
Policy Term
The policy term remains fixed at two years.
Smoking Status
Certain premium calculations may require information regarding smoking or tobacco usage.
Medical Classification
Where applicable, underwriting classifications may affect premium rates.
Steps to Calculate Premium
Step 1: Enter Personal Details
Input age, gender, and any other required underwriting information.
Step 2: Select Coverage Amount
Choose the desired Sum Assured within the limits prescribed under the plan.
Step 3: Apply Premium Formula
The calculator uses LIC’s applicable premium rate structure and underwriting assumptions for Plan 43.
Step 4: View Premium Estimate
The system displays the estimated single premium payable for the entire two-year insurance period.
Sample Premium Illustration
Consider the following hypothetical example:
| Particulars | Details |
|---|---|
| Age | 30 Years |
| Sum Assured | ₹1,00,000 |
| Policy Term | 2 Years |
| Premium Type | Single Premium |
Estimated Result
Approximate Single Premium: ₹1,200
This figure is purely illustrative and should not be interpreted as an official LIC premium quotation. Actual premium rates varied according to LIC’s approved premium tables and underwriting guidelines.
Practical Uses of LIC Plan 43
Suitable Individuals
The policy was particularly useful for people who required temporary insurance coverage for a specific purpose.
Examples include:
- Individuals working abroad on short-term assignments.
- Professionals engaged in contractual projects.
- Persons undertaking temporary travel commitments.
- Individuals seeking low-cost protection for a fixed period.
Advantages of LIC Two Year Temporary Assurance Policy Plan 43
One-Time Premium Convenience
The entire premium was paid once at policy commencement, eliminating recurring premium obligations.
Straightforward Coverage Structure
The policy focused solely on life insurance protection without investment or savings elements.
Affordable Temporary Protection
The plan provided cost-effective insurance coverage for short-term requirements.
Simplified Administration
The policy structure was easy to understand due to the absence of bonuses, loans, surrender benefits, and investment components.
Limitations of the Plan
Despite its usefulness for temporary protection, the policy had several limitations.
No Maturity Benefits
Policyholders received no amount if they survived until policy expiry.
No Return of Premium
The premium paid was not refundable upon policy completion.
No Extension Facility
Coverage ended automatically at the end of the two-year term and could not be converted into another policy under the same contract.
Not Suitable for Long-Term Planning
The plan was designed exclusively for short-term risk protection and not for wealth creation, retirement planning, or long-term family security.
Premium Calculation Methodology
The premium under LIC Two Year Temporary Assurance Policy Plan 43 was generally determined using actuarial rates approved by LIC.
Illustrative Formula
Single Premium = Sum Assured × Age-Based Rate × Two-Year Risk Factor
Where:
- Age-Based Rate depends on the life assured’s age.
- Risk Factor reflects the two-year coverage duration.
- Additional underwriting considerations may influence the final premium.
Actual premium calculations were always based on LIC’s official premium tables applicable at the time of policy issuance.
Comparison with Other LIC Term Insurance Plans
LIC Term Plan Comparison
| Feature | LIC Plan 43 | LIC Tech Term | LIC Jeevan Amar |
|---|---|---|---|
| Policy Duration | 2 Years | Up to 40 Years | Up to 40 Years |
| Premium Payment | Single Premium | Regular / Single Premium Options | Regular / Single Premium Options |
| Bonus Participation | No | No | No |
| Surrender Value | No | No | No |
| Primary Purpose | Temporary Risk Protection | Long-Term Financial Protection | Long-Term Financial Protection |
Why LIC Plan 43 Was Different
LIC Two Year Temporary Assurance Policy Plan 43 was unique because it addressed a very specific insurance need—short-duration life cover. Unlike modern term plans that focus on long-term financial protection, this policy provided temporary insurance coverage for a fixed two-year period through a single premium payment.
Its simplicity, affordability, and limited commitment made it a practical choice for individuals seeking temporary life insurance without the complexities of long-term policy contracts.
Frequently Asked Questions About LIC Two Year Temporary Assurance Policy Plan 43
What was LIC Two Year Temporary Assurance Policy Plan 43?
LIC Two Year Temporary Assurance Policy Plan 43 was a pure term insurance policy that provided life insurance protection for a fixed period of two years. The plan required a one-time premium payment and focused solely on risk coverage without offering maturity benefits, bonuses, or savings components.
Who was this plan designed for?
The policy was suitable for individuals who required short-term life insurance coverage for specific purposes such as overseas employment, temporary assignments, contract-based work, business travel, or other short-duration financial obligations.
Is LIC Two Year Temporary Assurance Policy Plan 43 still available?
No. LIC officially discontinued Plan 43 on 16 November 2013. Since then, new policies have not been issued under this scheme. However, policies purchased before withdrawal remained valid until their respective expiry dates.
What were the age eligibility requirements?
Applicants were required to meet the following age criteria:
- Minimum Entry Age: 18 Years
- Maximum Entry Age: 60 Years (Nearest Birthday)
What Sum Assured options were available under the plan?
The policy generally offered life cover starting from ₹50,000 and extending up to ₹5 lakh, subject to LIC’s underwriting rules and eligibility conditions applicable at the time.
Did the policy provide any maturity benefit?
No. As a pure term assurance plan, no amount was payable if the life assured survived until the end of the two-year policy term.
Was any bonus payable under the policy?
No. LIC Two Year Temporary Assurance Policy Plan 43 was a non-participating plan and therefore did not qualify for reversionary bonuses, loyalty additions, or profit-sharing benefits.
Could policyholders take a loan against the policy?
No. Since the policy did not acquire any surrender value, no loan facility was available.
Was surrender allowed under the plan?
No. The policy could not be surrendered for a cash value before completion of the policy term.
How was the premium paid?
The entire premium was payable as a single lump-sum payment at the beginning of the policy. No recurring premium payments were required during the two-year coverage period.
Conclusion
LIC Two Year Temporary Assurance Policy Plan 43 served as a simple and effective solution for individuals seeking temporary life insurance protection. With its one-time premium structure, fixed two-year coverage period, and straightforward benefits, the policy addressed short-term insurance needs without incorporating savings or investment features.
Although the plan is no longer available for purchase, studying its structure, premium calculation methods, and benefit provisions provides valuable insight into how short-duration term insurance products operate. Existing policyholders and insurance enthusiasts can still use Plan 43 calculators as reference tools to understand historical premium structures and risk-based insurance pricing.
For individuals seeking life insurance coverage today, it is advisable to explore LIC’s current term insurance offerings and use official premium calculators to obtain accurate quotations and benefit illustrations based on present-day products and underwriting guidelines.
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