What is temporary life insurance? How do I get it?

As the name implies, temporary life insurance offers life insurance coverage only for a very short term period. The coverage lasts until the end of underwriting, after which the temporary life insurance ends and policy goes out of force.

It is to be noted that temporary life insurance is not available in India. Temporary life plans were introduced a few years back by Life Insurance Corporation (LIC). It was called LIC 2 Year Temporary Assurance Plan.

This plan provided life coverage for the insured only for a small period of time that is for 2 years. This insurance policy was aimed at non-insured individuals who require coverage only for a specific situation or for a specific term. LIC 2 Year Temporary Assurance plan provided the policyholder with risk assurance and risk coverage for a very short term of two years. Hence, this plan could be purchased only by individuals who were 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 However, this plan has been withdrawn by LIC and is no more in force.

The shortest period of life insurance is currently five years in India. If you are looking for short-term life insurance for five year or more, then you can opt for plans such as

• LIC Amulya Jeevan I - This plan offers great claim settlement amounts and the premiums are designed to meet individual requirements.
• SBI Life e-Shield - This is a non-linked non-participating plan offering customization with cover ranging from Rs 20 lakh onwards.
• Aegon Life iTerm Plan - This plan comes with convenient options with a cover ranging from Rs 10 lakh onwards.