LIC Two Year Temporary Assurance Policy (Plan 43) was a single-premium term cover for just two years, for ages 18 to 60. It paid the sum assured only if the insured died within the two years, with no maturity value. LIC withdrew it in November 2013. By our estimate, ₹5 lakh of cover at age 30 cost a one-time premium of about ₹4,250.
Two Year Temporary Assurance Plan 43 Premium Calculator
Your estimate
- Cost per year of cover
- ₹2,125
- Premium per ₹1 lakh of cover
- ₹850
- Estimated maturity amountpure term cover: nothing is paid if you survive the two years
- ₹0
- Cover till age
- 32 years
- Single premium₹4,2501%
- Life cover₹5,00,00099%
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What was LIC Two Year Temporary Assurance Policy (Plan 43)?
LIC Two Year Temporary Assurance Policy (Plan 43, Table 43) was a very short, pure term insurance plan. You paid one premium, and LIC covered your life for two years. If you died during that time, your nominee received the sum assured. If you survived, the policy simply ended. There was no maturity value, bonus, loan or surrender value.
The plan filled a narrow need: temporary protection for a known, short period. LIC withdrew it on 16 November 2013, along with many older products. This page is mainly a reference for people researching old policies, and a quick way to see what that kind of short cover cost.
Plan 43 at a glance
| Feature | Details |
|---|---|
| Plan number | 43 (Table 43) |
| Type | Without-profit term assurance |
| Cover period | 2 years |
| Premium | Single premium only |
| Entry age | 18 to 60 years |
| Maximum age at end of cover | 62 years |
| Maturity / surrender / loan | None |
| Status | Withdrawn on 16 November 2013 |
Old records differ on the exact minimum and maximum sum assured, so the calculator accepts any amount from ₹50,000 to ₹1 crore.
How the premium was calculated
Premium = rate per ₹1,000 × sum assured ÷ 1,000. The rate rose in steps with age.
| Age at entry | Single premium per ₹1 lakh |
|---|---|
| 18 to 25 | about ₹800 |
| 30 | about ₹850 |
| 40 | about ₹950 |
| 50 | about ₹1,100 |
| 60 | about ₹1,300 |
Worked example. A 30-year-old wants ₹5,00,000 of cover for two years:
- Single premium: about ₹4,250
- Cost per year of cover: about ₹2,125
- Payout on death within two years: ₹5,00,000
- Payout on survival: nil
A 45-year-old covering ₹10 lakh paid about ₹10,000.
Tip: short covers cost more per year than long ones. Here, ₹1 lakh cost about ₹425 a year at age 30. A modern 30-year term plan such as Yuva Term 875 works out to about ₹126 per ₹1 lakh a year at the same age (₹12,645 for ₹1 crore).
The calculator adds no GST, since individual life policies are GST-exempt from 22 September 2025.
Death benefit
If the insured died within the two-year period, LIC paid the full sum assured to the nominee. Nothing was payable after the two years.
Tax and old paperwork
The single premium qualified for the Section 123 of the Income-tax Act, 2025 (earlier Section 80C) deduction in the year it was paid, and a death claim paid to the nominee was exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)). As every Plan 43 policy has now expired, tax only matters if you are reviewing old returns. When sorting old documents, look for “Table 43” or “Plan 43” on the policy bond to identify this plan.
Who used Plan 43, and what to use instead
It suited people with a clear, short gap in protection, such as a two-year overseas posting or a temporary loan. Today, LIC’s pure term plans run for 10 years or more, so there is no direct replacement for two-year cover. For most people, a long-term plan like Yuva Term 875 or New Tech Term 954 is the better buy, because the premium is locked for decades. Compare options with our term plan calculator.
How to use this calculator
- Enter the age at entry.
- Enter the sum assured.
- Read the single premium and the cost per year of cover.
All figures are approximate estimates from an independent calculator, based on the historical rate chart.
Frequently asked questions
What was LIC Two Year Temporary Assurance Plan 43?
It was a short-term, without-profit term insurance plan. You paid one premium and were covered for two years. If you died in that period, the nominee received the sum assured; if you survived, the policy ended with no payout.
Can I buy LIC Plan 43 today?
No. LIC withdrew Plan 43 in November 2013. For short or long-term pure protection today, look at current LIC term plans such as Yuva Term 875 or New Tech Term 954, which run for 10 years or more.
How much did Plan 43 cost?
By our estimate, the single premium was about ₹800 per ₹1 lakh of cover up to age 25, ₹850 at 30, ₹950 at 40 and ₹1,300 at 60. So ₹5 lakh at age 30 cost about ₹4,250 once.
Who used this policy?
People with a short, defined need for cover: a two-year work contract abroad, a bridge loan, a project assignment or a gap before a longer policy started.
Did Plan 43 have a surrender value or loan?
No. As a short, without-profit term cover it had no surrender value, no loan facility and no bonus.
Can there still be a claim under Plan 43?
Only if a death during the two-year cover was never claimed. Since the plan closed in 2013, all policies have long expired; any old unclaimed death claim should be raised with the servicing LIC branch.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.