Article

Temporary Insurance
September 14 , 2012

Mediclaim policies are short term. They are valid for between 1-3 years but can be continued by renewal. Mediclaim policies offered by non-life insurance companies can be valid up to a maximum of 3 years.

Life insurance policies are not temporary in nature. An exception is LIC's 2 Year Temporary Assurance Policy, a term cover plan for 6, 12, 18 or 24 months. This is a single premium plan. Maximum sum assured is Rs 1 lakh, barely enough to make ends meet for a middle-class family for a year.

The idea of temporary insurance is not a good one. Earning individuals with dependents should get life cover for as long as they intend to be primary breadwinners. Buying a cover early means you pay premiums for a longer period but life insurance gets expensive with advance in age.

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