LIC Profit Plus (Plan No. 188) is a unique Unit Linked Endowment Insurance Plan (ULIP) by the Life Insurance Corporation of India (LIC), designed to help you grow your savings while securing financial protection for your loved ones. This plan offers flexibility with four different investment funds, allowing policyholders to choose an option that best matches their risk tolerance and investment goals.
Key Features of LIC Profit Plus Plan
1. Flexible Premium Payment Options
LIC Profit Plus offers two flexible ways to pay premiums:
- Regular Premiums: Pay premiums annually, half-yearly, quarterly, or monthly (ECS) with a minimum premium of ?10,000 annually. Premium paying terms can be 3, 4, or 5 years.
- Single Premium: Pay a one-time premium with a minimum of ?20,000, ideal for those looking for a simplified, one-time investment.
2. Variety of Investment Fund Options
You can choose one of the following four types of funds to invest in, each offering a unique balance of risk and return:
- Bond Fund
- Secured Fund
- Balanced Fund
- Growth Fund
This flexibility allows you to align your investment with your financial goals and risk appetite.
3. Partial Withdrawals
Starting after the third policy anniversary, you can make partial withdrawals from your fund. This feature can help meet financial needs without affecting the entire policy.
4. Free Fund Switching
You’re allowed to switch between funds during the policy term. The first four switches per year are free, with a nominal fee for additional switches. This lets you respond to market conditions and adjust your investments as needed.
5. Discontinuance of Premiums
If premiums are not paid within the grace period, the policy will lapse. However, it can be reinstated within two years of the first missed premium date, allowing you to resume coverage.
6. Settlement Option
On maturity, you have the choice to receive your fund value in installments over up to five years. During this settlement period, however, life cover does not apply.
Eligibility Criteria for LIC Profit Plus Plan
- Minimum Age: 0 years
- Maximum Age: 65 years
- Minimum Maturity Age: 18 years
- Maximum Maturity Age:
- 70 years for 3-year premium terms
- 75 years for single premium or 4- and 5-year premium terms
- Policy Term: 5 to 20 years
- Minimum Premium: ?20,000 (Single Premium) and ?10,000 annually (Regular Premium)
Benefits of LIC Profit Plus Plan
A) Death Benefit
In the unfortunate event of the life assured’s demise during the policy term, beneficiaries receive either:
- The sum assured under the plan, or
- The fund value of units in the policyholder’s fund, whichever is higher.
B) Maturity Benefit
If the policyholder survives until the maturity date, they receive the full fund value of the units in their account.
C) Guaranteed Additions
The policy may offer guaranteed additions as a percentage of the annualized premium, given at specific intervals, adding to your investment returns.
Cooling-Off Period
LIC provides a 15-day cooling-off period for those who may wish to review the policy terms. If you are unsatisfied, you can return the policy within this period for a refund.
Additional Features
Tax Benefits
Premiums paid under LIC Profit Plus are eligible for deductions under Section 80C of the Income Tax Act, reducing your tax burden.
Optional Riders for Extra Protection
You can enhance your plan with additional riders such as:
- Critical Illness Benefit Rider
- Accident Benefit Rider
- Life Cover Rider
These riders offer extra financial security against unforeseen events.
Conclusion: Is LIC Profit Plus Right for You?
The LIC Profit Plus Plan is a versatile choice for individuals who wish to combine savings growth with life insurance. With flexible premium options, various fund choices, and additional riders, it can cater to diverse financial goals. For updated details, it’s best to consult with LIC representatives or a trusted financial advisor to ensure it aligns with your financial objectives.
For other flexible investment and insurance options, check out plans like LIC Jeevan Saral for customized savings solutions, or LIC Wealth Plus for market-linked returns and insurance benefits.
what is the NAV rate and number of units of my policy no.502280130
To,
CRM, Srinagar
LIC J$K
Subject-clients are not satisfied with the surrendered value
I surrendered three ulip plans ( table No. 191 , Policy No. 142178079, Table No 188 Policies No,s 142009447, 142009446,142178369) prepared under my agency code 0113014E ( now expired) in R.S.Pura branch. My clients are not satisfied with the payment they received as surrendered value.
I request you to mail me the detail of above mentioned policies about-
No. Of units. allotted at the time of first premium paid and every renewal
No. Of units on surrendered date If they are less then why ?
NAV on surrendered date.
Thanking you,
Shashi Kanta Chib
Date-25-09-2014
my profit plus policy date of commitment 12/8/2008 what is the process to withdrawl policy
my son has invested an amount of 75000 in lic profit plus plan no 153607647 i wanted know what is the current rate of profit plus and how much amount will get of this policy pls send detailsof my e mail adds
Dear Tabrej Ji,
I have Profit Plus Growth(T.No – 188 )
For 5 – Years @ 1L / Year
Starting Date – 11.01.2008
Lats Trasaction – 01.03.2012
Premium – 1L/Year
Sum Assured – 9 L
Nav – 44322.5 @ 11.7885 = 5.22L against my totl investment of 5 L in % Years.
Please advise whether to wait ofr the growth or to close and come out with available money as every one is argeuing that ULI is not giving good returns.
I have loan with LIC HFL @ 10.7% /Annum , if i close this and pay to LIC HFL then cost saved in intrest will be more than the returns in waiting for the maturity.
Kindly suggest.
Also please provide me the NAV details year wise & surrender value if i suurender this month.
Wha twill be the mortality charges for this ?
My E-Mail ID is siva2gl@gmail.com
Sir/madam .
I have a account on your LIC Profit Plus bearing policy No.272986875.
I want to know current status of above mentioned policy [Profit Plus Plan No 188]. Kindly send me full details and present status the following email address.
let me know the current NAV of the said policy .
So kindly furnish the detail of same .
With Thanks
Rakesh vashisht
Please send me mail for surrender value of policy no. – 515142063. Waiting for your reply.
sir,
my lic profit plus plan no. 188 policy no. 439474261 with effect from 10/9/ 2008
for 10000 three years. now i want to close the same please informe me the details please
actual exact amount i will get
thanks
please send me current status of my policy profit plus tab 188, no 332211384
Vikas Kumar
Sir, I will invest Rs. 40000/- in profit plus plan from 2007 to ti ll 15/2013.i will complete 6yrs. (sep 2013) . can i surrender my policy for after my 6 years completion
what amount i can get then
on which site i can see current value for profit plus -plan188 grwoth.
pl.reply. mail id:vikassmc1@gmail.com
http://www.licindia.in/plannav/newplannav.htm
sir i have invested money in profit plus.
my policy no is-(385210151).
start date -21/06/2008.
Date of maturity -21/06/2028.
what if I wish to close my LIC’s profit plus policy after 5yrs or after 10yrs from the date of purchase. What amount can I expect to get on my investment of 5yrs (which is an annual premium of 10,000/-),
please send details about my current money status