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.
I have taken 02 policy in lic’s profit plus, Table No. 188. on 07.03.2008 for 5 years by yearly premium basis. I will be grateful if you provide the current market rates for the above fund on my e-mail address.
This year I will be given the last premium. So kindly let me know the maturity date and current market rate.
i hold profit plus 188-15-00 plan policy no. 755669329 & market plus 191-15-00 plan policy no. 755669331 . i want nav updates till january 2012 via my mobile 9842470255 & via my above email id. Kindly oblige.
Dear Sir/Madam
I would like to know the present account value of my PROFIT PLUS (PLAN NO 188).
I have the PROFIT PLUS policy NO.364134119 which has commenced with first yearly premium of Rs.25,000/- on 11.11.2008. I have already paid subsequent yearly premium, i.e., 2009 and 2010, but stopped to pay the premium of 11/2011 due to poor result in the market. I am trying to get the current status of my Profit Plus policy NO.364134119, but failed. Please tell me the current status of my policy to my e-mail. Depending on the status of the policy I wish to rethink about continuing this policy. Kindly tell me the rules and regulation of the policy for closing and get back the amount.
please send present status of my lic profit plus policy
policy no-903071354
premium rs.30000/-
15.12.2007
i want to know my projected amount of my policy
policy no. 502017767
sir,
i have the policy PROFIT PLUS [PLAN NO.188] which has commenced on04/09/2010.and i had made first premium Rs 150000/-. i had discontinued the policy.Now i want to continue my policy
i would like to know the current status policy and how i can update this policy. what is the procedure of continue this policy. what is the adjact amount to be deposit,
kindly give me details this policy by my Email ids.
Policy No. 538915166
Regards
Jitendra Kumar Thakur
I would like to know the present account value of my PROFIT PLUS (PLAN NO 188).
POLICY NO: 615559867
sir,
i have the policy PROFIT PLUS [PLAN NO.188] which has commenced on 28/05/2008.and i had made first premium Rs 10000/-. and i had discontinued the policy.Now i want to close the policy and return back my money.And i want to know the rules and regulation of the policy for closing.I had made policy in BHAVANI BRANCH,ERODE,TAMILNADU. I am residing in Bangalore now. Is it possible to close my policy in Banglore branch ? PLEASA SUGGEST ME
Resepecte Sir,
Plz tell me current value for Profit Plus Plan i have invested from 4 years 10k.plz tell me my E mail address.
Thanks