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.
dear sir,
my policy profit plus 188 purchese 31.03.08 i already paid 10000
per year total 30000 paid.i would like to know current status of
this plan.
thanks & regards.
reply please
Dear SIr,
My policy is profit plus plans no 188. & Market plus plan No. 181 already I paid year from 2008, one time payment. I would like to know the current status of these two plans
Thanks & Regards,
I had invested inProfit Plus Plan 188 inFeb. 2008 since then I have no intimation about status of the policy and no statement have been sent to me till date.Please send me current statement on above stated id My policy no is123903479..
Dear SIr,
My policy is profit plus plans no 188. & Market plus plan No. 181 already I paid 40000/50000 year from 2008, one time payment. I would like to know the current status of my policy.
Profit Plus policy No 615662971
Market plus Policy No. 615662626
Thanks & Regards,
Elizabeth
If you can help me with the UNITs you have then I would be able to give you the current value. or call 1251 to know the status.
sir,please provide the current NAV details of policy no:784166709 (profit plus,plan no:188,growth).Kindly send the details to my mail id.Thank U.
my name is shaikh unus please give me details of my lic profit 188
my lic nu :985305903
Sir/Madam,
I hahe a account on LIC Profit plus bearing policy No.394082550
I want to know current statsus of above mentioned policy (Profit
plus plan No.188.) Kindly send me full details and pressent statsus the above Email address.
So kindly furnish the detail of the same.
With Thanks,
G.Soman Pillai.
Dear Sir,
I have one LIC’s Profit Plus -plan188-growth policy(No. 694768765 ) started in 28/08/2008. I have paid up Rs 50000×3=Rs 150000 upto 28/8/2010.
I would like to know the current status of growth.
Thank you.
Dear Sir,
I have one LIC’s Profit Plus -plan188-growth policy(No.443320808) started in 20/10/2008. I have paid up Rs 10000×3=Rs 30000 upto 20/8/2010.
I would like to know the current status of growth.
Thank you.
Hi,
Can you please tell the current status 0f my Profit Plus Plan – 188 details of which are mentioned below?
Dated: 03/05/2008
Policy No.: 124605567