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 would like to know the present account value of my PROFIT PLUS (PLAN NO 188).
POLICY NO: 555539224
Kindly give me the currunt states of my policy no. 152995164 dt.15.02.2008
hi i want know the current financial status of my profit plus plan-188,and the policy no.784063976 on 25-jan-2008.
sir I have a account on your LIC Profit Plus bearing policy No.153429104.Now i have paid installment for 2 years so let me know the current value of the said plicy.Please give me details regarding my policy. THANK U.
sir, I have invested in profit plus plan 188-10 .Now i have paid installment for 2 years,may i know What amount do i get after pay my 3rd installment .Please give me details regarding my policy. THANK U.
current status of my policy no.124714448
sir,
I have a policy LIC’s Profit Plus – Plan 188, Fund Opted “Growth”
policy No. 603590838.
premium started on April 2008. and so far i have paid 10,000 x 3 that is 30,000 up to 2010.
I would like to know what is my current status and the growth value of my policy.
Pl tell me the commission with bonus to agents of profit plus policy
Dear sir,
Policy Name: Profit plus (Plan: 188 20 05)
Policy no.: 715209895
Fund type: Growth
Policy holder: T LOGESWARI
I have invested in lic’s profit plus, growth fund in 2008. I payed Rs. 30000/- as three dues. Now i would like to surrender my police. What amount do i get now? kindly send the detail to my e-mail address : logthappasi@gmail.com
Thanks you,
Logeswari
Reply
Hi sir, I have invested in profit plus plan 188-10 .Now i have paid installment for 3 years,may i know how much unit worth it is and it’s fund value.Please give me details regarding my policy. THANK U.