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.
Sir/madam . I have a account on your LIC Profit Plus bearing policy No.264229754.let me know the current value of the said plicy .so kindly furnish the detail of same .
With Thanks
Dear Sir,
Please tell me the fund value of my policy.
Policy Name: Money Plus (Plan 180)
Policy No: 654470295
Fund Type: 04
Policy Holder: Mr. K. Narasimha Reddy
Policy Name: Profit plus (Plan: 188/10/01)
Policy no.: 654918224
Fund type: Growth
Policy holder: Mrs. K. Sreedevi
Thank you.
Reddy, K.N
Dear Sir,
Please tellme the current status of Profit plus and also the fund value of my Policy.
Policy Name: Profit Plus (1/10/01)
Policy No: 654918224
Fund Type: Growth
Thank you.
Reddy, K.N., Ph.D
kamasaninr@yahoo.com
I have completed 3 instalments in profit plus-188 plan.
Due date of payment of last premium is 27/06/2012.
What benefits I get if taken now and also after 5 instalments.
can i get an answer which explains me the best profitable policy in insurance which gives maximum benefit out of all the LIC policies available for a total amount one crore(on maturity) approximately for a period of 27 years. Present age is about 28 to 30 years. Suggest approximate premium per month, suitable to get an amount of one crore after maturity.
I would like the suggestion to my mail given above.
pvsrao.
sent me my profit plus status(plan no 188).
my polic no 425632040
Dear sir,
please tell the fund value of my policy
policy name-profit plus
policy no.515593323
kindly response me.i will be thankful to you for your kind act.
Thanking you
Hi,
It would be great if you could send me the current status of the following policy numbers to my email ID (nilaa_poongodi@rediffmail.com).
Policy name : Profit plus (plan no 188) , Fund type : growth
Policy Numbers
1. 766332918
2. 766332917
Thanks in advance.
May 29th, 2011 @3:00 pm
Dear Sir,
Please tell me the fund value of my policy.
Policy Name: Profit Plus (T. No. 188)
Policy No: 684996340
Fund Type: Growth
Thank you.
Cell No: 9640946248
ply send current rates for LIC Profit Plus Growth Fund.