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.
My policy no-332183884, profit plus,commencement date-26/12/2007 for 5year. I paid only one premium (Rs-12000/-). Due to some financial problem i can not continue, now i want to know my deposited money will get back or not, if yes when!
Kindly send me current fund value of my policy as soon as possible.
PARIMAL KUMAR HALDER
POLICY NUMBER 439572358
Hi,
It would be great if you could send me the current status of the following policy numbers to my email ID.
Policy Numbers
1. 783973878
2. 783971399
3. 783971218
Thanks in advance.
I have invested in lic’s profit plus growth fund. I will be grateful if you provide the current market rates of these funds on my e-mail address.
Dear sir,
I have invested in Profit plus, growth fund -table 188 . Kindly advise my current Nav rate and details.
My Policy No.765772538
Name: R.Muthukumar
Hi,
I just wanted to know the present status of my profit plus policy no.
272282778.
What is the exact amount that I will get if I withdraw the money after 31.03.11 and what are the prospects if I continue with the above mentioned policy.
Please send the details by email to me.
Thanks.
Gagan
I hold LIC Profit Plus (T. No. 188). My policy no. is 124493508. Please tell me the current value of my policy. I have paid 4 premiums till now out of the required 5.
hi,plz send me the details of my profit plus policy.my policy no is
484476294
hi sir, abought my profit plus policy.795732482.for details. There answer replay but I didn’t get any reply from you.Thank you.
I had subscribed to two Profit plus policies in 2007 and have paid the premium for three yrs (Total Rs. 120000.00). This is the fourth year. I want to discontinue by surrendering the policy and what will be the price/NAV as of today pl ? What will be the total amount if I sell units in April 2011.
Policy No. 536638695 & 536638694 DOC : 06.11.
I shall be highly grateful if all this information is mailed to me at the earliest.
Thnx,
Suni Kumar Shrivastwa