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 profit plus policy (Table No 188). The payment term is 3 years and policy term is 20 years.
My question is after complete the payment term . can I withdraw the policy?
Please explain.
You need to visit your branch with your bond papers. you need to give application or ask your agent for assistance.
hi sir, give me details for my policy no: 795732482 .Profit plus. Thank you.
hi sir, i have invested profit plus (188). Policy no: 795732482 .Salim. Now 3 year paid.let me know how much unit is now.and fund value.give me details.Thank you.
Sir, kindly answer my 3 questions regarding my LIC PROFIT PLUS insurance bearing policy no 645665465 to my Email. 1. What is the growth rate of Profit plus til date. 2. I have paid 3 installments of 50k per annum . Will there be any maintainance charges if i stop paying remaining installments further. 3. Will i be insured after stopping the payments.
Sir/madam . I have a account on your LIC profit Plus bearing policy No.355141849.let me know the current NAV of the said plicy .so kindly furnish the detail of same .plz send me maturity value on my mail
With Thanks
I had subscribed to a Profit plus policy and have paid the premium for three yrs. This is the fourth year. I want to discontinue by surrendering the policy and what will be the price/NAV as of today pl ? Also till when can I surrender the policy i.e., even after the grace period of depositing the premium.
I shall be highly grateful if all this information is mailed to me at the earliest.
Thnx,
Rajesh Narula,
9810738520
I want to know the policy status & growth
Policy No: 745859232 .PROFIT PLUS . Plan #188 Date of
commencement: 29/9/2009 . premium Rs: 15000/- p.a
Policy No: 745859234 .MARKET PLUS . Plan #191. Date of
commencement :30/9/2009.Premium Rs: 15000/-p.a
Policy No: 745866317 / 318 .MARKET PLUS . Plan #191 . Date of
commencement :30/9/2009. Premium Rs:25000/-p.a /each policy
Expecting your cooperation . i hope i may get a reply from your office at the earliest
thanking you in advance.
yours faithfully
s palaniappan
91 4565286297 /
sir I having a market profit plus policy no.924304310 dated 31-3-08, now i want to quit the policy. so what is the stage of my policy.
Sir ,I have LIC Profit Plus Growth policy No-593387566 plan and i have already paid four premium. My Term plan is 15 year and Premium Paying Term is 5 year.Can i stop paying the premium now on wards and when can I withdraw the full amount?
i am profit plus policy holder )?
what is its current stage?
i.e share