Summary:
LIC’s Profit Plus (Plan No.188) is a Unit Linked Endowment Insurance Plan. Profit Plus (ULIP) is designed for the common man to enhance their savings and financial protection to their family. Four types of investment Funds are offered in Profit Plus. The Policyholder has the option to choose any ONE out of the following 4 funds. Bond, Secured, Balanced, and Growth.
Features:
Payment of Premiums:
You may pay premiums regularly at yearly, half-yearly, quarterly, or monthly (ECS) intervals over the premium paying term of 3, 4 or 5 years. The minimum premium will be Rs.10,000/-.
Single premium:
Single premium can be paid subject to a minimum of Rs.20,000/-.
Partial Withdrawals:
You may encash the units partially after the third policy anniversary subject to certain conditions.
Switching of Funds:
You can switch between any fund types for the entire Fund Value during the policy term subject to switching charges if any.
Discontinuance of premiums:
If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of the first unpaid premium.
Settlement Option:
When the policy comes for maturity, you may exercise “Settlement Option” and may receive the policy money in installments spread over a period of not more than five years from the date of maturity. There shall not be any life cover during this period. The value of installment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund.
Eligibility Conditions and Restrictions:
1. Minimum Age at entry: 0 years (age last birthday)
2. Maximum Age at entry: 65 years (age nearer birthday)
3. Minimum Maturity Age: 18 years (completed)
4. Maximum Maturity Age: For PPT 3 years: 70 years nearest birthday. For Single Premium, PPT 4 or 5 Years: 75 years nearest birthday.
5. Minimum Policy Term: 5 years
6. Maximum Policy Term: 20 years
7. Minimum Premium: Rs. 20,000 for Single Premium and Rs. 10,000 p.a for Regular Premium
8. Sum Assured under the Basic Plan:
a) Regular premium :
Higher of 5 times the annualized premium or half of the policy term times the annualized premium.
b)Single Premium :
Minimum Sum assured : 1.25 times the single premium.
Maximum Sum assured :
If Critical Illness Benefit Rider is opted for:
• 5 times the Single premium if age at maturity is upto 55 years.
• 3 times the Single premium if age at maturity is 56 to 60 years.
• If Critical Illness Benefit Rider is not opted for:
• 5 times the Single premium if age at maturity is upto 65 years.
• 3 times the Single premium if age at maturity is 66 to 70 years.
• 2.5 times the Single premium if age at maturity is 71 years and above.
Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.
Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.
Update: Profit Plus Plan Table No.188 has been discontinued, please check out other similar plans below.
CAN PROFIT PLUS 188 TRANSFER ONE BRANCH TO ANOTHER DIVISION BRANCH
i have invested in profit plus under growth plan of policy no.502002494 now i want to see the NAV value for the amount paid
Sakshi Dalvi.
Sir, I will invest Rs. 20000/- in profit plus plan from 2008 to ti ll 03/2013.Policy no . 924107313 I will complete 5 yrs. (March 2013) . can i surrender my policy for after my 5 years completion
what amount i can get then
on which site i can see current value for profit plus -plan188.
pl.reply. mail id: sakshi.dalvi@icicibank.com
Sir, I will invest Rs. 10000/- in profit plus plan from 2008 to ti ll 15/2013.Policy no . 577268920I will complete 6yrs. (May 2013) . can i surrender my policy for after my 6 years completion
what amount i can get then
on which site i can see current value for profit plus -plan188.
pl.reply. mail id:prabirsaha395@gmail.com
Sir,
please send me details against policy non439474261 plan no 188 I had been deposited
10,000 for three years i e 2008,2009,2010 please tell me latest rates as urgently required
please.
thanks
I have a LIC policy with number as 133093082. I would like to know the current status of it. How much does it hold now?
Regards
Lakshmi Kumari Said,
March 18, 2013
Lakshmi Kumari
Sir, I have invested Rs. 60,000/- in profitplus plan 188 from 2008 to till 02/2013. I have completed 5 yrs. (March 2013) ( Rs.12,000/- per yr) my maturity on 03/2021 . can i surrender my policy for after my 5 years completion
what amount i can get then
pl.reply. b.coz ia m in need of money.
Policy Name: Profit plus (Plan: 188)
Policy no.: 115356957
date : 2/2/2008
Fund type: Growth
Year : 5 Years
Policy holder:Lakshmi Kumari
hi i wanted the detailed about lic profit plus policy 502216302
please let me know the nav value of policy 178547006 for lic plan No. 188
please let me know the nav value of policy 294682986 for lic plan No. 188
I have LIC profit plus plan no.188 Growth fund having policy no. 766299901 and paying premium of Rs 1000000/-
My first question is how much is the current value on my investment and how can i myself calculate the current value of my investment from time to time.
From the NAV how can we know the value of our investment been done.