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.
Hi,
I have profit plus policy, which is done in feb 2008 . i have paid 20,000 for three years. Now i want to withdraw policy money . do you have any idea how much i will get money ?
Thanks,
Suma
sir,
Myself Atul , i would like to have the current status of my account
my policy number is 313375116
commencement date 18/07/2008
my contact number is 9999882803
Kindly help me out in providing the detail, and also if you can tell that from where I can get this information so that in future I can also get of my own.
Hi,
Kindly send my NAV details of LIC’s Profit Plus (Plan no 188).
my policy no: 734643350
NAV detailsrequired from Mar’ 2008 to Till date.
Thanks in advance,
K Prakash
Sir,
Kindly furnish me the status and value of my policy Number 254851300
Dear Sir
i have invested in lic’s profit plus, policy No.254851300 started from 27/11/2007 I want to know that how much money i will get after maturity of this policy and when it will get matured. plz send me all the useful information about this policy. on my term of policy is 5 year premium is Rs.10000 per annum.kindly send me the details to my e-mail id.
Pls Reply
I hvae start2008 a policy of profit plus my poicyno.285960324.Pls. confirm current NAV. I have regler 3 years 50000/-per year basic deposited 150000/- rs. Should i continiued the same for five year or suggest new plan for the purpose of retrun not life risk…. .
sir,
myself molly jolly and i would like to know the current status of my account
my policy number is 776252952
commencement date 27/12/2007
my contact number is 9846268986
thank you.
Sir/madam .
I have a account on your LIC Profit Plus bearing policy No.784183181.let me know the current NAV of the said plicy .so kindly furnish the detail of same .
LIC PROFIT PLUS
Dt of Commencement 27/01/2009
plan – 188
term – 20
premium paying term – 5
dt of maturity – 27/1/2029
premium payment mode – monthly (Rs.2500)
total amount per year – Rs.30,000
Fund opted – Growth
As per their unit account statement dtd 29/10/2010 => NAV Rate:12.6433, Units: 4311.897
when i can close this policy and what amount i could get at that time.
please do the needful
Sir,i had deposited rs 50,000 in 12/2007,my policy no is:-795104454.could you please tell me the current value of my deposited money?
sir,i had deposited rs 50,000 in 12/2007.could you please tell me the current value of my deposited money?my policy no. is:-795104234.please reply me.