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.
Primiaum payment on dated 18/12/2010
my poliy no 393985314 lic profit plus plan no188 please sent my current stats & amount
My Profit Plus-2007 Policy no is 589511471. My investment amout was Rs.80,000/- . Can you please tell me what is the today’s price. If I sell it, how much money should I get
i wish to join in a single premium profit plus. I wish to the premium amount of Rs.20,000/-. How much amount will get after 5 years.
Hello,
I have profit plus, market plus and money plus stcoks on my name. But I don’t have any information on number of units or the curent value of my stocks.
Do you have any site which will give this information?
If not why can’ t you develop a site which will provide this information as I can see in the forum lots nd lots of user have the same quiries
Thank you for your time
Ghouse
I have LIC profit plus plan no.188 Growth fund having policy no. 443081978 and i have deposited all the installments of 5000/- each as premium for three years starting from 31/03/2008.
My first question is how much is the current value on my investment ?
Regards,
Rokomhalie Angami
Reply in my e-mail id: roko@engineer.com
I have LIC profit plus plan no.188 Growth fund having policy no. 443081978 and i have deposited all the installments of 5000/- each as premium for three years starting from 31/03/2008
I want to withdraw back the money now, how much is the current amount on my investment ?
Regards,
Rokomhalie Angami
Reply
My Policy No.755312269. LIC Profit plus plan No.188. What is the NAV on today? How many units I am having in this policy. Kindly send me the reply.
with thanks & regards
Sharmila Begam
Hi,
I have a profit plus policy of 15k/- p.a premium. I have paid 3 premiums till now last one being payed in Nov, 2009. I noticed around 4070+ units were there in my policy at that time (checked online) but when I notice the number of units… they were reduced slowly… I lost around units in last 1 year and now I have only 4036.2 units in the policy. I have decided not to pay the 4th and 5th premia which are optional. I have launched a complaint on LIC web portal but they closed the query without giving proper information. I am now filing one more complaint to check atleast this time I get proper reply.
Does anyone have any idea why the number of units are going down? Because as far as I know in ULIP/MFs only NAV varies, number of units should never change.
I am policy holder plan profil plus188 growth i want to know that how much money I will get after maturity of his policy. my policy no is 123956763 term of policy is 5 year premium is rs.20000 for year.