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 invested 75000 in profit plus plan
i want to know about all the schemes and plans regarding this
my policy no is 175813836
Sir my policy number 795941178 i want to low my current status
Dear Sir,
i want to know current status of my policy profit plus plan no-188- policy number 394598874 Rs 200000 and Market plus plan no-191 policy number 394597022 Rs 50000 . kindly send me full detail & presnt status on my email id.(naz1733@hotmail.com)
thanks,
My policy No is185895772(profit plus grouth)plan 188.Please intimate currentNAV. Thanks
i am policy holder plan 188 lic’s profit plus in date march17.2008.the amount 10000 in Yly.plz tell me today market values.my policy no.471844335.
Hello,
I’ve taken Profit Plus on December 2007.
I am paying a premium on Half-Yearly basis of annual Premium 20000/-.
I am willing to withdraw my fund after 3 years after December 2010.
But my Policy paper tells me that I have to pay premium till June 2012.
My policy number is: 975868218.
Please let me know how much fund in return will I get on withdrawl in January 2010.
Thanks,
Anand
I invested in Profit Plus {plan No 188} Rs.20000 single premium with 1 part as the sums of 20000 and my policy no. is 466686623 What is the current fund value of my fund? Reply me in this email address , i hope fore your kind co operation ,
the policy holder name (Lilawati Devi)
Dear Sir,
i want to know current status of my policy profit plus no.814020837 . kindly send me full detail & presnt status on my email id.
thanks,
dhaval patel
sir i have invest in profit plus it will be great for me if you provide the growth rate of this fund on my e mail id
challapallijayaram@gmail.com
my policy no is 675623177
date of commencement of policy is 27/02/2008
what is the present NAV of lic profitplus (growthfund) ?
policy number is 784022757,pl.let me know the total amount in my policy.Can Iwithdraw it now?