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.
lic profit plus table no 188 has failed?my agent says there is no future of this policy,though i have deposited Rs60,000/-in it.My agent says that money collected from this policy was invested abroad,and now as we see recession in USA.The fund value is going down rapidly for this plan.He is regularly insisting me to switch over this table no 188 policy to new launch policy(table no 802).Is it true that there is no future of this table no 188 policy?should i switch over to table no 802?please reply.Thanks.
I am the policy holder under plan profit plus plan 188. started from 28/01/2008 I want to know that how much money i will get (lumpsum) after maturity of this policy . plz send me all the useful information about this policy on my mail,My policy no is 115060016,term of policy is 5 year premium is Rs.20000 per annum.
HOW TO KNOW MY POLICY STATUS & NO OF UNIT THE POLITY NO IS 836504229 ( PLAN NO 188/20) GROWTH PLAN,PLS PROVIDE THE STATUS AS SOON AS POSSIBLE & ALSO PROVIDE THE ON LINE LINK & IT PROCESS
Dear Sir,
you are requested to please send me my profit plus policy current fund position
policy no.254934940
Name:- Yashpal Singh Rana
MY POLICY NO IS 331998635 SURINDER KAUR I WATH KNOW THAT HOW MUCH MONEY U GIVE AT THIS TIME I WATH TO CYLENDER MY POLICY
Sir/ Madam
I have profit plus Growth fund having policy and i have remitted one time premium of Rs.55,000/- from 2007-09/ I request you to provide the current rates of profit plus Growth fund.
regards
Salim.A
wat is the current status of this policy
I have 3 Plan 188-profit policies whose nos. are 954981809, 954981808 and 954981810 in the names of Vishal R Narang (my son), Rita R Narang (my wife) and Ramdas T Narang (myself) with LIC of India. We have paid 3 premiums till Dec. 2009 and want to know the complete break up status of these 3 accounts. The amounts invested by us, the deductions made for various charges by LIC (with detailed break-up of every head of deduction), and any hidden costs or charges, etc., that have been charged or may be charged any time in the near future or till the policy is redeemed either in part or wholly, what was the intial units allotted and after what deductions and hold-back amounts by LIC, and how are we receiving the bonus or added benefits from time to time, and how will it benefit us if we continue it for a little longer time, etc. etc. Please arrange to give the entire details or give our request to your Pune Branch no. 956 so that they can send us all theses details or let us have a meeting with them so that we can ask them all that we want to know – call it the right to information act type request – if you want. But treat the matter as most urgent and on top priority since Dec. is approaching and we have to invest for the 4th year and we want to be pacified and justfied in our investments fetching good returns. So please answer immediately on my email address and oblige.
Regards,
R T Narang
my LIC PROFIT PLUS PLAN 188 policy no 593510826 started on 15 jan 2008 with 15000 Per annm .till date i have invested 3 premiums .now i want to know NAV of my policy
regards
arvind singh
I want to know the NAV of policy Numbers 783991333,783991332,783639985,783639984