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 a lic’s profit plus growth policy.i joined this policy onmarch 2008.my policy no is163740109.please tell me the status of my policy .””” means how much money is in my policy today .also tell me that is it possible to withdraw whole money.
Dear Sir,
My Lic’s Profit plus policy Nos.776434186,776434276
market Plus policy Nos : 776420278, 776421562
Fortune Plus Ploicy Nos : 776434550,776434551,7764335527
Please sned me the current status of the above refered policeis to my e-maol address
I am having LIC’s Profit Plus, Fortune Plus & Market Plus policies. What is the present position, I mean growth
Pls let me know the Current NAV of my policy# 393957041/16.4.2008 (ProfitPlus Plan 188).
Rgds
MATHEW
I invested in Profit Plus {plan No 188} Rs.50000 single premium with 6 part as the sums of 300000 and my policy no. is 285712976 , 285712977 , 285712981 , 285712980 , 285712979 ,285712978 Please tell me the current NAV of LIC Profit plus (table -188) of my policy?
Reply me in this email address , i hope fore your kind co operation ,
the policy holder name { PRAMOD KUMAR VERMA & MY WIFE – KANCHAN PRABHA }
my policy number is 645631320. kindly let me know the its current NAV.
I have invested in lic profit plus plan 188(growth fund).
please send me the performance or current status of my fund to the email given above.
And also send me the regular status of this fund in future also.
I have LIC profit plus plan no.188 Growth fund having policy no. 719039989 and i have submitted 1 installments of 10000/- each as premium starting from 30/09/2009
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.
Rgds
Nitendra shrivastava
I have a LIC Profit Plus(Plan#188) on my name. My Policy Number is 393957041 commenced on 16.4.2008.
Please let me know the current value of the above plan on my policy as on date.
Awaiting immediate reply.
Regards
MATHEW SAMUEL
sir i want to now my current status of my account with lic’s profit plus plan.my policy number is 163408183.i will very thank ful to you. gursev singh