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.
Sir,
I have opted for LIC Profit Plus Growth fund – in the year 2008. The plan is single premium of Rs. 20,000 and for 5 years. After maturity my agent gave me a letter saying the maturity amount is Rs. 20, 279. I could not understand this and there is nobody to explain this. When we went for the policy they said the maturity amount is Rs. 60,000 or the mininum assured amount is Rs. 25,000. I am getting neither. Please explain.
Thanks,
Anuradha.
Please suggest if I should continue or not, all the three growth funds of LIC’s Unit Link plans, details given below, which I had bought in the year 2008. Please send reply via e-mail.
1) Profit Plus (Plan 188) : Rs.2000/- p.m.
2) Market Plus-I : Rs. 20000/- (Single Premium)
3) Market Plus-I : Rs. 1,00,000/- (Single Premium)
Thanking you,
Date : 17.1.2013
Kolkata
Dear Sir,
kindly advise the surrender value of my LIC policy as i need the money details as below fyr…:
policy no.:217609842
Name: Sunil Kumar Chaubey
please send me the current value of my profit plus policy no 443409647 and value that will be during the maturity of policy through my id
please send the details of my number 1880505
hi my e mail id : smsurve@hotmail.com.I have invested in lic’s profit plus188.My policy number is 924134042.and 924133116 is policy of my wife. I will be grateful if you provide the current market rates of these funds.let me know the current NAV of the said policy on my e-mail address.
Jeevan singh
Sir, I will invest Rs. 60000/- in profit plus plan 188 from 2008 to ti ll 03/2013. I will complete 5 yrs. (March 2013) ( Rs.12,000/- per yr) my maturity on 03/2021 . can i surrender my policy for after my 5 years completion
what amount i can get then
on which site i can see current value for profit plus -plan188.
pl.reply. mail id: jivan_singh@rediffmail.com
We are invest to lic profit plus groth fund plan no:188, in 11-june-2008 ,50000/- single premium,15 years, 2 polcis,how much increase our amount present till date and after 15 years caluculaten please in form to our e mail id
thanking you
My policy number is 645765338, plan 188 – profit plus, growth fund
with the name – VIJAYALAKSHMI.
PLEASE INDICATE HOW MUCH IS THE TOTAl maturity value as on this date .
kindly take this updated information as I did not give the full information earlier
My policy number is 645765338, plan 188 – profit plus, growth fund
with the name – VIJAYALAKSHMI.
PLEASE INDICATE HOW MUCH IS THE TOTAl maturity value as on this date .