Summary:
LIC’s Profit Plus (Plan No.188) is a Unit Linked Endowment Insurance Plan. Profit Plus (ULIP) is designed for the common man to enhance their savings and financial protection to their family. Four types of investment Funds are offered in Profit Plus. The Policyholder has the option to choose any ONE out of the following 4 funds. Bond, Secured, Balanced, and Growth.
Features:
Payment of Premiums:
You may pay premiums regularly at yearly, half-yearly, quarterly, or monthly (ECS) intervals over the premium paying term of 3, 4 or 5 years. The minimum premium will be Rs.10,000/-.
Single premium:
Single premium can be paid subject to a minimum of Rs.20,000/-.
Partial Withdrawals:
You may encash the units partially after the third policy anniversary subject to certain conditions.
Switching of Funds:
You can switch between any fund types for the entire Fund Value during the policy term subject to switching charges if any.
Discontinuance of premiums:
If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of the first unpaid premium.
Settlement Option:
When the policy comes for maturity, you may exercise “Settlement Option” and may receive the policy money in installments spread over a period of not more than five years from the date of maturity. There shall not be any life cover during this period. The value of installment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund.
Eligibility Conditions and Restrictions:
1. Minimum Age at entry: 0 years (age last birthday)
2. Maximum Age at entry: 65 years (age nearer birthday)
3. Minimum Maturity Age: 18 years (completed)
4. Maximum Maturity Age: For PPT 3 years: 70 years nearest birthday. For Single Premium, PPT 4 or 5 Years: 75 years nearest birthday.
5. Minimum Policy Term: 5 years
6. Maximum Policy Term: 20 years
7. Minimum Premium: Rs. 20,000 for Single Premium and Rs. 10,000 p.a for Regular Premium
8. Sum Assured under the Basic Plan:
a) Regular premium :
Higher of 5 times the annualized premium or half of the policy term times the annualized premium.
b)Single Premium :
Minimum Sum assured : 1.25 times the single premium.
Maximum Sum assured :
If Critical Illness Benefit Rider is opted for:
• 5 times the Single premium if age at maturity is upto 55 years.
• 3 times the Single premium if age at maturity is 56 to 60 years.
• If Critical Illness Benefit Rider is not opted for:
• 5 times the Single premium if age at maturity is upto 65 years.
• 3 times the Single premium if age at maturity is 66 to 70 years.
• 2.5 times the Single premium if age at maturity is 71 years and above.
Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.
Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.
Update: Profit Plus Plan Table No.188 has been discontinued, please check out other similar plans below.
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 .