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.
My Policy no is 132551264 plan no. 188 type Growth. Now, I came to know that this type i.e. Growth has minimum benefits. So, I wana to switch this type to other i.e. BOND FUND. Please tell me the procedure and charges applicable for this. Also, Please let me know the current value of the units and how can I know the number of units I have in total and find its current NAV.
sir,
mera proffit plus ka policy no 183925104 hai abhi kya rate hai or mera total unit kitne hai or mere ko pesa uthane me or kitna time hai,
thanks
I want to invest a sum of Rs one lakh to gain maximum benefits. Please tell me in detail the best policy for this purpose.
Market Plus 1 without life cover.
Please provide the details of current unit rate of ULIP 188.
Further, my Policy no is 132551264 plan no. 188 type Growth. Now i wana to switch this type to other i.e. BOND FUND. Please tell me the procedure and charges applicable for this.
Thank you.
Have invested in LIC market plus Table No.181 policy number 776372510. Can u please provide me with the current NAV on my email id..
I have invested Rs 25000/ pa in profit-plus plan in2008 I paid so far
three installments which amounts to Rs.75000/ under this plan. I wish to know about my returns if I surrender my policy this year.
Dear Sir,
Please inform me that,I would like to know current status of my policy.Kindly
send me the full detail and present status and value of one unit please send me through Email I.D
My policy no-115582220
Email -rajivgarg24@yahoo.in
Warm Regards
Anju Bala
Anju,
please call 1251
hi my policy no .976543223 please tell me current market rates of my policy.
hi,
I had taken profit plus policy.My policy no. is975764135 of lockin period of 5 years and term of 188-20.so i want to know about current market ratio of my policy also if i withdrow my policy after 5 years how much money ill get that time and how much time will take to transfer money in my account.
I have invested in LIC Profir Plus (Plan 188).
I have already invetsed 50,000 in June 2008 and June 2009 and will be investing another 50,000 this June 2010.
Please let me know the current value of the units and how can I know the number of units I have in total and find its current NAV.
Thx, Kartik