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.
hi,
i want to know which unit link policy is best,
Market plus or Profit Plus
please guide us which ploicy is better to invest & How ?
Market Plus 1 is the best. since you are in Mumbai, you can buy the policy from us. We provide Door step service. Apply online here: https://mypaisa.in/apply
nearabout 2 month ago I had send by post the 3 original receipts of B.O.C. to wardha br. for refund of boc amount. But no reply from wardha br. please give me suggestion.
Contact your Branch Manager or DO.
I was started ULIP Profit Plus Growth Plan No 188.
in the month of feb 2008.
My policy nos are 924203431 premium 25,000 /year
another policy no 924203513 premium 25,000/year.
Total 3 premiums (ie 1.5 lakhs) paid from above 2 policies.
Pl give me the detail regarding current value .
& can i withdraw my policy amount completely.
Umesh krisshnachar
9322920176.
You can withdraw ULIP plans afer 3 years without any surrender charges. When you see NAV at peek you can withdraw it for huge profit.
hi,
I have profit plus policy from lic and deposit 25000 Rs each month .
i have deposit 2 ysr 50000 Rs. i want to know my current status how much amount i can get now and if i completed 5 yrs. its profitable for me. i have one more qus. for you how can i get statement .
can you mail me full detail (table ) of profit plus and money plus
i hope you give me mail as soon as possibel
thanks
anand
I had selected 10 years Profit plus plan and paid 3 installments. I want to know the present status of my policy.y profi Plus policy No.-272372424, I am giving premium Rs. 10,000 yearly. Pl. let me know the amount I get after 5 to 15 year and after total 15 years,
Dear sir,
Plz check my policy states profit plus plan no-188
and policy no-272372424.plz sir check my policy states.like that all amount and date of next premium.
Thanks and Regard
Shekhar singh dhaila
As per my account created for LIC profit plus owned by me, it is showing units alloted to me 11000.831. I have already paid 3 premiums of 40000 each. Could you let me know what is the total amount for my policy as of now.
My profi Plus policy No.-132548086, I am giving premium Rs. 5000 Half yearly. Pl. let me know the amount I get after 5 to 15 year and after total 15 years, with table on my e mail ID.
Thanks.
i have taken market plus on 31/3/2008 by investing 10000rs,then i have done 40000 topup i want to know what is current value of my policy.
regard
vijay vikram singh
9956292900
I have LIC Profit Plus Policy no=264229976.. Kindly let me knoe its current NAV…