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 spend 45000/- on Market plus groath in Feb. 07. Kindly intimate me current value.
I had selected 3 years Profit plus plan and paid 2 installments. I want to know the present status of my policy. If I stopped after the completion of 3 rd year, how much I can draw and when can I draw the amount? Please let me know. Thanks
Hi Sir,
I have a LIC’s Money Plus (T.No.180) with policy no 615551300 and the date of commencement is 14/08/2007. I have paid Rs.10000/- each year for three years. Kindly let me know how much will be paid to me if I surrender this Policy.
Regards,
Vinod Balan
Please tell me current NAV of LIC’s Profit Plus Growth fund on my emil id ie amitshahi1@yahoo.com
my policy nombers are 152869640 , 152869643
date of investment 19-06-2008
i want to know my current status.
Hai sir, I am B.Balachandar, I selec profit plus policy in LIC from 31-03-2008, If I pay 5 years, after 10 years at what amount I return minimum and maximum. after 20 years at what amount I return minimum and maximum.
I have a Money plus – Growth policy. I have completed three years qtrly. Now I want to surrender. I want to know what amount available. How to calculate it
Sir,
I have invested in single premium in the profit plus growth option in June,2007.It would be grateful if you send me the current market rate of the same through e-mail.
Regards,
Tanul Shankushal.
Hi, I am the policy holder under plan profit plus plan 188. I want to know that how much money i will get after maturity of this policy. One more thing, I want to know when it will matured (Complete). My policy no is 332210099, term of policy is 20 Premium payment term: 3, premium is Rs.1000 per monthly by ECS.
policy number-943941620. commencenet date 15/04/2008. plan 188-profit plus. how much 15year after retarn cash . 20000. tawzand 3 year