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 am invested in fortune plus in december 2008 what is the value of my policy . my policy number is 379391985
I have LIC profit plus Growth fund having policy no. 961347339 and i have submitted 3 installments of 12000/- each as premium starting from 18/10/2007.
My first question is how much is the current value on my investment and how can i myself calculate the current value of my investment from time to time.
From the NAV how can we know the value of our investment been done.
Rgds
dilip
i invested Rs 150000/- in LIC PROFIT PLAUS on 6/2/08 and my policy number is 217522605. What is the current fund value of my plan?
i invest in lic profit plus (growth fund).growth of this fund is lower from balanced fund.my age is 57 years .can i benefited to change fund (growth to balanced).can my fund value incresed.
where can i view latest nav for profitplus
I have invested Rs. 10000.00 in Market Plus in Dec 2006. Today i. e. on 19-1-2010 its NAV is just 10900.00. What a poor performance by any fund. It is a Balanced fund. It is below than saving bank interest and far below than FD interest. Even sensex is doubled during this period. I don’t know who are the people managing this fund and playing with the money of investors.
I have LIC-Profit Plus Growth Fund Policy for sometime with policy No.115627235.
Can you tel me the projected amount I shall be getting after 3 years from the commencement date.
Hi
I have the profit Plus policy of LIC ad I pay my premium annually.
Pls confirm if there is any grace period within which I can make the payment of my premium if I am unable to pay my premium by the due date. Will my units be reduced even if I pay my premium during the grace period (if any).
Regards
Supreeti
I have invested Rs. 30000 in LIC Profit Plus ( Plan No. 188). I have three policies of it. I already have given the premium for two years. This is going to be the last premium giving years for me.
(i) As this policy has got the locking period of three years, so i want to know the amount i wll gettting on maturity.
(ii) Secondly, is there any paln better than this where i can get the bettre return than this.
Looking forward for your earliest reply.
Thanks & Regds
Mukul
I have taken profit plus plan no – 188 my policy no is 684951300 dated: 10-10-2007, and i have paid 3 premium which amounting is to Rs. 30,000/- how can i know current growth …..