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.
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 …..