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.
Sir,
I am using profit plus for the past 4 years, and it is doing very bad. I would like to switch funds, but my branch is in a totally different place. I would like to know the easiest methods for fund switching. The most preferred would be online but i didnot see any link for fund switching on my registered online account.
Thank You
please reply my comment very soon thank you
Lakshmi Kumari
Sir, I have invested Rs. 56,000/- in profitplus plan 188 from 2008 to till 010/2012. I will complete 5 yrs. (March 2013) ( Rs.12,000/- per yr). can i surrender my policy for after my 5 years completion
what amount i can get then
on which site i can see current value for profit plus -plan188.
pl.reply. b.coz ia m in need of money.
e-mail ID : deepa_1487@yahoo.co.in
How many no. of units & nav per nit, I am having as on 01.10.2012
1) 714934484; PROFIT PLUS; NAME: RAM KOUSHIK (SON’S NAME)
2) 714934485; MONEY PLUS; NAME: R.MURALIDARAN (SELF)
Dear Sir
I have 2 lic policies both are profit plus.the premium is going monthly 1000rs and for 2nd one its quarterly 3000rs. i’ve taken tis policy on jan 2007. now the maturity date is jan 2013.till date i’ve deposited 1,20,000 rs. now i want to know the current status and my maturity amount.
kindly reply as soon as possible.
Thanking you
Regards
RENU GAUTAM
Lakshmi Kumari
Sir, I have invested Rs. 1,20,000/- in profitplus plan 188 from 2008 to ti ll 03/2013. I will complete 5 yrs. (March 2013) ( Rs.12,000/- per yr) my maturity on 03/2021 . can i surrender my policy for after my 5 years completion
what amount i can get then
on which site i can see current value for profit plus -plan188.
pl.reply. b.coz ia m in need of money.
Policy Name: Profit plus (Plan: 188)
Policy no.: 115356957
date : 2/2/2008
Fund type: Growth
Year : 5 Years
Policy holder:Lakshmi Kumari
Sir, I have invested 47500/- in LIC’s profit plus.Please let me know if iwant to withdraw my policy on jan 2013, how much amount i will get? policy no.393862680,188/20/5. On which site can i see the current status of my policy?
dear sir/ madam
I have taken lic’s profit plus plan , plan no 188 my policy no- 443250198. I want to know what is it’s current value please.
I have taken profit plus policy under plan no. 188 my policy no. is 124050312. Tell me the current value.
I have invested Rs 20000.00 in LIC’s profit plus. please let me know the current status, growth of my policy.My policy no is 776297844 dated 18/09/2007.
Lakshmi Kumari
Sir, I will invest Rs. 1,20,000/- in profitplus plan 188 from 2008 to ti ll 03/2013. I will complete 5 yrs. (March 2013) ( Rs.12,000/- per yr) my maturity on 03/2021 . can i surrender my policy for after my 5 years completion
what amount i can get then
on which site i can see current value for profit plus -plan188.
pl.reply. b.coz ia m in need of money.