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.
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.