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 have taken LIC Profit Plus (Growth Fund) before two years. I have completd my 3 premiums (Last was on 1st Jan2010).
I want invest one more premium of Rs 10000/- by this week.
1. Is it possible to invest one more premium in it ? (Premium term mentioned in policy was = 3).
Yes, you can pay extra premium as Top up.
i have LIC profit plus plan no.188 Growth fund having policy no. 765662343 and i have submitted 2 installments of 25000/- (date-15.7.2008)
My questions are 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.
by
tamil
have LIC profit plus plan no.188 Growth fund having policy no. 854418431and i have submitted 1 installments of 25000/- each as premium starting from 21/1/2009.
My first question is how much is the current value on my investment ?
Rgds
Mukesh Prajapati
I have invested in LIC’s Profit Plus – Growth fund, Policy No.417618893 . Please inform present NAV at my email ID.
Thanks
I have LIC profit plus plan no.188 Growth fund having policy no. 115201744 and i have submitted 2 installments of 25000/- each as premium starting from 15/2/2008.
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
Sanjeev
what if I wish to close my LIC’s profit plus policy after 5yrs or after 10yrs from the date of purchase. What amount can I expect to get on my investment of 5yrs (which is an annual premium of 20,000/-)
am 34 years old. i want to investe 10000 p.a for 5year in market plus-1. how much lic would give me after 25 years?
Market Plus 1 is a ULIP plan so you will receive the maturity amount depending on NAV after 25 years. Since you will be investing for long term, you can expect atleast 10% growth per year on your investment.
my question is regarding one of my LIC POLICIES.
On Dec’07 I took LIC’s Profit Plus Policy, with an annual premium of Rs. 20,000/- for 5 years. Now that I have given 2 annual premiums of rs. 20,000/- each, whats the current (profit/loss) status of my policy, means where is my investment of rs. 40,000/- standing in the market today.
I am the policy holder under plan profit plus plan 188 it that possible to quit the scheme and if i want to quit my policy with in one month, how much amount will i get in total? I have paid first premium.
You can return the policy within 15 days. You will get full money back. Please join our forum at: http://forums.mypaisa.in/ and ask your questions there.
Dear Sir
i have invested in lic’s profit plus, policy No.943175298 started from 14/07/2008 I want to know that how much money i will get after maturity of this policy and when it will get matured. plz send me all the useful information about this policy. on my term of policy is 5 year premium is Rs.10000 per annum.kindly send me the details to my e-mail id.
Pls Reply
Vijay Kasurde