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 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