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.
Dear Sir
please give my policy details . no.555676759 and current NAV of the fund Lic’s profit plus plan 188
Santosh Kumar Sinha
Reply
have invested in lic’s profit plus, policy No.217820213 started from 10/07/2008 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. details send to my e-mail id.
It is extremely good plan.
Gaurishankar Jaiswal
Sir/madam .
I have a account on your LIC Profit Plus bearing policy No.784009357.
I want to know current status of above mentioned policy [Profit Plus Plan No 188]. Kindly send me full details and present status the following email address.
let me know the current NAV of the said policy .
So kindly furnish the detail of same .
With Thanks
anish
I have invested 47000 in LIC Profit plus Jan 2008. I need to know the NAV on this.Please let me know how to find out.
Pawan
the policy no.142288923 of lic profit plus the name of Shri karan chand S/O sh tara chand , please sent the full details of premium due and nest date of premium due could be mentioned in clear please.
please give my policy details . no.393875536
I am the policy holder under plan profit plus plan 188. started from 25/02/2008 I want to know that how much money i will get (lumpsum) after maturity of this policy and when it will get matured. plz send me all the useful information about this policy on my mail,My policy no is 196858675,term of policy is5year premium is Rs.20000 per annum.
It is extremely good plan.
Required detailed information of profit plus, how much returns will get after maturity.( as per forecast of LIC)
Here is Profit Plus Information. The expected return would be approx 6-10%. Fill this form if you want to apply for an LIC Policy: https://mypaisa.in/apply
have invested in lic’s profit plus, Table No. 188. I will be grateful if you provide the current market rates for the above fund for the time of investment till OCT-2009 on my e-mail address.
My policy nos. a) 985079160, b)985079153
& also Current Time Market Rate
I had Deposited 2 Year Installment,
Thanks
how can i know the growth rate of fund
plan:(188) profit plus
date: 29/2/08
trans no: 10863
Please check the NAV page.