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.
Hi Sir/Mam,
PLease we need the status of Account No:363855847
I am Paid only 2.5 years only. am able to settlement this account..?
Pls reply.
Thanks & Regards,
Lakshminarasimhaiah.G
Dear Sir,
I had joined in LIC, PROFIT PLUS dated 28th May 2008
and My Policy Number is : 688263835
I Payed Rs.50,000/- at a single payment.
please give me a suggestion about to surrender it or not.
rev sir,
both of the above policies r under growth fund.
money-plus-1 is commenced on5/6/2008 which is of amount-60 thousand. profit plus is of100000 ,commenced on 18/12/2007.
sir,
plz let me know the value of my 2 policies-
profit plus-443226360 and
money plus-1-443524601.
LIC’s Profit Plus
plan no 188
bond no.746104020
date of opening.31.10.2009.
maturity complete date.31.10.2016.
amount yearly premium 10000.
i want to know how my policy is running. please give me detailed.
my policy no.=115420577
name=illyas mohd
agency code=1019212G
transaction no=75973498
I have invested Rs1,50,000 in Profit plus and I want to know the current market rate asl on date. Policy no. is 744967036. Please let me know it. Thanks in advance.
sir,
I have a policy ,no is 188 term 20,pre term-5
this is growth basis policy..I want to know if i will withdraw this policy how much money i will back today…..or shall i continue upto maturity date? i am confused..just help me out..
i am the policy holder under plan profit plus plan 188.Iwant to know that how much money i will get after five yrs. maturity of this policy. My policy no is 104243628,I invested 60,000/- in it .I paid Rs.20,000/- yearly premium for 3 years.
proposal no.9130,
date of birth-01-06-1969,
date of commencement 14/02/2008,
fund opted- growth fund.
policy- lic’s porfit plus.
i have a policy under LIC’s profit plus plan no 188, my policy no is 300876722.first of all i want to know the value of my policy today and i paid 3 yearly installments of 100000 each .