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.
policy- lic profit plus
fund opted- growth fund
sir plz let me the NAV and how to calculate fund value
my policy no-586624077
proposal no-6363
date of birth-06-01-1959
date of commencement- 16-02-2008
total installment single premium-50000
sum assured under basic plan-accident benefit-75000
critical illness rider-50000
plz do reply sir
I have invested Rs.1000/- every month through ECS from 26.03.2008 in LIC profit plus growth which is to be matured on 26.02.2013. Can any one tell me how much I will get on maturity. My policy number is 115475663
Thanks in advance
tell me the status of Market plus – 188
Policy No. 114998370
What would be the procedure to withdraw the invested amount from kolkata while it was purchased in Ludhiana.My profit plus policy no.-300695186.I invested 60,000/- in it .I paid Rs.20,000/- yearly premium for 3 years .It was purchased in Ludhiana(175 cbo-1, opp.BHADAUR HOUSE,PB.64,CPO road,Ludhiana).Now I am in kolkata.Please let me know urgently as I need to get the amount for my immediate expenses.
i have lic market plus 188 policy with lumpsum premium paid rs. 50000/- as balanced fund opt. dated 28/04/2009. when can i close the policy and what will be amt. i will be getting at the time of closing. please reply me at the earliest. thanking you.
dear sir,
I have started LIC policy no profit plus(table no 188) from 29-2-2008 yearly 10,000/- policy no 300715939
kindly sent me full details and present status me following email address manjit1506@gmail.com.
i have invest in lic profit plus (plan no.188) please you provide the growth rate of this fund on my e mail id pn-115322193
Please inform about current nav of my profitplus (615594859/188) to my mail id.
Please let me know the present position of my profit plus policy
bearing No 578507723.
a policy under LIC’s profit plus plan no 188, my policy no is 615629494.first of all i want to know the value of my policy today.