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 want to know the current market rates too with respect to the above policy number.
Dear sir
My Policy No 715126019
Fund Type:Growth fund
I invest Rs 50,000 From january 2007 To January 2012(every year Rs
10,000 as per policy premium) but my request is what is the status
Dear Sir
.
I have a account on your LIC Profit Plus policy No.602475673.
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
rameshbabu84@gmail.com
Hi,
Can you please tell the current status 0f my Profit Plus Plan – 188 details of which are mentioned below?
Dated: 24/04/2009
Policy No.: 272856656
I have invested Rs 10000.00/year of 5 years in LIC’s profit plus. please let me know the current status of my policy.My policy no is 744993688 dated oct/2007.
Hello, I am a LIC money back policy holder. I started at 09/01/2009. My last premium I gave 01/2012. My insurance Table is 75-20. My sum assure is 55000 and half yearly premium is 1770. I want to know if any time I have any problem to continue this policy and want to surrender my policy and want my money back, is company give back my money which total I pay or cut my money? Example I pay my July 2012 premium and surrender policy January 2013, Total I pay 1770*8=14160 Rs. Is company give me this amount money or cut money from here? Please give me this information.
I would like to surrender my LIC Profit Plus (Plan T. NO. 188) policy number 115247318, the number of units at present is 3470.908 and NAV as on 27/2/12 is 10.9241. I have already compelted 3 years and five months. Premium is paid quarterly 3000 per quarter. What is the surrender value for this policy, how much money will i get back ? please reply on my email.
what is the current nav of profit plus?
please provide me with the details of my LIC profit plus policy(Policy no:393727789) as on today. what is the best option for me whether to continue the investment or to withdraw it? please reply sir.
sir
i have invest in lic’s profit plus (plan no188) it will be great for me if you provide the growth rate of this fund on my e mail id
pn-427233271