LIC Profit Plus Plan No 188
LIC Profit Plus is a unit-linked endowment plan where the premium payment term (PPT) is limited to a single lump sum, or uniformly over 3, 4 or 5 years. You can choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Limited premium contract, term chosen and on the level of premium, you agree to pay.
Four types of investment Funds are offered in the LIC Profit Plus Plan. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and the value of units may increase or decrease, depending on the Net Asset Value (NAV).
1.Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the premium paying term of 3, 4 or 5 years. Alternatively, a Single premium can be paid.
2. Eligibility Conditions and Other Restrictions:
(a) Minimum Age at entry – 0 (age last birthday)
(b) Maximum Age at entry – 65 years (age nearer birthday)
(c) Minimum Maturity Age – 18 years (completed)
(d) Maximum Maturity Age – 75 years nearest birthday
(e) Policy Term –
For premium paying term 3 and 4 yrs: [10 to 20] years
For premium paying term 5 yrs: [10, 15 to 20] years
For single premium: [5 to 20] years
(f) Minimum Premium –
Rs. [15,000] p.a. for Limited premium Paying Term policies (other than monthly (ECS) mode.
Rs. [1,500] p.m. for monthly (ECS) mode
Rs. [40,000] p.a. for Single premium policies
(g) Sum Assured under the Basic Plan –
Regular premium: 5 times the annualized premium
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 up to 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 up to 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.
Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000. Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.
Commencement of risk in case of minor: Risk will commence either after 2 years from the date of commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 7 years of age, whichever is later in case the age at entry of the life assured is less than or equal to 10 years. Where the age at entry is more than 10 years but less than 12 years, the risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured. In the case of minors aged 12 years or more risk will commence immediately.
3. Other Features of LIC Profit Plus:
i) Partial Withdrawals: You may encash the units partially after the third policy anniversary subject to the following:
- In the case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
- Partial withdrawals may be in the form of fixed amount or in the form of a fixed number of units.
- For 2 years period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
- Under Limited Premium Paying Term, LIC Profit Plus policy where less than 3 years’ premiums have been paid and further premiums are not paid, the partial withdrawals shall not be allowed.
- Under Limited Premium Paying Term policies where at least 3 years’ premiums have been paid, partial withdrawal will be allowed subject to Policyholder’s Fund Value is at least Rs. 10000/-.
- Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of Rs. 5000/- in the Policyholder’s Fund Value.
ii) Switching: You can switch between any fund types for the entire Fund Value during the policy term subject to switching charges if any.
iii) 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 first unpaid premium.
I) Whereat least 3 years’ premiums have been paid, the Life Cover, Accident Benefit and Critical Illness Benefit riders, if any, shall continue during the revival period.
During this period, the charges for Mortality, Accident Benefit and/or Critical Illness Benefit cover, if any, shall be taken, in addition to other charges, by canceling an appropriate number of units out of the Policyholder’s Fund Value every month. This will continue to provide relevant risk covers for:
-
-
- two years from the due date of first unpaid premium, or
- till the date of maturity, or
- till such period that the Policyholder’s Fund Value reduces to Rs. 5,000/-,
-
whichever is earlier.
The benefits payable under the LIC Profit Plus policy in different contingencies during this period shall be as under:
- In the case of Death: Higher of Sum Assured under the Basic Plan or the Policyholder’s Fund Value. The Sum Assured shall be subject to provisions of Partial Withdrawals made if any.
- In case of death due to accident: Accident Benefit Sum Assured in addition to the amount under A above if Accident Benefit is opted for.
- In the case of Critical Illness claim: Critical Illness Rider Sum Assured, if opted for.
- On maturity: The Policyholder’s Fund Value.
- In the case of Surrender (including Compulsory Surrender): The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years.
- In case of Partial Withdrawals: For 2 years period from the date of withdrawal, the sum assured under the basic plan shall be reduced to the extent of the amount of partial withdrawals made.II) Where the policy lapses without payment of at least 3 years’ premiums, the Life Cover, Accident Benefit and/or Critical Illness Benefit rider covers, if any, shall cease and no charges for these benefits shall be deducted. However, deduction of all the other charges shall continue. The benefits under such a lapsed policy shall be payable as under:
- In the case of Death: The Policyholder’s Fund Value.
- In case of death due to accident: Only, the amount as under G above.
- In case of Critical Illness claim: Nil
- In case of Surrender (including Compulsory Surrender): Policyholder’s Fund Value / monetary value as the case may be, shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 years from the date of commencement of policy.
- In case of Partial withdrawal: Partial Withdrawals shall not be allowed under such a policy even after completion of 3 years period.
iv) Revival: If due premium is not paid within the days of grace, the policy lapses. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium or before maturity, whichever is earlier. The period during which the policy can be revived will be called “Period of revival” or “revival period”.
If premiums have not been paid for at least 3 full years, the policy may be revived within two years from the due date of first unpaid premium. The revival shall be made on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium without interest.
If atleast 3 full years’ premiums have been paid and subsequent premiums are not paid, the policy may be revived within two years from the due date of first unpaid premium but before the date of maturity. No proof of continued insurability shall be required but all arrears of premium without interest shall be required to be paid.
The Corporation reserves the right to accept the revival at its own terms or decline the revival of a lapsed policy. The revival of a lapsed policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Proposer / Life Assured.
Irrespective of what is stated above, if less than 3 years’ premiums have been paid under the LIC Profit Plus and the Policyholder’s Fund Value is not sufficient to recover the charges, the policy shall be terminated and thereafter revival will not be entertained. If 3 years’ or more than 3 years’ premiums have been paid and the Policyholder’s Fund Value reduces to Rs. 5000/-, the policy shall terminate and Policyholder’s Fund Value as on such date shall be refunded to the Life Assured and thereafter revival will not be allowed.
v) Settlement Option: When the policy comes for maturity, you may exercise “Settlement Option” and may receive the policy money in instalments 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.
4.Reinstatement:
A policy once surrendered cannot be reinstated.
5.Risks borne by the Policyholder:
- LIC’s Profit Plus is a Unit Linked Life Insurance products which is different from the traditional insurance products and are subject to the risk factors.
- The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
- Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Profit Plus is only the name of the unit-linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
- Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
- The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects, and returns.
- All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.
6.Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.
7.Loan:
No loan will be available under this plan.
8.Assignment:
Assignment will be allowed under this plan.
9.Exclusions:
In case the Life Assured commits suicide at any time within one year, the Corporation will not entertain any claim by virtue of the policy except to the extent of the Fund Value of the units held in the Policyholder’s Fund Value on death.
Note: This information has been copied from L.I.C’s official site http://www.licindia.in/ to maintain the authenticity of the matter and details reproduced here. The author or the site owner does not hold any rights on the content reproduced here
i am the policy holder under plan profit plus plan 188.Iwant to know that how much money i will get after 10 yrs. maturity of this policy. My policy no is 524508644,I invested 60,000/- in it .I paid Rs.20,000/- yearly premium for 10 years.
wife name-mukta devi.
proposal no.850
date of birth-09-04-1954,
date of maturity-09/05/2018
date of commencement 09/05/2008,
fund opted- growth fund.
policy- lic’s porfit plus.
please send me all detail about this .
Dear Sir
Please feel free to contact your LIC Agent or visit your nearest Branch or customer zone for exact Surrender value of your policy. Please do not forget to take your policy no along while going.
Also requesting you not to share any personal info like Policy no, date of birth etc directly here or on any online sites. As the personal data can be used by some unauthorized people in a unauthorized way.
Thanks and regards
Punit
sir,
profit plus plan no 188 a/c no 439474261 please reply me current rate. the amount is urgent required
Sir/Mam
Please feel free to contact your LIC Agent or visit your nearest Branch or customer zone for exact Surrender value of your policy. Please do not forget to take your policy no along while going.
Thanks and regards
Punit
sir i want to know my surender value i m under LICs profit plus plan no.188 branch office 88j madhavnagar c.H.S bhavani shankar road dadar (w) mum-28 my policy number is 802842133 i had started this policy in 11/02/2008.please inform me about this .contact number .9869838418 pls reply soon
I am wedrol this policy
Sir i want to know my lic’s profit plus plan no-188 growth status.number are-163804715.dob 12-01-1985.kindly inform mi this number 8146813175,08627864440.thanks
sir iwant to know about my moneyback policy plan 188. iwant to know how much amount will i get if i stop today.my policy no is 796447057. i started this policy on 30-06-2009.
Hi
I have lic profit plus policy under the plan 188 on 16-02-2009. Policy number is 264706674.i have invest 10000 per year.plz tell me what ammount i’ll found as on 01-01-2013.
thanks and regards,
We had Profit plus plan 188, We paid 1st year premium Rs.25000 and then not able to pay the other two premium, now five years completed. If we have any possibility to get back my amount. Please advice us.
i have lic profit plus plan 188 policy no 254740588 dt 17.10.2007 and maturity date is 17/10/2027 my premium is Rs. 6000/- quarterly i have complete date of premium but i had withdrawal this policy.five years complete my policy. you given total amount Rs. 123077/-. so pls tell me how this possible
pls help me
sir i want to know my current position
Sir,
I have paid 4 instalments & the amount is paid once in a year (Rs 10000/-) but now i want to with draw the policy amount. Please let me know the amount how much I get have I with draw the policy.
kindly reply to my question, awaiting for your replay
i am take profit plus plan-188 at date 23-3-2008 policy no,745355177 i take 5years plan i paid finesh update currend value and how grouth.
i am take profit plus plan-188 at date 23-3-2008 i take 5years plan i paid finesh pls send to me update currend value and how grouth.
please send me information about current value of plan 188
@deepak you can keep a track of daily NAV of Profit Plus at https://www.licindia.in/plannav/plan_navs_new.htm
Visit the page to know the current NAV of your plan on day to day basis.
Dear sir,
i want homeloan. and wants all details online. can u send me ?
Certainly.
Please do visit LIC’s Housing finance website at http://www.lichousing.com/lichousing/index_new.asp
It contains all the details like, Who can apply? How to apply? Documents required etc.
Dear sir,
i am profit plus (T. No. 188) policy holder. and policy no is 956351696. comm. date 18/1/2008. Pls. send me updated current value of my policy. can i withdraw all money? what will happen if i will discontinue due to 5 years complete. what is my benefit if i does not withdraw the amount?
Regards,
g. milind’
9223598124
813627192 813627222 812926536 aj. ka car.y velu ka he or ab kay karna chaiye
Respected Sir/ Madam,
My Policy No.is 964115666,plan-Profit plus(t.no.188)
Pl.give current value of my policy.
Regards,
Sandip Patil.
I am under Plan 188 of Profit plus Quarterly premium @ rate 10000 paid for past 4 yrs.
Now that I am in foreign for an assignment and there is no more tax benefit now. Whether I will be able to stop/discontinue the Quarterly premium after completion of 4 yrs?
You certainly can stop it since it has crossed the lock in period of 3 yrs. But please do not expect any good amount of returns on your investment in that case.
.My Policy no. is 536388212 .Please send me the information about the current value of Profit plus plan (no. 188) shortly……………
Sanji Prabha
@Rajeev Kumar
Sorry for the late reply!!
Would kindly request you to call up your respective branch and they would always be ready to help you at any moment. LIC also has Customer Zone office in almost all States and major Cities which will address to all your queries over the phone itself.
For your convenience this is the list of customer zones phone no’s across India ” http://www.licindia.in/phone_helpline.htm ” please find the nearest customer zone and the will address to all your within minutes.
Thanks and regards
Punit
4 DIN BAD BHEE AAP NE POLICY STATUS NAHEEN BATAYA
please tell me the status of my policy. my policy no. is 234223782my date of birth = 12/02/1977DOC = 15/12/2007
Commencement Date : 31.10.2007, Sum Assured 180000/-
Plan : Profit Plus (T . No. 188), Premium payment term : 5 yrs.
Monthly premium : 1500/- , Fund Type : Growth
No. of units : 6394.144
want to know how much i will get at maturity and other benefits.
@ Leela mam
You will have to contact the respective branch from where you bought the policy to partial surrender it. The Branch code and address is printed on the policy document issued to you.
A nominal form has to be filled which hardly take a minute or more and the form is freely available in the Branch. Please try to visit the Customer help desk in your branch as per your convenience.
Thanks and regards
Punit Shet
sir
i want a partial withdrawal form for my profit plus policy no. 104110708 dated 30/4/2008. please help me by sending this form to my email id.
thanking you.
sir,
i want to know my current value of my profit plus (plan no 188)
dis is my policy no 694733843… plz sent updates to my mail id
which i given.
thank u….
sir,
Please inform my policy status. Policy no: 784249064..Send mail shortly. My mobile no: 09894896927
Hi,
I have a profit plus(Plan118/Growth # 783921485 on 28/05/2008), Single premium of Rs-400000/- At the joining time the agent told me, i will get atleast 10% interest, Now i contact the agent for withdraw this policy he is saying i’ll get only 5%, and i have to wait for some time for the increase of the value. How long I should wait, and how i know the status of my policy. Plesee help me.
thanking you.
hi im under this plan .my policy number is 893711114 date of commencement is 30/09/2008 its a single premium of 1 lac rs.can you tell me as to what total returns would i get after 3 years??
plz, mail me as soon as possible about my policy LIC PROFIT PLUS, plan no.188 current status.
my policy no.537840621,date.29/01/2009.it will be a best for me so plz take appropriate step for me. thank you
sir i want some descripion about plan no 188
Hi
I have this policy under the plan 188. Policy number is 196449634. Can you please answer few of my questions:
1) what was the NAv as on 27.11.2010
2) what is the current value of my fund
thanks and regards,
sudhir
please tell me the status of my policy. my policy no. is 175917611
my date of birth = 02/05/1966
DOC = 25/02/2008
sir i want a partial withdrawal form for my profit plus policy no. 776264237 dated 05 sep 07. please help me by sending this form to my email id -vikash_har805@gmail.com thanking you.
sir i want a partial withdrawal form for my profit plus policy no. 776264237 dated 05 sep 07. please help me by sending this form to my email id. thanking you.