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  • LIC Profit Plus Plan

     4.0 / 5.0   by 46 users
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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    The LIC Profit Plus plan is a unit linked endowment plan under which the policyholder has the option to make a single payment in the form of a lump sum towards his or her premium or choose to make premium payments in a uniform manner over a period of 3 years, 4 years or 5 years. As per the policy terms, the individual can decide the amount of cover based on factors such as the policy term that has been chosen, the amount of premium that the individual has agreed to pay and whether the plan is a Single Premium contract or a Limited Premium contract. However, the policyholder is liable to bear any investment related risks incurred on his or her investment portfolio.


    Eligibility Criteria For LIC Profit Plus

    Individuals looking to avail of the LIC Profit Plus plan are required to fulfil the following eligibility criteria:

    Minimum Entry Age No minimum age
    Maximum Entry Age 65 years
    Minimum Maturity Age 18 years
    Maximum Maturity Age 75 years

    Key Features Of LIC Profit Plus

    The following are some of the main features of the LIC Profit Plus plan:

    Plan Type Unit Linked Endowment Plan under which the policyholder bears the risk of investment
    Plan Basis Individual
    Premium Paying Terms
    • Single premium
    • 3, 4 or 5 years
    Policy Term Premium Paying Term
    • 3 Years - 10 to 20 years
    • 4 Years - 10 to 20 years
    • 5 Years - 10, 15 to 20 years
    • Single Premium - 5 to 20 years
    Maturity Benefits Sum equal to the fund value of the policyholder will be paid in the event the Life Assured has survived to the point of the date of maturity of the contract
    Premium Payment Frequency
    • Single premium payment as lump sum
    • For premium paying term of 3, 4 or 5 years
      • Yearly
      • Half-yearly
      • Quarterly
      • Monthly
    Minimum Premium
    • Limited premium paying term policy
      • Monthly mode - Rs 1,500 per month
      • Other than monthly mode - Rs 15,000 per year
    • Single premium policy - Rs 40,000 per year
    Sum Assured
    • Limited Premium - 5 times the annual premium
    • Single Premium
      • Minimum - 1.25 times the single premium
      • Maximum - Up to 5 times the single premium depending on the age of Life Assured at time of maturity of the contract, and depending on whether the Critical Illness Benefit Rider has been availed or not
    Partial Withdrawals Partial withdrawals are allowed after the completion of three years of the policy
    Switching Switching allowed between fund types subject to charges
    Policy Revival The policy can be revived within two years from the date of the first premium missed
    Reinstatement The policy cannot be reinstated once it has been surrendered
    Settlement Option Settlement option may be exercised at the time of maturity
    Loan Facility No loan facility available
    Cooling Off Period Policy can be returned within 15 days if terms and conditions are unsatisfactory

    Benefits/Advantages of LIC Profit Plus

    LIC Profit Plus offers policyholders the following key benefits and advantages:

    • Death Benefit - The policyholder can avail of death benefits equal to his or her fund value or the Sum Assured, whichever is higher
    • Maturity Benefit - The policyholder will receive a sum equal to his or her fund value, should he or she survive up to the date of maturity of the contract
    • Options - Policyholders can avail of additional options such as the Accident Benefit Option and the Critical Illness Benefit Rider along with their policy
    • Funds - Policyholders can choose from one of the following funds:
      • Bond Fund - Low risk
      • Secured Fund - Low to medium risk with steady income
      • Balanced Fund - Medium risk with balanced income and growth
      • Growth Fund - High risk with capital gain over a long period

    How the LIC Profit Plus Plan Works

    An individual who purchases the LIC Profit Plus Plan can either choose to make premium payments either as a single lump sum payment at the commencement of the policy or via monthly, quarterly, half-yearly or yearly installments for 3, 4, or 5 year policy paying terms. Once the policy expires or matures, the individual will receive the Sum Assured along with any other additions, which may be guaranteed or variable, depending on a number of factors. Premiums paid by the individual will be used to buy units in the investment fund of his or her choosing.

    Premium Payment

    This LIC ULIP plan allows policyholders to choose between making a single premium payment or premium payments over time, as per their convenience. The premium amounts that are required to be paid under both categories are as follows:

    Frequency Minimum Premium Per Installment Maximum Premium Per Installment
    Single Premium Rs 40,000 per annum None
    Limited Premium (Monthly Mode) Rs 1,500 per month None
    Limited Premium (Other Than Monthly Mode) Rs 15,000 per annum None

    Riders

    The LIC Profit Plus plan comes with two additional riders which can be added onto the existing policy:

    • Accident Benefit Option
      • Policyholders above the age of 18 are eligible to avail of this rider
      • Accident Benefit of a minimum of Rs 25,000 and maximum of Rs 50 lakh can be opted for
      • In the event of death due to accident, the Accident Benefit sum assured along with an additional amount equal to this sum assured will be payable
    • Critical Illness Benefit Rider
      • Policyholders above the age of 18 and below the age of 50 are eligible to avail of this rider
      • Critical Illness Benefit of a minimum of Rs 50,000 and maximum of Rs 50 lakh can be opted for
      • In the event of diagnosis critical illness as defined by the policy, an additional amount shall be payable to the policyholder, which is equal to the Critical Illness Benefit

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    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    LIC Profit Plus Plan Reviews

  • Page 1 of 3 1 2 3
    • LIC Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I have taken a life insurance policy in LIC. It is a ULIP policy. It was purchased by my father through an agent. I never contacted the customer service. The policy coverage and benefits are better. I am paying approximately Rs.7500 yearly through cash.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 07, 2018
    • LIC Life Insurance
      "My insurance"
      0.5 5.0/5 "Blown Away!"
      One of my friend is working with LIC. Therefore I had opted for it. I have opted for ULIP Plan which is subject to market risk. I am supposed to pay rs 3000 after 15 years I will get some money back and it provides life cover as well.
      Was this review helpful? 0
      , udupi
      Reviewed on Sep 28, 2016
    • LIC Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I have life insurance policy with the Life Insurance Corporation of India and the policy coverage value is very good, also its a ULIP policy. The returns are fixed with them and I used to pay the premium as 67000 Rupees per annum. I am happy with LIC of India.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 14, 2016
    • LIC Life Insurance
      "I have life insurance policy with the LIC of India and I bee"
      0.5 5.0/5 "Blown Away!"
      I have life insurance policy with the LIC of India and I been with them for more than fifteen years of time. The services are good and the premium used to reach them through ECS. Policy coverage value is around fifteen years of time and I do have different plans with them like ULIP and the money back.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 23, 2016
    • LIC Life Insurance
      "Disappointed with their service but recommendable insurance"
      0.5 1.0/5 "Really Bad"
      I had taken two insurance policies from LIC. One is a ULIP and the other was Jeevan Bhima. I took a Rs.50,000 policy in 1995 of 20 year tenure which recently matured and I got Rs.1.20 Lakhs which was double. It has a bonus of 5% and tax exemption benefits. I pay the premiums by ECS quarterly. I did have a tough time claiming one policy at maturity as they made me run from pillar to post.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Apr 18, 2016
    • LIC Life Insurance
      "Definitely"
      0.5 4.0/5 "Great!"
      I have a moneyback and ULIP policy with LIC. LIC is a very dependable organisation when it comes to taking an insurance policy. The moneyback policy has premiums of Rs.6000 paid half yearly and once in 5 years Rs.10,000 is paid out. The ULIP policy has a premium of Rs.2000 per year, although it was a policy of 10 years, the market shot up high around the third year and I got Rs.50,000 at a shot.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2016
    • LIC Life Insurance
      "Marvellous"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the LIC of india like I took two policies with them. I used to pay around 1.5 lakh Rupees as the premium for the two policies and the response is a good one with them. Return values are also good with the Life Insurance Corporation of india like one is ULIP linked and other is money back policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 17, 2016
    • LIC Life Insurance
      "Good...."
      0.5 4.0/5 "Great!"
      I am a sales manager and my spouse is an agent of the LIC so we took this plan. It is an ulip plan. In the money back plans sum assured would be two lakh. LIC is offering low sum assured to the policy holders. They have lots of traditional plans but ulip plan is not hat good.
      Was this review helpful? 0
      , karnal
      Reviewed on Mar 15, 2016
    • LIC Life Insurance
      "Long trusted company...."
      0.5 3.0/5 "Satisfactory"
      A common company for life insurance as no much excitement. Since we want to have a policy and I took it. Agent of LIC often come and explain the benefits and if I feel interesting I would go ahead. I also use it for tax. LIC has good plans and also I have taken one ulip plan for my kid.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 07, 2016
    • LIC Life Insurance
      "Best plan"
      0.5 4.0/5 "Great!"
      I do have a 30years plan with LIC.This is basically a ULIP plan with LIC.The plan benefits are very good within the plan.I have to pay a premium around 42000Rs in the yearly basis for all the three plan which I have taken with the Life Insurance corporation of India.
      Was this review helpful? 0
      , noida
      Reviewed on Mar 02, 2016
    • LIC Life Insurance
      "Excellent..."
      0.5 4.0/5 "Great!"
      Every year I open life insurance at LIC. Since it is a government undertaken company as the returns will be high for sure when it comes to life insurance and ulip plans. Some executives come home and explain me and based on his explanation and my needs I opt for the plan.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 27, 2016
    • LIC Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      The service provided was good with LIC based on the Life Insurance corporation .I like the payment options provided by LIC.My parents want me to take the insurance with LIC.I have taken a ULIP plan with Life Insurance corporation of India.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 25, 2016
    • LIC Life Insurance
      "Best customer service "
      0.5 5.0/5 "Blown Away!"
      The service provided was very good with LIC based on the Insurance .They have speed online payment option to the customer.They do settle the claim in a immediate manner.I do have retirement plan,endorsement plan and ULIP plan with LIC.
      Was this review helpful? 0
      , kottayam
      Reviewed on Feb 17, 2016
    • LIC Life Insurance
      "Good payment options"
      0.5 4.0/5 "Great!"
      The service provided by LIC was very good for a Life Insurance service.I have taken 4-5plan with LIC like endorsement and ULIP plan.The payment option provided by LIC was very good.I may recommend the service of LIC to others for a Life insurance policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 05, 2016
    • LIC Life Insurance
      "awesome plans..."
      0.5 3.0/5 "Satisfactory"
      According to me LIC is good but they lack on online portal and mobile application as they have to improve in both the scenarios. They don't have proper customer service channel. Whatever the return amount that I get is good as I have ulip plan. Also the term plans is very good in LIC.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 21, 2015
    • LIC Life Insurance
      "Not recommended "
      0.5 0.5/5 "Unacceptable"
      The service provided was not good with LIC.I have invested the money in ULIP plan.After investing 5000Rs in the ULIP and the tenure period of the loan was 10years and the locking period is 3years.I closed the Insurance after 5years and I have faced loss.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 18, 2015
    • LIC Life Insurance
      "Long term fruit"
      0.5 4.0/5 "Great!"
      LIC Policy is good my feedback is they can improvise more when compared with private companies. Frankly speaking 5 years before I have invested however the returns what I am getting from LIC is very minimal. Initially they confirmed that I will be very good returns especially in ULIP however in reality the same is not the case and returns are very less.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 27, 2015
    • LIC Life Insurance
      "ULIP "
      0.5 3.0/5 "Satisfactory"
      ULIP fund policy was taken from LIC before three years. The interest rates were more and my friend only has recommended me about this policy. I did not used this so far because this is the one time investments and I have invested for three years. I can withdraw any time after three years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 26, 2015
    • LIC Life Insurance
      "No information"
      0.5 3.0/5 "Satisfactory"
      LIC is not so good.Information is not easy to get from LIC.There service is not good and proper manner. I have taken both term plan and equity market plan which is called ULIP plan.The terms and conditions of the plan were not clear with LIC.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 05, 2015
    • LIC Life Insurance
      "Fully recommendable to every one.."
      0.5 3.5/5 "Pretty good"
      Life insurance is like a fixed deposit. I am happy with LIC life insurance when I compare to others. I have taken Ulip plan. Payment options are good. I will make it through net banking and through agency as well. I would recommend LIC to others.
      Was this review helpful? 0
      , villupuram
      Reviewed on Oct 22, 2015
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