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.
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 |
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 |
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Policy Term |
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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 |
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Minimum Premium |
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Sum Assured |
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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 |
LIC Profit Plus offers policyholders the following key benefits and advantages:
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.
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 |
The LIC Profit Plus plan comes with two additional riders which can be added onto the existing policy:
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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