LIC’s Profit Plus (Plan No.188) is a Unit Linked Endowment Insurance Plan. Profit Plus (ULIP) is designed for common man to enhance their savings and financial protection to their family. Four types of investment Funds are offered in Profit Plus. The Policyholder has the option to choose any ONE out of the following 4 funds.  Bond, Secured, Balanced and Growth.

LIC Profit Plus


Payment of Premiums:
You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS) intervals over the premium paying term of 3, 4 or 5 years. The minimum premium will be Rs.10,000/-.

Single premium:
Single premium can be paid subject to a minimum of Rs.20,000/-.

Partial Withdrawals:
You may encash the units partially after the third policy anniversary subject to certain conditions.

Switching of Funds:
You can switch between any fund types for the entire Fund Value during the policy term subject to switching charges, if any.

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.

Settlement Option:
When the policy comes for maturity, you may exercise “Settlement Option” and may receive the policy money in installments 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.

Eligibility Conditions and Restrictions:

1. Minimum Age at entry: 0 years (age last birthday)
2. Maximum Age at entry:
65 years (age nearer birthday)
3. Minimum Maturity Age:
18 years (completed)
4. Maximum Maturity Age:
For PPT 3 years: 70 years nearest birthday. For Single Premium, PPT 4 or 5 Years: 75 years nearest birthday.
5. Minimum Policy Term:
5 years
6. Maximum Policy Term:
20 years
7. Minimum Premium:
Rs. 20,000 for Single Premium and Rs. 10,000 p.a for Regular Premium
8. Sum Assured under the Basic Plan:

a) Regular premium :
Higher of 5 times the annualized premium or half of the policy term times the annualized premium.
b)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 upto 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 upto 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.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.

The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

Update: Profit Plus Plan Table No.188 has been discontinued, please check out other similar plans below.