LIC Profit Plus

Eligibility Criteria of LIC Profit Plus

The following are the eligibility criteria of the policy.

Benefits Offered by LIC Profit Plus

The LIC Profit Plus policy offers the following benefits:

Maturity Benefit

In case of survival of the insured person during the entire tenure of the policy, the maturity benefit is payable as the amount equal to the policyholder’s fund value.

Death Benefit

 In case of demise of the life assured during the policy tenure, the beneficiary or nominee shall receive the sum assured under the basic plan or the fund value of the units held in the policyholder’s fund whichever is higher.

Settlement Option

 With LIC Profit Plus plan approaching maturity, one may exercise the "Settlement Option" to receive the policy money in installments over a period five years maximum from the date of maturity. No life cover is applicable during this period. Also, the installment payable on the date specified shall be subject to investment risk, i.e. the NAV may increase or decrease depending upon the fund performance.

Surrender Benefit

In case of surrender (including compulsory surrender): The fund value as applicable shall be payable after completion of the third policy anniversary.

Partial Withdrawals

The units can be en-cashed partially after the third policy anniversary subject to conditions.

Premiums for LIC Profit Plus

The LIC Profit Plus premiums can be paid yearly, half-yearly, quarterly or monthly. However, the monthly LIC Profit Plus premium can be paid only through ECS.

Additional Riders Offered by LIC Profit Plus

LIC Profit Plus offers three different rider options i.e. Critical Illness Benefit Rider, Life Cover Rider and Accident Benefit riders.

The life assured may opt for the rider by paying additional premium and avail benefits for themselves and family.

Documents Required to Purchase LIC Profit Plus Plan

To buy LIC Profit Plus Plan policy, one has to provide:

• Identity proof - passport, Aadhar card, voter ID
• Address proof - Aadhar, driving license, ration card, electricity bill, voter ID, and passport
• Income proof - salary slips or IT returns.

Exclusions of LIC Profit Plus

In case the Life Assured commits suicide within a year of the LIC Profit Plus inception, no claim under the policy will be admissible except to the extent of the Fund Value of the units held in the Policyholder’s Fund Value on death. Any other reason for death which includes the ingestion of illegal substances such as drugs, terrorism activity participation, riots, alcohol abuse, etc. will also be considered exclusion of this policy. *Standard T&C apply

LIC Profit Plus – FAQs