This is a unit linked endowment policy, which offers a limited and single premium payment option. The policyholder can choose the level cover option within limits, which will depend on whether the policy is a single premium or limited premium policy. The LIC Profit Plus plan offers 4 types of investment funds to choose from. Let’s read further to know in detail LIC Profit Plus Policy.
The following are the eligibility criteria of the policy.
Parameters |
Details |
Policy Tenure |
For Premium Paying Term 3 & 4 years= 10-20 years For PPT 5 years= 10,15- 20 years For single premium= 5-20 years |
Premium Paying Term |
3,4, 5 years and single premium |
Premium Paying Mode |
Monthly (through ECS mode only), Quarterly, Half-yearly, Yearly |
Entry Age |
Minimum- 0 years (last birthday) Maximum- 65 years (age nearer birthday)
|
Maturity Age |
Minimum – 18 years (completed) Maximum- 75 years (nearest birthday) |
Sum Assured |
Regular Premium- 5 times the annualized premium Single Premium Minimum- 1.25 times the single premium (Minimum) Max Sum Assured if Critical Illness Rider opted for 5 times the Single premium if age of maturity is up to 55 years 3 times the Single premium if age at maturity is 56 to 60 years If Critical Illness Rider is not opted for Max Sum Assured: Age at maturity 65, 5 times single premium, 66-70, 3 times Single premium and 71 years and over 2.5 times Single premium |
Liquidity |
No loan is available under this plan |
The LIC Profit Plus policy offers the following benefits:
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.
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.
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.
In case of surrender (including compulsory surrender): The fund value as applicable shall be payable after completion of the third policy anniversary.
The units can be en-cashed partially after the third policy anniversary subject to conditions.
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.
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.
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To buy LIC Profit Plus Plan policy, one has to provide:
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
You May Also Like to Read : LIC ULIP Plans |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax
laws.
+Returns Since Inception of LIC Growth Fund
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