LIC Profit Plus Insurance
LIC Profit Plus Insurance
LIC’s Profit Plus is a Unit linked Insurance plan which gives you the twin benefits of security and returns. You and your family will have the insurance protection and will also be able to reap investment benefits.
Features:
- Twin benefits of insurance and investment
- PPT or Premium Payment Term is limited to single, 3 , 4, or 5 years
- Premiums payments can be done yearly, half yearly, quarterly, monthly or single lump sum
- Policyholder should be between 0 to 65 years of age
- Policy term can be between 5 to 20 years
- Offers 4 investment fund options (Bond, Secured, Balanced, and Growth) which one can choose from depending on the risk profile.
- Policyholder is allowed to switch between fund options during the term; maximum 4 switches are allowed
- Minimum premium amount is Rs. 20000 for single mode and Rs.10000 for others while there is no limit for maximum amount
- Partial withdrawals:
- Policyholder is allowed to encash units partially only after premiums have been paid for 3 years
- In case of minors, partial withdrawal is only allowed once he attains majority i.e. 18 years of age
- In limited PPT, policyholder should have a minimum fund value of Rs. 10000
- In single premium policies, policyholder’s fund value should at least be Rs. 5000
- Policy lapse: If premiums are not paid within the grace period, policy will lapse. The same can be revived within two years from the due date of unpaid premium.
- On Maturity: Policyholder will get the fund value
- In case of death: Higher of the Sum Assured or Policyholder’s Fund Value
- Accident benefit rider and Critical Illness rider options can be opted for under this plan and can be claimed
- Settlement Options: On maturity, policyholder can choose to receive policy money in installments at regular intervals for a period of not more than 5 years from the date of maturity.
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