LIC's Profit Plus
Plan details:
LIC’s Profit Plus is a unit linked Endowment plan where the premium payment term (PPT) is limited to single lump sum, or uniformly over 3, 4 or 5 years. You can choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Limited premium contract, term chosen and on the level of premium you agree to pay. Four types of investment Funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
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.10000/-. Alternatively, a Single premium can be paid subject to a minimum of Rs.40,000/- .
Eligibility Conditions: Minimum Age at entry | 0 years (age last birthday) | Maximum Age at entry | 65 years (age nearer birthday) | Minimum Maturity Age | 18 years (completed) | Maximum Maturity Age | For PPT 3 years: 75 years nearest birthday. For Single Premium, PPT 4 or 5 Years: 75 years nearest birthday. | Policy Term | 3 Years and 4 Years Premium Payement:
10 Years to 20 Years
5 Yaers Premium Payment:
10 Years and 15 to 20 Years | Minimum Premium | Other than monthly ECS mode:
Rs. 15,000 p.a.
Monthly ECS mode :
Rs.1,500 p.m. | Sum Assured under the Basic Plan | Regular premium : 5 times the annualized premium .
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.
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Death Benefit:Higher of Sum Assured or the Policyholder’s Fund Value* shall be available as death benefit.
Maturity Benefit:On the Life Assured surviving the maturity date of the contract, an amount equal to the Policyholder’s Fund Value is payable. Accident Benefit: If you are above 18 years of age, you may opt for Accident Benefit equal to the amount of life cover subject to minimum of Rs. 25,000/- and maximum of Rs. 50 lakh (taken all policies with LIC of India and other insurers). In case of death by Accident, an additional sum equal to Accident Benefit sum assured shall be payable. Critical Illness Benefit Rider: If you are between 18 and 50 years of age, you may opt for Critical Illness Benefit equal to the life cover subject to a minimum of Rs.50,000 and maximum of Rs. 5 lakh (including other policies with LIC of India) provided the policy term is 10 years and above. In case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, an additional sum equal to the Critical Illness Benefit shall be payable.Policy Term for PPT 5 Yrs is 10 and 15 to 20 Yrs.
Surrender: The surrender value, if any, is payable only after the completion of the third policy anniversary. The surrender value will be the Policyholder’s Fund Value at the date of surrender. There will be no Surrender charge. Switching: 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. Revival: If due premium is not paid within the days of grace, the policy lapses. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium or before maturity, whichever is earlier. The period during which the policy can be revived will be called “Period of revival” or “revival period”. Loan: No loan will be available under this plan.
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