Unit Linked Insurance Plan (ULIP) with Investment & Life Cover
Plan Number: 188
UIN: 512L245V02
Launch Date: 23 August 2007
Withdrawal Date: 01 September 2010
Plan Type: ULIP
Status: Withdrawn
Calculation Result
Total Premium Paid
Allocation Charges
Net Invested Amount
Estimated Fund Value
Maturity Benefit
Death Benefit
Surrender Value
Risk Profile
Fund Risk Profile
Fund Type
Risk Level
Fund Management Charge
Bond Fund
Low
0.75% p.a.
Secured Fund
Moderate
1.00% p.a.
Balanced Fund
Medium
1.25% p.a.
Growth Fund
High
1.50% p.a.
Important Features
Unit Linked Insurance Plan (ULIP).
Single Premium or Limited Premium option.
Premium Paying Term: 3, 4 or 5 Years.
Policy Term: 5 to 20 Years.
Partial Withdrawals allowed after 3 Policy Years.
Fund Switching facility available.
Death Benefit = Higher of Fund Value or Sum Assured.
Maturity Benefit = Fund Value at Maturity.
Loan facility available after acquiring surrender value.
Tax benefits available as per prevailing Income Tax laws.
Frequently Asked Questions
What is LIC Profit Plus Plan 188?
LIC Profit Plus Plan 188 is a Unit Linked Insurance Plan (ULIP)
offering life insurance coverage along with market-linked investment growth.
When was LIC Profit Plus launched?
The plan was launched on 23 August 2007.
When was the plan withdrawn?
LIC withdrew Profit Plus Plan 188 on 01 September 2010.
Can partial withdrawals be made?
Yes, partial withdrawals are allowed after completion
of 3 policy years subject to policy conditions.
What is the maturity benefit?
The maturity benefit is equal to the accumulated fund value.
What is the death benefit?
The nominee receives the higher of the Sum Assured
or Fund Value.
Important Disclaimer
This calculator is designed for educational and illustration purposes only.
Actual LIC Profit Plus Plan 188 values depend on:
Actual NAV performance
Mortality charges
Fund management charges
Policy administration charges
Switching charges
Premium allocation charges
Partial withdrawals
Market conditions
Actual maturity values, surrender values, and death benefits may differ from
the estimates shown by this calculator.
LIC Profit Plus Plan 188 Calculator
WordPress Compatible Version
Introduction to LIC Profit Plus Plan 188
LIC Profit Plus Plan 188 was a Unit Linked Insurance Plan (ULIP) introduced by the Life Insurance Corporation of India. The plan was designed to provide the dual advantage of life insurance protection and market-linked investment growth. It allowed policyholders to invest according to their financial goals and risk appetite while enjoying insurance coverage under a single policy.
Launch and Withdrawal Details
Particular
Details
Launch Date
23 August 2007
Withdrawal Date
1 September 2010
Although the plan was discontinued for new sales in 2010, existing policyholders continue to receive benefits according to the original policy conditions.
What is LIC Profit Plus Plan 188?
LIC Profit Plus Plan 188 is a ULIP that combines insurance protection with investment opportunities. Premiums paid under the policy are invested in market-linked funds selected by the policyholder. The plan also offers features such as fund switching, partial withdrawals, and life cover throughout the policy term.
Key Features of LIC Profit Plus Plan 188
Unit Linked Insurance Plan (ULIP).
Available with Single Premium and Limited Premium payment options.
Premium Paying Term options of 3, 4, or 5 years.
Policy term ranging from 5 to 20 years.
Sum Assured available in multiples of ₹5,000.
Multiple fund options to suit different risk preferences.
Partial withdrawal facility after completion of three policy years.
Fund switching facility during the policy term.
Policy revival option available within two years of the first unpaid premium.
Eligibility Criteria
Parameter
Details
Minimum Entry Age
0 years
Maximum Entry Age
65 years
Minimum Maturity Age
18 years
Maximum Maturity Age
75 years (70 years for PPT 3 years)
Policy Term
5 to 20 years
Premium Paying Term
Single / 3 Years / 4 Years / 5 Years
Minimum Annual Premium
₹10,000
Minimum Single Premium
₹20,000
Benefits of LIC Profit Plus Plan 188
Life Insurance Benefit
In case of the policyholder's death during the policy term, the nominee receives the higher of the Sum Assured or the available Fund Value, ensuring financial protection for the family.
Maturity Benefit
If the policyholder survives until the end of the policy term, the accumulated fund value is paid as the maturity benefit.
Partial Withdrawal Facility
The plan allows partial withdrawals after completing three policy years, helping policyholders meet financial requirements without surrendering the entire policy.
Fund Switching Option
Policyholders can switch their investments among available funds to align with changing market conditions and investment objectives.
Loan Facility
A loan can be availed after completion of two policy years, subject to policy conditions and surrender value eligibility.
Tax Benefits
Premiums paid and policy benefits may qualify for tax advantages under applicable provisions of the Income Tax Act, subject to prevailing tax laws.
How LIC Profit Plus Plan 188 Works
LIC Profit Plus Plan 188 follows a simple investment and insurance structure where a portion of the premium provides life cover while the remaining amount is invested in selected funds.
Premium Payment
The policyholder can pay either a single premium or choose a limited premium payment option of 3, 4, or 5 years.
Investment in Funds
The premium amount is invested in the funds selected by the policyholder. Depending on risk appetite, investors can choose between conservative and growth-oriented funds.
Unit Allocation
After deducting applicable charges, units are allocated based on the prevailing Net Asset Value (NAV) of the selected fund.
Fund Value Growth
The value of the policy changes according to the performance of the chosen funds. As NAV increases or decreases, the fund value also fluctuates.
Maturity or Death Benefit
At maturity, the accumulated fund value is paid to the policyholder. In case of death during the policy term, the nominee receives the higher of the Sum Assured or the Fund Value.
Partial Withdrawals and Fund Switching
The policy provides flexibility through partial withdrawals and fund switches, allowing policyholders to manage investments according to changing financial needs.
LIC Profit Plus Plan 188 Calculator
The LIC Profit Plus Plan 188 Calculator helps estimate the potential benefits of the policy based on premium amount, policy term, fund allocation, and expected fund performance.
Purpose of the Calculator
The calculator can be used to:
Estimate maturity value.
Project future fund growth.
Calculate death benefits.
Understand the impact of fund switching.
Estimate surrender value.
Assist in long-term financial planning.
How to Use the Calculator
Enter Premium Amount
Provide the annual premium or single premium amount invested in the policy.
Select Policy Term
Choose the duration of the policy according to your plan details.
Choose Fund Allocation
Specify how the premium is distributed among available funds such as Bond, Secured, Balanced, and Growth Funds.
Enter Age at Entry
Provide the age of the life assured when the policy was purchased.
Add Switching or Withdrawal Details
If applicable, enter details of fund switches or partial withdrawals made during the policy term.
View Results
The calculator estimates maturity value, projected returns, surrender value, and death benefits.
Factors Affecting Calculator Results
Several factors influence the projections shown by the calculator.
NAV Performance
Since the plan is market-linked, fluctuations in NAV directly impact the fund value.
Policy Charges
Various charges deducted from the policy reduce the amount available for investment and affect overall returns.
Premium Payment Structure
Returns may vary depending on whether the policy was purchased under the single premium or limited premium option.
Market Conditions
The performance of equity and debt markets significantly affects fund growth.
Policy Duration
Longer policy terms generally provide more time for investments to grow.
Partial Withdrawals
Any withdrawal made from the fund reduces the available investment corpus and future growth potential.
Sample Illustration
Assume the following details:
Annual Premium: ₹50,000
Premium Paying Term: 5 Years
Policy Term: 15 Years
Age at Entry: 30 Years
Fund Allocation
Fund
Allocation
Growth Fund
40%
Balanced Fund
30%
Bond Fund
20%
Secured Fund
10%
Based on assumed fund performance, the calculator can provide:
Estimated maturity value.
Expected death benefit.
Projected surrender value.
Overall fund growth over the policy term.
This helps policyholders evaluate potential returns and make informed investment decisions.
Charges Under LIC Profit Plus Plan 188
Like other ULIPs, LIC Profit Plus Plan 188 includes various charges that impact the final fund value.
Premium Allocation Charge
A percentage of the premium is deducted before units are allocated.
Fund Management Charge
This charge is deducted for managing investments under the selected fund.
Mortality Charge
Mortality charges are deducted for providing life insurance coverage.
Policy Administration Charge
Administrative charges may be deducted as specified in the policy conditions.
Fund Switching Charge
Switching between funds beyond the free switching limit may attract additional charges.
These charges are considered while calculating projected maturity values and benefits.
Fund Options Available Under LIC Profit Plus Plan 188
LIC Profit Plus Plan 188 offered multiple investment funds to suit different risk profiles and financial objectives.
Bond Fund
The Bond Fund is intended for conservative investors seeking relatively stable returns. Investments are primarily made in debt instruments and government securities.
Secured Fund
This fund provides a balance between stability and growth by investing mainly in fixed-income securities along with a limited exposure to equities.
Balanced Fund
The Balanced Fund combines equity and debt investments to offer moderate growth with controlled risk.
Growth Fund
The Growth Fund focuses largely on equity investments and is suitable for investors willing to accept higher risk in exchange for potentially higher returns.
Policyholders could invest in a single fund or distribute their premiums across multiple funds based on their investment preferences.
Partial Withdrawals and Policy Surrender
Partial Withdrawal Facility
Partial withdrawals are permitted after the completion of three policy years.
Important conditions include:
A minimum fund value of ₹10,000 must remain after the withdrawal.
Withdrawals may be made either in fixed amounts or by redeeming a specific number of units.
This facility helps policyholders meet financial requirements without terminating the policy.
Surrender Value
The policy becomes eligible for surrender after the completion of three policy years.
The surrender value is generally equal to the available fund value under the policy after applying applicable terms and conditions.
Settlement Option
At maturity, policyholders may also have the option to receive benefits in installments rather than taking the entire amount as a lump sum.
Eligibility Conditions
Entry Age
Minimum Entry Age: 18 years completed
Maximum Entry Age: 65 years nearest birthday
Policy Term
The policy term can be selected between 5 years and 20 years.
Premium Requirements
Minimum Annual Premium: ₹10,000
Minimum Single Premium: ₹20,000
Revival Option
If premiums are not paid on time, the policy may be revived within two years from the date of the first unpaid premium, subject to LIC's revival rules.
Tax Benefits
LIC Profit Plus Plan 188 offered tax advantages under the prevailing provisions of the Income Tax Act.
Premiums paid could qualify for deductions under Section 80C.
Maturity proceeds and death benefits may be eligible for tax exemption under Section 10(10D), subject to applicable tax regulations.
Policyholders should consult a tax professional for current tax treatment.
How to Access LIC Profit Plus Plan 188 Calculator
Various financial websites and insurance platforms provide calculators for LIC Profit Plus Plan 188.
Common sources include:
LIC's official website for plan details and NAV updates.
Insurance comparison portals.
Financial advisory websites.
Investment planning tools and mobile applications.
Spreadsheet-based calculators for personalized projections.
These tools can help estimate maturity benefits, surrender values, and fund growth based on different assumptions.
Why Use LIC Profit Plus Plan 188 Calculator?
Using a calculator can provide valuable insights before making financial decisions.
Key Benefits
Helps estimate potential maturity proceeds.
Assists in setting investment goals.
Enables comparison with other insurance and investment products.
Demonstrates the impact of fund allocation choices.
Projects death benefits and surrender values.
Supports long-term financial planning.
Useful Tips for Policyholders
Understand that returns are market-linked and not guaranteed.
Review fund performance periodically.
Use fund switching facilities when necessary.
Monitor policy charges and their impact on returns.
Make partial withdrawals carefully to avoid reducing long-term growth.
Use calculators regularly with updated NAV information for realistic projections.
Seek professional financial advice whenever required.
Frequently Asked Questions
What is LIC Profit Plus Plan 188?
LIC Profit Plus Plan 188 is a Unit Linked Insurance Plan (ULIP) that combines life insurance protection with investment opportunities through market-linked funds.
When was LIC Profit Plus Plan 188 launched and withdrawn?
The plan was launched on 23 August 2007 and withdrawn from sale on 1 September 2010. Existing policies continue under their original terms.
What premium payment options were available?
Policyholders could choose a Single Premium option or Limited Premium Payment Terms of 3, 4, or 5 years.
Which fund options were available under the plan?
The plan offered Bond Fund, Secured Fund, Balanced Fund, and Growth Fund, allowing investors to select funds according to their risk tolerance.
Can partial withdrawals be made?
Yes. Partial withdrawals are allowed after completing three policy years, subject to minimum fund value requirements.
Conclusion
LIC Profit Plus Plan 188 was a market-linked insurance plan that offered the combined advantages of life protection and investment growth. Through multiple fund choices, switching facilities, and partial withdrawal options, it provided flexibility to policyholders while helping them work toward long-term financial goals.
Although the plan was withdrawn in 2010, it remains relevant for existing policyholders. The LIC Profit Plus Plan 188 Calculator continues to be a useful tool for estimating maturity benefits, surrender values, and fund performance, enabling better financial planning and policy management.
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My name is Ashish Pandey, and I work as a Content Writer for Lic Policy Calculator. I am passionate about writing informative and engaging articles. With over 4 years of blogging experience, I always strive to inspire others, share valuable knowledge, and help aspiring bloggers achieve success in their blogging journey.
