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LIC's Protection Plus (Plan No. 886) – Complete Guide for Policyholders

LIC’s Protection Plus (Plan No. 886) – Complete Guide for Policyholders

Life Insurance Corporation of India (LIC) introduces Protection Plus (Plan No. 886), a modern unit-linked insurance plan (ULIP) designed to offer life cover with savings and investment flexibility. Effective from 3rd December 2025, this plan is available for purchase both online and offline.

🏷️ Plan Identification

  • Plan Name: LIC’s Protection Plus
  • Plan No.: 886
  • UIN: 512L361V01
  • Type: Non-Participating, Linked, Individual, Savings Plan

📅 Key Features at a Glance

Feature

Details

Policy Term Options

10, 15, 20, 25 years

Premium Paying Term (PPT)

5, 7, 10, or 15 years

Entry Age

18 to 65 years (varies with PPT)

Maturity Age

Up to 90 years

Premium Modes

Yearly, Half-yearly, Quarterly, Monthly (NACH)

Online/Offline Purchase

Yes

Investment Funds

6 fund options with varying risk profiles

Rider Available

LIC’s Linked Accidental Death Benefit Rider

💰 Premium & Sum Assured Details

Minimum Premium:

  • PPT 5,7,10 years:
    • Monthly: ₹5,000 | Quarterly: ₹15,000 | Half-yearly: ₹30,000 | Yearly: ₹60,000
  • PPT 15 years:
    • Monthly: ₹3,000 | Quarterly: ₹9,000 | Half-yearly: ₹18,000 | Yearly: ₹36,000

Basic Sum Assured:

  • Minimum: 7x Annual Premium (age < 50) or 5x Annual Premium (age ≥ 50)
  • Maximum: Depends on age, PPT, and premium amount (see plan brochure for tables).

Top-up Premium:

  • Minimum: ₹1,000 per top-up (multiples of ₹1,000)
  • Top-up Sum Assured: 1.25 x Top-up Premium

🛡️ Benefits Offered

1. Death Benefit

If the life assured passes away before maturity, the nominee receives the highest of:

  • Basic Sum Assured (adjusted for recent withdrawals)
  • Base Premium Fund Value
  • 105% of total Base Premiums paid

Plus, if Top-up premiums were paid, the highest of:

  • Total Top-up Sum Assured
  • Top-up Premium Fund Value
  • 105% of total Top-up Premiums paid

2. Maturity Benefit

On surviving till maturity, the Unit Fund Value (Base + Top-up Fund Value) is paid.

3. Refund of Mortality Charges

All mortality charges deducted during the policy term are refunded at maturity (except in case of surrender/discontinuance).

🏦 Investment Fund Options

Policyholders can choose one of six funds:

Fund Type

Risk Profile

Primary Investment Focus

Bond Fund

Low

Government & corporate debt

Secured Fund

Low-Medium

Mix of debt and equity

Balanced Fund

Medium

Balanced debt and equity

Growth Fund

High

Primarily equities

Flexi Growth Fund

Very High

Select Nifty 100 stocks

Flexi Smart Growth Fund

Very High

Select Nifty 50 stocks

📉 Charges Overview

Charge Type

Details

Premium Allocation Charge

Varies by policy year & sale channel (Online lower than Offline)

Mortality Charge

Age-based, deducted monthly

Fund Management Charge

1.35% p.a. for main funds, 0.50% for Discontinued Policy Fund

Policy Administration Charge

From 6th year onwards (₹85–₹100/month, escalating at 5% p.a.)

Switching Charge

4 free switches/year, then ₹100 per switch

Partial Withdrawal Charge

₹100 per withdrawal

Discontinuance Charge

Slab-based, applicable within first 5 years

Tax Charge

As per prevailing tax laws

🔄 Flexibility & Options

  • Switching Between Funds: Up to 4 free switches per year.
  • Partial Withdrawals: Allowed after 5 years, subject to limits.
  • Top-up Premiums: Can be paid anytime (except last 5 policy years).
  • Increase/Decrease Sum Assured: Allowed under specific conditions.
  • Settlement Option: Death benefit can be received in installments over up to 5 years.

⚠️ Important Conditions

  • Grace Period: 30 days (Yearly/Half-yearly/Quarterly), 15 days (Monthly).
  • Free Look Period: 30 days from policy receipt.
  • Suicide Clause: Within 12 months of policy start/revival, only Unit Fund Value is payable.
  • Loan Facility: Not available under this plan.
  • Revival: Allowed within 3 years from first unpaid premium.

🧾 Required Documents for Claims

  • Death Claim: Claim form, original policy, NEFT mandate, death certificate, age proof (if not already admitted).
  • Maturity/Surrender: Discharge form, policy document, NEFT mandate, age proof.

📞 Customer Support & Grievance

  • Policyholders can contact their servicing branch or use LIC’s customer portal.
  • Insurance Ombudsman details are provided in the policy document for dispute resolution.

✅ Why Choose LIC Protection Plus?

  • Dual Benefit: Life cover + market-linked returns.
  • Flexible Premiums: Choose PPT, pay top-ups, increase/decrease cover.
  • Multiple Fund Choices: From low-risk to high-growth options.
  • Transparent Charges: Clear, regulated fee structure.
  • Trust of LIC: Backed by India’s largest life insurer.

🔗 How to Buy

  • Online: www.licindia.in
  • Offline: Through LIC agents, offices, or intermediaries.



Team Avinash Singh
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