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.