LICULIPWealth / investment-oriented ULIP
Protection Plus
A unit-linked plan that combines life cover with market-linked investing across six fund options, letting you choose how much equity risk to take while building a fund value.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
The truth card
PurposeSavings — Linked (ULIP)
CategoryWealth / investment-oriented ULIP
InsurerLIC
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureYes — fund-value linked
LiquidityNot available in the current product data
Lock-in5 years (statutory minimum for ULIPs)
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data
What this product is
A unit-linked plan that combines life cover with market-linked investing across six fund options, letting you choose how much equity risk to take while building a fund value.
You might need this if…
- You might need this if you want life insurance and market-linked investing bundled into a single policy rather than buying them separately.
- You might need this if you're comfortable with investment risk and want to pick your own equity/debt mix across six fund options, from a pure Bond Fund to the highly-equity Flexi Smart Growth Fund.
- You might need this if you want a top-up option to invest lump sums opportunistically on top of your regular premiums.
- You might need this if you want the flexibility to switch between funds as markets move, with a few free switches each year.
How it actually works
- Premiums are split between charges and units bought in your chosen fund(s); the minimum annual premium is ₹60,000.
- Sum assured is a multiple of your annualised premium (7x-40x depending on age and term), and can be topped up with additional lump sums.
- On death, the nominee gets the higher of the sum assured, the fund value, or 105% of premiums paid.
- On maturity, you receive the fund value, plus a refund of the mortality charges deducted over the policy term.
- An optional Linked Accidental Death Benefit Rider can be added, costing ₹0.40-0.80 per ₹1,000 of extra cover.
- Charges include a 3-8% premium allocation charge, a 1.35% p.a. fund management charge, and monthly admin charges from year 6.
Worked example
For a 35-year-old paying ₹40,000/year for 15 years under a 20-year policy invested in the Bond Fund, the projected maturity value is ₹7.81 lakh at an assumed 4% return, or ₹13.20 lakh at an assumed 8% return.
The tiers
| Fund | Equity exposure | Risk level |
|---|---|---|
| Bond Fund | 0% | Low |
| Secured Fund | 15-55% | Lower-medium |
| Balanced Fund | 30-70% | Medium |
| Growth Fund | 40-80% | High |
| Flexi Growth Fund | 40-100% | Very high |
| Flexi Smart Growth Fund | 40-100% (Nifty50 focus) | Very high |
Worth knowing before you decide
- There's a mandatory 5-year lock-in; if you stop paying before then, your money moves to a Discontinued Policy Fund earning only a 4% p.a. floor until year 5.
- Investment returns are not guaranteed, and you bear all the market risk on the fund value.
- No loan facility is available against this policy.
- Partial withdrawals are only allowed after year 5, capped between roughly 15-30% annually.