LIC Fortune Plus 187 is a 2007 ULIP with a five-year premium term. The first-year premium is four times the premium for years 2 to 5, with a ₹20,000 minimum. Cover is the higher of 5 times or half the term times the first-year premium. A ₹40,000 first-year premium means ₹10,000 a year after, ₹3 lakh cover for 15 years and a projected fund of about ₹1.58 lakh at 8%.
Fortune Plus 187 Premium & Fund Calculator
Your estimate
projected, not guaranteed
on death: higher of this or the fund value
- Premium for years 2 to 5
- ₹10,000
- Premium paying term
- 5 years
- Total premium paid
- ₹80,000
- Fund value at 4% return
- ₹89,704
- Fund value at 8% return
- ₹1,58,096
- Total premium paid₹80,00051%
- Estimated returns₹78,09649%
Projected fund value by policy year (assumed charges)
| Policy year | Premiums paid | Fund value (year end) | Death benefit |
|---|---|---|---|
| 1 | ₹40,000 | ₹33,344 | ₹3,00,000 |
| 2 | ₹50,000 | ₹45,180 | ₹3,00,000 |
| 3 | ₹60,000 | ₹57,867 | ₹3,00,000 |
| 4 | ₹70,000 | ₹71,468 | ₹3,00,000 |
| 5 | ₹80,000 | ₹86,054 | ₹3,00,000 |
| 10 | ₹80,000 | ₹1,16,071 | ₹3,00,000 |
| 15 | ₹80,000 | ₹1,58,096 | ₹3,00,000 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Fortune Plus Plan 187?
LIC Fortune Plus Plan 187 (UIN 512L244V01) is a unit-linked, non-participating life insurance plan that LIC launched on 23 August 2007. It combines life cover with investment in market-linked units. Its defining feature is the premium pattern: you pay for five years only, and the first year’s premium is much bigger than the rest.
The plan is no longer sold. The withdrawal date is reported differently in different sources, so we leave it out. This page is for people who still hold a Fortune Plus policy. Its close cousin from the same period is Profit Plus 188.
Fortune Plus 187 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 187 / 512L244V01 |
| Plan type | Unit-linked, non-participating |
| Launched | 23 August 2007 |
| Premium paying term | 5 years |
| Premium pattern | Year 1 = 4 × premium for years 2 to 5 |
| Minimum first-year premium | ₹20,000 |
| Sum assured | Higher of 5 × or (term ÷ 2) × first-year premium |
| Death benefit | Higher of sum assured or fund value |
| Partial withdrawal | After the 3rd policy anniversary |
| Loan | Not available |
How the calculator works
Premiums and cover come straight from the plan rules:
- Premium for years 2 to 5 = first-year premium ÷ 4
- Sum assured = higher of (5 × first-year premium) or (term ÷ 2 × first-year premium), rounded up to ₹5,000
Fund value is a projection. Each year the calculator deducts an allocation charge from the premium (assumed 20% in year 1 and 3% after), a ₹600 administration charge and a mortality charge on the sum at risk. It then grows the balance at your expected return minus a 0.8% fund management charge. These charges are our assumptions for ULIPs of that era, not brochure figures.
Example: age 30, first-year premium ₹40,000, term 15 years.
| Item | Amount |
|---|---|
| Premium, year 1 | ₹40,000 |
| Premium, years 2 to 5 | ₹10,000 a year |
| Total premium | ₹80,000 |
| Sum assured | ₹3,00,000 |
| Projected fund at 4% | ₹89,704 |
| Projected fund at 8% | ₹1,58,096 |
At 8%, the fund is about ₹86,054 after five years and about ₹1,16,071 after ten.
A smaller policy: age 35, first-year premium ₹20,000, term 10 years. Cover is ₹1,00,000, total premium ₹40,000 and the projected fund is about ₹54,020 at 8% (₹37,705 at 4%).
Tip: because the life cover is large compared with the premium, mortality charges keep eating into the fund after premiums stop, especially at older ages. Check your latest unit statement before deciding to hold or surrender.
GST: ULIP charges no longer attract GST from 22 September 2025. Earlier, GST (and before July 2017, service tax) applied to the charges, not to the invested amount.
Death benefit
If the life assured dies during the term, the nominee receives the higher of the sum assured or the fund value. Partial withdrawals made within two years before death reduce the sum assured by the amount withdrawn. An accident benefit rider, if taken, adds its own cover on accidental death.
Maturity benefit
At the end of the term you receive the fund value: units held × NAV on the maturity date. Nothing is guaranteed, and there is no bonus.
Partial withdrawal, surrender and lapse
- Partial withdrawal: after the third policy anniversary, keeping a minimum balance (about ₹10,000). For a minor life assured, only after age 18.
- Surrender: allowed after three policy years. You get the fund value.
- Lapse: if early premiums are missed, the policy can lapse. If the fund falls very low (around ₹5,000), the policy may be terminated.
- Loan: not available.
Tax benefits
Premiums qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old tax regime. Maturity and death proceeds are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) for policies of this vintage.
Should you hold or exit?
If the premiums are already paid, the only cost of holding is the ongoing charges. Compare your current fund value with what a simple mutual fund or FD would give over the remaining term. Also consider whether you still need the life cover. For current LIC unit-linked options, see SIIP 752. To test other amounts, use the LIC ULIP calculator.
Frequently asked questions
What is LIC Fortune Plus Plan 187?
It is a unit-linked, non-participating insurance plan launched by LIC on 23 August 2007. Premiums are invested in units of the chosen fund after charges. Premiums are paid for five years only, and the maturity benefit is the fund value at the end of the term.
How are premiums structured in Fortune Plus 187?
The first-year premium is four times the yearly premium for years 2 to 5. With a ₹40,000 first-year premium you pay ₹10,000 a year for the next four years, or ₹80,000 in all. The minimum first-year premium is ₹20,000.
How is the sum assured worked out?
The sum assured is the higher of 5 times the first-year premium or half the policy term multiplied by the first-year premium, rounded up to the next ₹5,000. For ₹40,000 over 15 years that is ₹3,00,000.
What is the death benefit in Fortune Plus 187?
The nominee receives the higher of the sum assured or the fund value. Partial withdrawals made in the two years before death reduce the sum assured by the amount withdrawn.
Can I take a loan on LIC Fortune Plus?
No. The plan has no loan facility. You can make partial withdrawals after the third policy anniversary if enough fund value remains, or surrender the policy after three years.
Is LIC Fortune Plus 187 still sold?
No. It is an old ULIP that is no longer available to new buyers. Sources give different withdrawal dates, so we don't quote one. Existing policies continue under their original terms.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.