To have it ring, make sure that you do two things in Profiles:
1. Set a volume level (not Mute), and
2. Set it to Vibrate and Tone, or Tone (not just Vibrate)
Lastly, make sure that you did this for "Out of Holster and "In Holster" (second half of screen), according to what you want to happen.
Do all the above, it should work.