HDFC Pro Growth Super II Plan is a unit linked insurance plan (ULIP), such that if the Life Insured dies within the policy tenure, the nominee would receive both the Sum Assured and the Fund Value as Death Benefit. There are various options of combining the basic Death Benefit along with riders to increase protection.
Key Features of HDFC Pro Growth Super II
- Unit linked insurance plan with a double death benefit
- No medical tests required
- 8 options of basic Death Benefit with 3 choice of riders
- Choice of 5 Investment Fund Options
HDFC Pro Growth Super II Plan Options
The policyholder has a choice of 8 plan options -
- Life Option = Death Benefit
- Extra Life Option = Death Benefit + Accidental Death Benefit
- Life & Health Option = Death Benefit + Critical Illness Benefit
- Extra Life & Health Option = Death Benefit + Critical Illness Benefit + Accidental Death Benefit
- Life & Disability Option = Death Benefit + Accidental Total & Permanent Disability Benefit
- Extra Life & Disability Option = Death Benefit + Accidental Death Benefit + Accidental Total & Permanent Disability Benefit
- Life & Health & Disability Option = Death Benefit + Critical Illness + Accidental Total & Permanent Disability Benefit
- Extra Life & Health & Disability Option = Death Benefit + Accidental Death Benefit+ Critical Illness + Accidental Total & Permanent Disability Benefit
Benefits you get from HDFC Pro Growth Super II
Death Benefit – In case of death of the Life Insured, the nominee would get the Sum Assured Plus the Fund Value.
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in HDFC Pro Growth Super II
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Minimum
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Maximum
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|
Sum Assured (in Rs.)
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10 x AP
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40 x Annual Premium
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Policy Term (in years)
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10
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30
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Premium Payment Term (in years)
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Equal to policy term
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Entry Age of Policyholder (in years)
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14
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65
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Age at Maturity (in years)
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NA
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75
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Single Premium (in Rs.)
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NA
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NA
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Payment modes
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Only Yearly
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Sample illustration of premium amount in HDFC Pro Growth Super II
Premium = Rs.25,000
Age = 30 years and 40 years
Policy Term = 15 years
Premium Paying Term = Regular Pay
Sum Assured = Rs 2,50,000
Total Investment = Rs 25,000 X 15 years = Rs 3,75,000
Additional Features and Benefits of HDFC Pro Growth Super II
Riders – There are 3 riders available in this policy
- Critical Illness Benefit rider
- Accidental Death Benefit rider
- Accidental Total and Permanent Disability Benefit rider
Investment Fund Options
There are 5 Investment Funds available
- Short Term Fund
- Income Fund
- Balanced Fund
- Blue Chip Fund
- Opportunities Fund
Top-up - Not allowed in this plan
Switching - Free switching is allowed at anytime.
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 10,000 subject at least 150% of original regular premium remaining in the Fund Value and the Maximum Partial Withdrawal allowed is upto 300% of the original regular premium.
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy - There is no loan available under this plan.
Alternate ULIPs from different insurance companies
Aviva LifeBond Advantage
AEGON Religare iMaximize
IndiaFirst Life Smart Save
Max New York Life Fast Track Plan
Other ULIPs from HDFC Life Insurance
HDFC SL Crest
HDFC ProGrowth Flexi
HDFC ProGrowth Maximiser
HDFC YoungStar Super II
HDFC YoungStar Super Premium
