HDFC Life Pro Growth Flexi Plan
HDFC Life Pro Growth Flexi Plan is a Unit Linked Insurance Plan (ULIP). Thus, it is a non-Traditional Insurance Plan without Bonus facility.
HDFC Life Pro Growth Flexi Plan - Key Features
Life Option- Only Death Benefit Extra Life Option-
Higher of Sum Assured or Fund Value is paid to the nominee as Death Benefit
If the Life Insured meets with an accidental death and had opted for Extra Life Option, then he would an additional Sum Assured as Accidental Death
There is an option of Limited Premium Payment provided at least 5 years premium has been paid
There are 5 Investment Funds available in this plan:
...
HDFC Life Pro Growth Flexi Plan - Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets higher of Sum Assured or Fund Value as Death Benefit and the policy
The Fund Value is paid as Maturity Benefit on the policy maturity
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Pro
There are No Additional Riders available in this policy. Extra Life Option has inbuilt Accidental Death Benefit rider.
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. T
How HDFC Life Pro Growth Flexi Plan works?
In this plan, premium needs to be paid till the end of the Policy Tenure. However, there is an option of Limited Premium Payment facility provided the first 5 years premiums have been paid.
| Policy Term | Minimum Premium Paying Term |
| 10 years | 5 Years |
| 15 years + | 10 years |
There are 5 funds for investment purpose where the policyholder can choose his portfolio depending upon his risk appetite.
In this Plan, there are 2 variants:
- Life Option- This is the Basic version of the Plan without additional features
- Extra Life Option- In this variant of the plan, an inbuilt Accidental Death Benefit rider. Thus, if this variant is selected and the Life Insured suffers from an Accidental Death, then an additional Sum Assured is paid to the nominee as Accidental Death Benefit.
In this plan, if the Life Insured dies within the Policy Tenure, then higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit and the policy terminates. However, if the Life Insured meets with an accidental death and had opted for Extra Life Option, then he would an additional Sum Assured as Accidental Death Benefit.
On maturity, the Fund Value is paid to the policyholder as Maturity Benefit.
Let's take us an example to understand it better:
This illustration is for a healthy Male (non-tobacco user) of 30 years age opting for a Premium=Rs 1,00,000 and Rs 2,00,000respectively and Policy Term = 20 years
Eligibility conditions & other restrictions in HDFC Life Pro Growth Flexi Policy
| Minimum | Maximum | |
| Sum Assured (in Rs.) |
For age<45 yrs, SA=Higher of 10 X AP or 0.5 X PT X AP For age>=45 yrs, SA=Higher of 7 X AP or 0.25 X PT X AP |
40 X AP |
| Policy Term (in years) | 10 | 30 |
| Premium Payment Term (in years) | 5 years | Equal to policy term |
| Entry Age of Life Insured (in years) | 14 for Life Option 18 for Extra Life Option |
65 for Life Option 55 for Extra Life Option |
| Age at Maturity (in years) | - | 75 for Life Option 70 for Extra Life Option |
| Annual Premium (in Rs.) | 24,000 Annually 10,000 Semi-Annually 2,500 Monthly |
No Limit |
| Payment modes | Yearly, Half-Yearly and Monthly | |
HDFC Life Pro Growth Flexi Plan - FAQs
No top-up is not allowed
Yes, free switching is allowed at anytime.
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 as per the guidelines of the IRDA 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. The policy can be revived within 2 years from the due date of the first unpaid premium.
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.
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 as per the guidelines of the IRDA 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.
There is loan available under this plan upto 40% of the Surrender Value provided the policyholder is at least 18 years old.
