HDFC Pro Growth Maximiser Plan is a Single Premium Unit Linked Insurance Plan (ULIP). Thus it is a non-Traditional Insurance Plan without Bonus facility.
How it works – In this plan, premium needs to be paid in Lump sum under Single Premium Option. Being a Unit Linked Insurance Plan, this policy provides the flexibility to the policyholder for investment in a fund according to his risk appetite.
This plan has 3 Investment Options:
Highest NAV Guarantee Fund where the Highest NAV during the first 7 years or Rs 15 is guaranteed at Maturity
Free Asset Allocation Option where there is a choice of Investment in 5 funds
Capital Guarantee Fund where there is a Minimum Guaranteed NAV at policy inception
The Fund Value is paid to the policyholder on maturity. However, if the Life Insured dies within the policy tenure, higher of Fun Value or Sum Assured is paid to the nominee as Death Benefit and the policy terminates.
Key Features of HDFC Pro Growth Maximiser Insurance Plan
This is a simple Unit Linked Insurance plan with varied investment opportunity
There are 3 Investment Options available
Highest NAV Guarantee Fund
Free Asset Allocation Option
Capital Guarantee Fund
This plan offers the benefit of Highest NAV at maturity
There is the benefit of minimum guarantee NAV of Rs 15 at maturity
Single Premium Top Ups option is also available
There are 5 Funds available for investment under Free Asset Allocation option
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Benefits you get from HDFC Pro Growth Maximiser Insurance Policy
Death Benefit – In case of death of the Life Insured, the nominee would get the higher of Sum Assured or the Fund Value as Death Benefit and the policy terminates.
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates.
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions & other restrictions in HDFC Pro Growth Maximiser Policy
Sum Assured (in Rs.)
1.25 X Single Premium
Policy Term (in years)
Premium Payment Term (in years)
Entry Age of Life Insured (in years)
Age at Maturity (in years)
Single Premium (in Rs.)
Additional Features and Benefits of HDFC Pro Growth Maximiser
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 3 Investment Opportunity:
Highest NAV Guarantee Fund- where the Guaranteed NAV will be the higher of:
Minimum Guaranteed NAV of Rs 15
The highest NAV recorded in the first 7 policy years
Capital Guarantee Fund- guarantees a minimum NAV at policy Inception
Free Asset Allocation Option: In this option, there are 5Investment Funds available
Short Term Fund
Blue Chip Fund
Top-up - Single Premium Top Ups are allowed only under Free Asset Allocation Option and Highest NAV Guarantee Fund Option. Minimum Single Premium Top Up allowed is Rs 10,000. Under Free Asset Allocation Option, unlimited Top Up is allowed subject to underwriting and under Highest NAV Guarantee Fund Option, maximum Top Up allowed upto the Single Premium paid at policy inception.
Switching - Free switching is allowed at anytime only under Free Asset Allocation Option.
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 and the Maximum Partial Withdrawal allowed is upto 50% of the total premium paid. Under Highest NAV Guarantee Fund option and Capital Guarantee Fund, the units availed for Partial Withdrawal will not get the minimum guaranteed NAV.
What happens if?
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 as declared by the State Bank of India from time to time 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 as declared by the State Bank of India from time to time 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.