HDFC Life Pro Growth Plus Plan
HDFC Life Pro Growth Plus Plan
HDFC Life Pro Growth Plus Plan is a Unit Linked Insurance Plan (ULIP). Thus, it is a non-Traditional Insurance Plan without Bonus facility.
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.
Key Features
It is a simple Unit Linked Insurance Policy without Bonus Facility
There are 2 variants of this plan
- Life Option- Only Death Benefit
- Extra Life Option- Death Benefit + Accidental 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 Benefit.
There are No Additional Riders available in this policy. Extra Life Option has inbuilt Accidental Death Benefit rider.
There are 5 Investment Funds available in this plan:
- Short Term Fund
- Income Fund
- Balanced Fund
- Blue Chip Fund
- Opportunities Fund
Not Allowed
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 terminates.
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 Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Free switching is allowed at anytime.
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 300% of the original Regular Premium amount such that the Fund Value does not fall below 150% of the original Regular Premium.
How it works
In this plan, premium needs to be paid till the end of the Policy Tenure. There are 5 funds for investment purpose where the policyholder can choose his portfolio depending upon his risk appetite.
Eligibility
| 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) | 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 | |
FAQs
What if I stop paying the premium before 5 years?If the policyholder 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.
What if I 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.
What if I 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 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.
What if I want a loan against your policy?There is loan available under this plan upto 40% of the Surrender Value provided the policyholder is at least 18 years old.
