HDFC SL Pro Growth Super II

HDFC Pro Growth Super II

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 Plan

• 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

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HDFC Pro Growth Super II Insurance Plan Options 

The policyholder has a choice of 8 plan options -

1. Life Option = Death Benefit
2. Extra Life Option = Death Benefit + Accidental Death Benefit
3. Life & Health Option = Death Benefit + Critical Illness Benefit
4. Extra Life & Health Option = Death Benefit + Critical Illness Benefit + Accidental Death Benefit
5. Life & Disability Option = Death Benefit + Accidental Total & Permanent Disability Benefit
6. Extra Life & Disability Option = Death Benefit + Accidental Death Benefit + Accidental Total & Permanent Disability Benefit
7. Life & Health & Disability Option = Death Benefit + Critical Illness + Accidental Total & Permanent Disability Benefit
8. 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 insurance Policy 

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 & other restrictions in HDFC Pro Growth Super II Policy

	Minimum	Maximum
Sum Assured (in Rs.)	10 x AP	40 x Annual Premium
Policy Term (in years)	10	30
Premium Payment Term (in years)	Equal to policy term
Entry Age of Policyholder (in years)	14	65
Age at Maturity (in years)	NA	75
Single Premium (in Rs.)	NA	NA
Payment modes	Only Yearly

 

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

1. Critical Illness Benefit rider
2. Accidental Death Benefit rider
3. Accidental Total and Permanent Disability Benefit rider 

Investment Fund Options - There are 5 Investment Funds available

1. Short Term Fund
2. Income Fund
3. Balanced Fund
4. Blue Chip Fund
5. 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.
 

Charges for HDFC Life Pro Growth Super II Plan

 

Policy Year	Premium Allocation Charge
Year 1 to Year 7	4%
Year 8 onwards	1%

 

Policy Year	Policy Administration Charge
Year 1 to Year 5	NIL
Year 6 onwards	0.25% of Premium p.m. inflating at 5% p.a. subject to a maximum of Rs 500 or 0.4% of Premium p.m., whichever is lower

 

Type	Charge
Short Term Fund	1.35%
Income Fund	1.35%
Balanced Fund	1.35%
Blue Chip Fund	1.35%
Opportunities Fund	1.35%

 

Year of Discontinuation	Annual Premium <= Rs 25,000 p.a.	Annual Premium > Rs 25,000 p.a.
1st	Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000	Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000
2nd	Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000	Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000
3rd	Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500	Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
4th	Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000	Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
5th onwards	NIL	NIL

                           

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 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.