MyInsuranceClub
menu

HDFC SL 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.

Compare this plan with other Investment Plans

HDFC SL Pro Growth Super II - Key Features

Unit linked insurance plan with a double death benefit
tax-benefit icon

No medical tests required
tax-benefit icon

8 options of basic Death Benefit with 3 choice of riders
tax-benefit icon

Choice of 5 Investment Fund Options
tax-benefit icon

HDFC SL Pro Growth Super II - Benefits

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

Riders

There are 3 riders available in this policy

Critical Illness Benefit rider
Accidental Death Benefit rider
Accidental Total and Per...

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. T...

Charges for HDFC Life Pro Growth Super II Plan

Premium Allocation Charge – This charge is deducted from the Premium Paid by you

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

Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.

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

Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

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

Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.

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

 

Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.

Service Tax would be applicable on the charges depending on the applicable rates.

 

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

HDFC SL ProGrowth II Sample Illustration

HDFC SL Pro Growth Super II - FAQs

angle right iconWhat happens if
angle right iconWhat 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.

angle right iconWhat happens if 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.

angle right iconWhat happens if 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.

angle right iconWhat happens if you want a loan against your policy ?

There is no loan available under this plan.