HDFC Life ProGrowth Plus Plan
HDFC Life ProGrowth Plus is a unit-linked plan that helps the policyholder to strategize their investment plan. The plan provides extensive life cover and helps the policyholder to strategize their investment based on their risk appetite. The best thing about HDFC ProGrowth Plus policy is that it offers a high return on investment.
HDFC Life Insurance offers HDFC Life ProGrowth Plus plan that gives to the policyholder an option to choose the sum assured. For HDFC Bank credit card holders, the plan is available through EMI. At the time of purchasing the policy, the policy buyer can select from two plan options- Life Option and Extra Life Option. Under Life Option, the plan offers basic coverage and under Extra Life Option the plan offers comprehensive insurance coverage.
In case the policyholder has to meet unexpected financial obligations, the plan comes with an option of fund withdrawal. The policyholder has different options to pay premium using different payment options such as auto debit facility, credit card, internet banking and cheque.
In the fast-paced world where people are busy meeting the needs of their day-to-day life, it’s important to have a financial cushion. Finding a way to invest the hard earned money is a step in the right direction.
Loaded with a wide range of benefits, HDFC ProGrowth Plus policy is the right choice to fulfill various insurance needs and investment goals of different individuals.
Eligibility of HDFC Life ProGrowth Plus Plan?
Here are the eligibility criteria for HDFC ProGrowth Plus policy:
1) Policy Term
2) Age at Entry
3) Maturity Age
4) Term of the Plan
5) Option for Paying Premium
6) Premium Paying Term
7) Sum Assured
Life Option – 14 years
Extra Life Option – 18 years
Life Option – NA
Extra Life Option – NA
Equal to plan tenure
* For age <45 yrs – Annual premium higher by 10 times or 0.5 *term* annual premium.
* For age <45 yrs- Annual premium higher by 7 times or 0.25 *term* annual premium.
Life Option – 65 years
Extra Life Option – 55 years
Life Option – 75 years
Extra Life Option – 70 years
Annual premium is 40 times subject to maximum of Rs. 40 Lakh
Key Features of HDFC Life ProGrowth Plus Plan:
Key Features of HDFC ProGrowth Plus plan:
- The plan offers dual death benefits. Life option provides death benefit if the policyholder passes away during the policy term. Extra Life Option provides an additional benefit- accidental death benefit if the policyholder passes away due to an accident.
- It offers various premium payment options so that the policyholder can pay the premium without any hassles.
- HDFC Life ProGrowth Plus policy offers a choice of 8 funds. The policyholder has the option to choose any of the funds as per their investment goals.
- HDFC ProGrowth Plus comes with an option that provides the policyholder maturity benefit through installments.
Additional Features of HDFC Life ProGrowth Plus Plan
Discontinuance of the Plan before 5 Years
In case the policyholder fails to pay the due premium during the grace period, the following options are there:
1) The policyholder can revive the policy within 2 years from the date of discontinuance.
2) The policyholder has the option to withdraw the policy. However, the policy discontinues without risk cover.
Note- The policy will be discontinued if the policyholder doesn’t opt for any of the options mentioned above.
- If the policyholder doesn’t renew the policy, the amount would be paid after the lock-in period is completed.
Discontinuance of the Plan after the Policy Completes 5 Years
If the policyholder discontinues the plan after the end of the lock-in period i.e. 5 years, the following options are there:
- The policyholder can revive the policy within 2 years from the date of discontinuance.
- The policyholder can withdraw the plan.
- The policyholder can get the policy converted into paid-up status.
Guaranteed Paid-up Amount = Assured Amount * (Premiums being Paid) / (Total Payable Premiums)
- In case, the policyholder does not opt for any of the options mentioned above, the policy will be withdrawn and the profits will be paid Once the policyholder discontinues the plan and receives the profits, the policy ends with no further benefits.
Reviving Discontinued Policies
- The policyholder has an option to revive their discontinued plan. However, the plan must be renewed within 2 years from the date of discontinuance.
- In case the policyholder wants to renew the plan, he must pay the due premium amount.
- The deducted discontinuance amount would be reversed while policy administration and premium allocation charges will be levied.
Benefits of the HDFC Life ProGrowth Plus Plan:
Here are the benefits of HDFC ProGrowth plus plan:
- Plan Options- HDFC Life ProGrowth Plus policy offers two plan options:
- Life Option
- Extra Life Option
The insurance buyer can choose any option based on their investment goals and insurance needs.
- Death Benefit- Here is death benefit offered by HDFC ProGrowth plus policy:
- Life Option- Under this plan, if the policyholder passes away, then the nominee gets higher of the sum assured or the fund value as the death benefit. The minimum death benefit payable would be 105% of the paid premium till death.
- Extra Life Option- Under this plan, if the policyholder passes away due to an accident, then the nominee gets an additional sum assured besides the actual death benefit as per HDFC life ProGrowth Plus.
If the policyholder passes away before 60 years of age, then the sum assured would be deducted if any partial withdrawal has been made during the last two years. In another case, if the policyholder passes away after the age of 60 years, then the sum assured would be deducted if any partial withdrawal has been made after 58 years of age.
- Maturity Benefit- At the time of maturity, HDFC ProGrowth Plan provides the following benefits. The policyholder can avail one benefit as per their preference:
- The fund value can be withdrawn by the policyholder in 5 installments over a period of 5 years.
- The policyholder can opt to receive the maturity benefit as a lump sum payment.
- Partial Withdrawal- The best part about the HDFC Life ProGrowth Plus policy is that offers the feature of making partial withdrawals after the completion of five policy years. The policyholder can make a minimum withdrawal of Rs. 10,000 and the maximum withdrawal is 300% of the fund value.
- Switching- The policyholder has the option to switch between funds based on the fund’s performance.
- Premium Redirection-The policyholder has the benefit to redirect the premium to another fund in future.
Investment Fund Options under HDFC Life ProGrowth Plus Plan:
Here are different fund options available under the HDFC Life ProGrowth Plus policy:
- Equity plus fund
- Diversified equity fund
- Blue chip fund
- Opportunities fund,
- Balanced fund
- Income fund
- Bond fund
- Conservative fund
The policyholder can opt for the fund options according to their investment goals.
HDFC Life ProGrowth Plus Plan Exclusions
Here are things that HDFC Life ProGrowth Plus policy doesn’t cover:
- In the case of policyholder’s demise due to an accident after 90 days the policy inception; the accidental death benefit will not be paid.
- In the case of the policyholder’s demise due to participation in a race or a hazardous hobby, the accidental death benefit will not be paid.
As per HDFC ProGrowth Plus plan, the accidental death benefit is not paid for the death caused due to the following situations:
- Suicide or self-inflicted injury, regardless of the mental stability of the policyholder.
- Alcohol, drugs or solvent abuse.
- Hostilities, invasion, war, civil war, riot, civil commotion, and rebellion revolution.
- Participating in criminal
Documents required to buy HDFC Life ProGrowth Plus Plan
Buying HDFC ProGrowth Plus plan is a simple and hassle-free process. The applicant needs to submit the self-attested documents listed below.
1) Age Proof: Any of the following documents are required as the age proof for buying HDFC Life Progrowth Plus policy:
- Birth Certificate
- PAN Card
- School Certificate
2) Address Proof: Any of the following documents are required as the address proof buying HDFC Life Progrowth Plus policy:
- Ration card, Passport or Permanent Driving Licence
- Electricity bill, water bill or telephone bill (last 3 months)
- Gas connection card, lease agreement or bank statement (last 1 month)
Income Proof: Any of the following documents are required as the income proof for buying HDFC Progrowth Plus plan:
- Last 3 months salary slip
- ITR Form 16 (not over 3 years old)
Identity Proof: Any of the following documents are required as the identity proof for buying HDFC Progrowth Plus plan:
- Permanent driving licence
- PAN card
- Voter ID card
- Ration card with photo.
HDFC Life ProGrowth Plus Plan- FAQs
What is the policy term of HDFC ProGrowth Plus plan?
Ans- The policy term ranges from 10 years to 30 years. The policyholder can opt for the policy term as per his/her investment goals.
If you have a long-term investment horizon you can opt for a 30-year term. In the same way, if you have a short-term investment horizon, you can opt for a 10-year term.
Which funds are equity-oriented?
Ans- As per HDFC ProGrowth Plus policy, these are two high-risk equity oriented funds:
- Opportunities fund
- Blue Chip fund
What is the flexibility that the HDFC ProGrowth Plus offers?
Ans- The policyholder can easily switch from one fund to another fund offered by HDFC ProGrowth Plus plan. When the funds are switched, the premium payment will also be changed.
HDFC Life ProGrowth policy also gives the much-needed flexibility to change the premium payment frequency any time during the policy term.
What is the specific age to make partial withdrawals in HDFC Life ProGrowth plan?
Ans- If the policyholder is 18 years old; he/she is allowed to make partial withdrawals.
What is the grace period as per the HDFC Life ProGrowth Plan?
Ans- HDFC Life ProGrowth plus plan comes with a grace period of 15 days if you opt for the monthly mode of payment. If you opt for the yearly or half-yearly mode of payment, the plan comes with a grace period of the 30 days.
HDFC ProGrowth plus policy can be the perfect plan for anyone who is looking forward to enjoying the insurance as well as investment benefits. It enables the policyholder to build wealth and it provides him/her the much-needed life insurance cover.
How does the HDFC ProGrowth Plus Plan work?
Ans- Here is how the plan works:
1) Firstly, the policy buyer selects the premium amount, coverage option and policy term as per their insurance and investment expectations.
2) Secondly, the policy buyer needs to allocate the premium in any of the available funds. The funds are equity plus fund, diversified equity fund, blue chip fund, opportunities fund, balanced fund, income fund, bond fund, and conservative fund.
3) If needed, the policy buyer can opt for partial withdrawals, switching between the funds, and premium redirection.
4) In case the insured passes away during the policy term, the death benefit is paid to the nominee or the beneficiary as per the applicable terms and conditions.
5) If the policyholder survives the HDFC Life ProGrowth Plus policy term, the fund value is paid as the maturity benefit.
What is freelook period?
Ans- In case you are not happy with the plan, you have the option to cancel HDFC Life ProGrowth Plus Plan within 15 days of the policy inception.
How much partial withdrawal can be made every year under HDFC ProGrowth Plus Plan?
Ans- You can make partial withdraw with a minimum amount of Rs. 10,000 in HDFC Life ProGrowth plus plan on an annual basis.