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Benefits and Features of HDFC Life ProGrowth Plus .pdf



Original filename: Benefits and Features of HDFC Life ProGrowth Plus.pdf
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Benefits and Features of HDFC Life Pro-Growth Plus
As a Unit- linked insurance plan HDFC Life Progrowth Plus is a non-Traditional life insurance plan
that does not provide a bonus facility.
In this policy, the policy holder need to pay the entire policy term premium. The policy holder
can choose from the 5 available fund option. Under this life insurance policy the insured can
create his/her investment portfolio according to his risk appetite.

Under HDFC Life Progrowth Plus Plan there are two variants available:


Life Option: this variant of the HDFC Life progrowth plus plan provides the policyholder
with only the very fundamental benefits of the plan with no additional riders or additional
options. This plain vanilla offering from HDFC is preferred by the cost conscious insurance
purchaser.



Extra Life Option: The extra life is inbuilt with an option of accidental death benefits
(Inbuilt) rider offered to the policy holder. Which means that in case of death of the
policyholder due to accident, in the place of the insured who has chosen this variant, the
nominee of the policy will receive an accidental death benefit as extra Sum Assured.

In case of the accidental or uncertain death of the insured during the policy tenure, a death
benefits is provided to the nominee as a fund and higher amount of sum assured till the term of
the policy comes to the termination. However, if the insured have chosen extra life option and
demise due to uncertain death or accident, the nominee will receive the additional accidental
death benefit as additional sum assured. If the policyholder survives till the end of the plan tenure
then he/she will be entitled to receive maturity benefits as fund value on completion of the policy
term.

Features of HDFC Life ProGrowth Plus Plan


It is a simple Unit-Linked Life Insurance Policy that does not provide the insured with the
additional Bonus Facility



The plan is offered in 2 variants:
o Life Option that provides only basic Death Benefit
o Extra Life Option provides the insured with a variant in which the nominee of the
policy is given the additional sum assured as accidental death benefit along with
the basic death benefit.



HDFC Life Progrowth Plan death benefit is extended to the insured’s nominee and
comprises of an amount which is greater amount among the sum assured and the fund
value. This payout accurses only in cases of natural death of the insured person and does
not require an additional rider.



In case the policyholder dies due to uncertain death or an accident and if he/she had
chosen the Extra Life Option then the insured shall be eligible to receive Accidental Death
Benefit as an extra Sum Assured.



The plan extends 5 investment fund options
Under the plan the maturity benefit is equal to the fund value.



Benefits of having HDFC Life ProGrowth Plus Plan

Death Benefit
Due to any unfortunate situation or accident if the insured person demise during the term of
the policy, the beneficiary is authorized to receive death benefit as higher sum assured among
and the fund value. Once the death benefit is paid the term of the policy comes to an end.

Maturity Benefit
The maturity benefit is entitled in the case when the policyholder survives during the term of
the policy and is entitled to receive the maturity benefit equal to the fund value of the plan
once the tenure of the policy completes.

Income Tax Benefit
Under the section 80C of Income Tax Act, 1961 the premiums paid towards a life insurance
policy (up to Rs. 1 Lac) are eligible to be deducted from the assessable income every year. Also
the maturity proceeds from such a policy are excluded from tax under Section 10(10) D of the
act.

Restriction and Eligibility applicable to HDFC Life Pro Growth Plus Insurance Plan
Criteria

Minimum

Maximum



For the policyholder below 45
years of age: 10 times of the
annual premium or (1/2 x policy
term) times of the annual
premium.
40 times of the annual
For the policyholder above 45 premium
years of age: 7 times of the
annual premium or (1/4 x policy
term) times of the annual
premium.

Sum Assured



Policy Term

10 years

Paying Term for Premium

Entire policy term

Entry Age




Maturity Age

N/A

Life option: 14 years
Extra Life option: 18 years

30 years




Life option: 65 years
Extra Life option: 55
years



Life option: 75 years

Extra Life option: 70 years

Premium per Annum

Different Modes of Premium Payment





Annually: Rs. 24,000 Annually
Semi-Annually: Rs. 10,000
Monthly: Rs. 2,500




Annually
Semi-annually
Monthly

No Limit


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