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What Makes HDFC Pro Growth Plus .pdf



Original filename: What Makes HDFC Pro-Growth Plus.pdf
Author: Surobhi Bose

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What Makes HDFC ProGrowth Plus One of the Most Convenient Plans
HDFC Life Pro Growth Plus is a Unit- linked insurance plan that offers insurance as well as
investment opportunity to the buyers. Under this policy the insurer buyer can choose from 5
available fund options as per their convenience. However, it is mandatory for the insured to pay
the premium of entire policy term at the given time frame. One of the other benefits offered by
the plan is that investment portfolio can be created in this life insurance policy as per the risk
appetite of the policy holder. This plan not only provides life coverage to the policy holder but it
also provides investment opportunities through which you can earn good returns and achieve
your financial goals.

HDFC Life ProGrowth Plus Plan is available in 2 variants:




Life Option: Under this option no additional features is offered to the policyholder except the
basic benefits of the plan. For those insurance purchaser who are more cost conscious this plan is
a better investment option for them.
Extra Life Option: Under this variant offered by HDFC life Progrowth Plus plan, the insured is
offered an accidental death benefit rider (inbuilt) as extra life option. In this option the beneficiary
of the policy receives an extra sum assured as an accidental death benefit, in case of accidental
death of the policy holder who has chosen this variant.

Till the policy tenure comes to an end, the nominee is given a death benefit as higher sum assured amount
and fund, in case of the uncertain death of the policy holder during the tenure of policy. But, if the policy
holder has chosen the extra life option and dies due to an uncertain death or accident during the tenure
of the policy. In that case the beneficiary will receive the additional sum assured in form of accidental
death benefit along with the basic sum assured amount.
The policy holder is entitled to receive am maturity benefit, if he/she survives till the entire tenure of
policy and has dully paid all the premiums.

Features of HDFC Life ProGrowth Plus Plan


HDFC Life Pro- Growth Plus is a plain ULIP plan that does not provide any bonus facility.



The plan comes with the two variant:
o Life Option that provides only basic Death Benefit
o



Extra Life Option that provides basic death benefit along with additional sum assured as

accidental death benefit
Death benefit is payable to nominee is equal to the higher one amongst the Fund Value and Sum
Assured



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




5 investment fund options are provided by the plan.
Under the plan the maturity benefit and fund value is equal.

Benefits of having HDFC Life ProGrowth Plus Plan

Death Benefit
During the tenure of the policy, if the insurance buyer dies an accidental death or due to any unfortunate
situation, then the beneficiary is allowed to receive death benefit as higher among the sum assured and
fund value. After the payment of death benefit, the term of the policy comes to an end.
Maturity Benefit
The maturity benefit is permitted in case when the insured survives during the term of the policy. Once
the policy comes to termination a maturity benefit equal to the fund value of the plan in paid to the owner
of the policy.
Income Tax Benefit

The insured can avail the benefits of tax deduction under the section 80C of Income Tax Act. Up to Rs. 1
Lakh premiums paid towards a life insurance policy are qualified to be tax saving from the assessable
income every year. Also the maturity proceeds are excluded from tax deduction under Section 10 D of the
Income Tax Act.
With the unique features and benefits offered by HDFC ProGrowth Plus plan, this is certainly one of the
most convenient plan for those buyers, who wants to avail the benefits of both insurances cum investment
plans.


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