HDFC Life ProGrowth Plus Policy :- HDFC Life Progrowth Plus is a savings-cum-insurance plan that offers customers a comprehensive life cover and the flexibility to tailor their investment strategy based on their risk appetite. This ULIP enables you to make the best use of equity and channelize your savings in an effective manner. The plan is also versatile, as you can select the sum assured. Moreover, the policy is available through EMI for HDFC Bank credit card holders.
At the time of policy purchase, the customer can choose from two plan options, i.e., Life Option and Extra Life Option which differ on the quantum of coverage. You can also make partial withdrawals from the plan to meet additional expenses. Additionally, policyholders can easily pay the premium through multiple modes such as credit card, internet banking, cheque, and auto debit facility.
HDFC Life ProGrowth Plus
HDFC ProGrowth Plus is a unit linked insurance plan where the premium is invested in the capital market to generate handsome returns and also provides the benefit of insurance coverage.
HDFC Life ProGrowth Plus- Key Features
The plan is a ULIP plan with regular payment option
This plan provides 2 coverage options called Life Option and Extra Life Option
The following 4 investment funds are available in this plan which is provided by HDFC Life Insurance:
- Blue Chip Fund: The risk and return potential is very high as the fund structure is inclined towards equity asset allocation in the range of 80% to 100%. This means that just 0% to 20% can be allocated among money market instruments, cash, deposits and liquid mutual funds. The main attraction of this HDFC Progrowth Plus fund is its investment in large cap equities and equity related instruments.
- Opportunities Fund: HDFC Progrowth Plus fund composition primarily favors mid-cap equities and equity related instruments, so much so that only 0% to 20% is allocated across money market instruments, cash, deposits and liquid mutual funds , the remaining amount i.e. 80% to 100% is placed in equity. As a result, the risk and return potential is much higher.
- Balanced Fund: As the name suggests, the HDFC Progrowth Plus fund allocation is balanced across different asset classes, resulting in moderate to high risk and return ratings. Exposure to equity from 40% to 80% enhances returns while debt allocation reduces volatility of returns. Between 0% and 60% is allocated to Government Securities, fixed income instruments and bonds and between 0% to 20% to money market instruments, cash, deposits and liquid mutual funds.
- Income Fund: This HDFC Progrowth Plus fund has a moderate risk and return rating as the fund has a composition of between 80% to 100% in Government Securities, Fixed Income Instruments and Bonds. The remaining 0% to 20% are invested in money market instruments, cash, deposits and liquid mutual funds.
HDFC Life ProGrowth Plus Benefits
- Under HDFC Life ProGrowth Plus the life assured will receive the total fund value at maturity
- Under HDFC Life ProGrowth Plus, the maturity amount can be availed in equal installments after maturity over a period of 5 years through settlement option.
- On the death of the policyholder under HDFC Life ProGrowth Plus, the sum assured or 105% of the fund value or partial withdrawal made 2 years before the death and the premium paid will be payable to the nominee if the attaining age is less than 60 years Is
- Under HDFC Life ProGrowth Plus Plan, on or after the age of 60 years, the SA of partial withdrawal made after the age of 58 years is payable plus 105% of the net or fund value or premium paid
- It provides an additional accidental death benefit equal to SA under the Additional Life Insurance option if the policyholder dies accidentally.
- Income tax benefits on premium paid on claims under section 80C and section 10(10D) of the Income Tax Act.
- This plan offers EMI facility to HDFC Bank credit card holders.
- It offers convenient premium payment options – Credit Card, Internet Banking, Cheque, Auto Debit Facility
Plan Coverage – What is included in HDFC Life ProGrowth Plus plan?
HDFC Life Progrowth Plus is a unit linked plan that offers no liquidity in the first five years of the contract. The policyholder will not be able to withdraw or surrender the money invested in linked insurance products, partially or fully, during this period.
The coverage of HDFC Life ProGrowth Plus Plan includes the following:
- Maturity Benefit – HDFC Life ProGrowth Plus policy matures at the end of the chosen policy term, and at that time all risk covers cease to exist. The policyholder can redeem his/her remaining units at the prevailing unit value and withdraw the fund value.
- Settlement Option – Fund value can be withdrawn in periodic installments over a period of 5 years. The value of the installment payable is subject to investment risk. At the time of settlement, the risk cover ceases to exist, but fund management charges will continue to be deducted. No further fee will be deducted.
During this period, partial withdrawal and switches are not permitted. However, complete withdrawal is allowed. At the end of 5 years, the insurer redeems the remaining units at the prevailing unit prices and will pay the fund value to the insured person.
Documents Required for HDFC Progrowth Plus
The policyholder will have to fill an ‘Application Form/Proposal Form’ for HDFC Life ProGrowth Plus Plan with accurate medical history and submit KYC documents. The documentation process is quite simple and one is required to submit the following self-attested documents:
- Age Proof: Any one of the following birth certificate, passport, permanent driving license, PAN card, school certificate is required for HDFC Life Progrowth Plus cover
- Address Proof: Options available for HDFC Progrowth Plus policies are:
- Telephone, electricity, credit card or water bill (all not more than 3 months old),
- Lease agreement, gas connection card or letter, or bank statement (not more than 1 month old),
- passport, permanent driving license or ration card
- Income Proof: Acceptable income proof documents for HDFC Progrowth Plus are ITR Form 16 (not more than 3 years old) or salary slip (not more than 3 months old).
- Identity Proof: Following documents are accepted under HDFC Life ProGrowth Plus – PAN Card, Voter ID Card, Permanent Driver’s License, Passport or Ration Card with photograph.
- Payment: Payment for HDFC Progrowth Plus is to be made by check or demand draft drawn in favor of HDFCSLIC, payable at par.
- A photograph (passport size) is required for HDFC Life ProGrowth Plus Plan