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HDFC Life Pro Growth Plus is a simple Unit Linked Plan which provides the dual benefits of life cover and market-linked growth. The plan provides two comprehensive coverage options with an inbuilt rider benefit and the premiums are payable regularly throughout the plan tenure.
Step 1 – the policyholder chooses the premium amount, the coverage option and the policy term. The minimum and maximum Sum Assured would then be calculated and the policyholder should decide the coverage amount.
Step 2 – the policyholder then chooses to invest the allocated premium in any of the available 4 funds. The funds are Bluechip Fund, Opportunities Fund, Income Fund and Balanced Fund.
Step 3 – the policyholder can make partial withdrawals, premium redirections or switch his investments if required.
Step 4 – in case of death during the plan term, the death benefit is paid according to the coverage option selected.
Step 5 – if the insured survives the plan tenure, the maturity benefit is paid which is the Fund Value.
Abhinav, aged 40 years, buys the plan paying a premium of Rs.30, 000 for 15 years. He chooses a Sum Assured of Rs.3 lakhs.
Option 1 – He chooses Life option. If he dies during the plan term, higher of Rs.5 lakhs or the Fund Value is paid to the nominee subject to a minimum of 105% of premiums paid till death.
Option 2 – He opts for Extra Life Option. On his death during the plan term, higher of Rs.5 lakhs or the Fund Value is paid to the nominee subject to a minimum of 105% of premiums paid till death. If Abhinav dies due to an accident, an additional Rs.5 lakhs is also paid to the nominee.
Abhinav can make partial withdrawals, switch between funds and also redirect future premiums to any other fund.
Option 3 – if the plan matures and Abhinav is alive, the Fund Value is paid.
If the life insured dies before reaching 60 years of age, the Sum Assured would be deducted for any partial withdrawals made during two years prior to death
If the life insured dies after attaining 60 years, any partial withdrawals made after crossing 58 years of age would be deducted from the Sum Assured.
|Age at entry (in completed years)||Life Option – 14 years
Extra Life Option– 18 years
|Life Option – 75 years
Extra Life Option– 70 years
|Age at maturity (in completed years)||NA||Death Benefit Option I – 70 years
Death Benefit Option II – 65 years
|Term of the plan||10 years||30 years|
|Premium paying options||Regular pay|
|Premium Paying term||Equal to plan tenure|
|Annual premium amount||Annually – Rs.24,000
Half-yearly – Rs.10,000
Monthly – Rs.2500
|Annually – Rs.1 lakh
Half-yearly – Rs.5,000
Monthly – Rs.8333
|Sum Assured||If age is below 45 years – higher of 10 times the annual premium or 0.5*term*annual premium
If age is 45 years and above – higher of 7 times the annual premium or 0.25*term*annual premium
|40 times the annual premium subject to a maximum of Rs.40 lakhs|
In case of suicide committed within 12 months of inception or revival of the plan, the available Fund Value and any top-up premium Fund Value is paid.
In case of accidental death, death occurring after 90 days of the accident is not covered. Moreover, accidental death due to participation in hazardous activities, war or war-like situations, alcohol or drug abuse, suicide or attempted suicide, aviation or criminal acts would not be covered under the plan.