Compare HDFC Life Pro Growth Plus Plan

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HDFC Life Pro Growth Plus Plan

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.

Key features of the plan

  • There are two death benefit options under the plan – Life Option and Extra Life Option. While one option covers death during the plan tenure, the other option pays an additional benefit if the insured dies due to an accident.
  • Premiums are payable regularly throughout the duration of the plan.
  • There is a choice of 4 funds and the policyholder might choose any one or more of such funds for investing the premium.
  • Using the Settlement Option, maturity proceeds can be received through instalments.

How does the plan work?

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.

Example

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.

Plan benefits

  • Death benefit – there are two coverage benefits and the benefit paid depends on the coverage benefit selected. It is described as follows:
  • Life Option– on death under this benefit, higher of the Sum Assured or Fund Value is paid to the nominee. The minimum death benefit payable would be 105% of the premiums paid till death.
  • Extra Life Option – under this benefit, if the insured dies due to an accident, an additional Sum Assured is paid to the nominee besides the actual death benefit. The actual death benefit would be higher of the Sum Assured, Fund Value or 105% of the premiums paid till death.

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.

  • Maturity Benefit – when the plan matures, the available Fund Value is paid to the policyholder who can avail the benefit in one lump sum or in 5 instalments over a 5-year period.
  • Partial withdrawals – the policyholder can make partial withdrawals after the first 5 years of the policy. The minimum amount of withdrawal allowed is Rs.10, 000 and the maximum withdrawal throughout the plan tenure is 300% of the Fund Value.
  • Switching –the policyholder can change the choice of funds and reallocate the Fund Value among different funds through switching.
  • Premium redirection – If the policyholder wants, he can choose to redirect future premiums to another fund different from the one in which the premium is currently being allocated to.

Eligibility

  Minimum Maximum
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.50,000
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

What is not covered in the policy?

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.

FAQs

What policy terms are available with the plan?

The policyholder can choose any term ranging from 10 years to 30 years. However, a term of 11-14 years is not available with the plan.

Which funds are equity oriented funds?

Opportunities Fund and Blue Chip Fund are high risk equity oriented funds.

Are switching and partial withdrawals chargeable?

Yes, every switch and partial withdrawal incurs a charge which is deducted from the Fund Value.

What is the age for partial withdrawals?

Partial withdrawals are allowed only if the insured is aged at least 18 years.

What is the grace period under the plan?

For monthly mode of premium payment, the grace period is 15 days. For annual and half-yearly mode of premium payment the grace period is 30 days.


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