Fact: This is a myth because the fact is that ULIPs like HDFC Life Progrowth Plus can be discontinued after a minimum lock-in period of 5 years without paying any surrender charges. All You Need To Know. in this policy, the investment risk in investment portfolio is borne by the policyholder. Approval for registration as an Insurance Broker is pending with the IRDAI. Switches are allowed every year for switching between funds under HDFC Progrowth Plus. If the Life Insured meets with an accidental death and had opted for Extra Life Option, then he would an additional Sum Assured as Accidental Death Benefit. If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately. HDFC Bank Life ProGrowth Plus. The premiums paid could be used over all of the fund options, a specific few as chosen by the policyholder or even in a single one. On maturity, the Fund Value is paid to the policyholder as Maturity Benefit. The values shown are for illustration purpose only. It is exclusive of any expense loadings levied either by cancellation of units or by debiting the premium but not both. Fact: Another myth about investing in ULIPs is that they are risky and unsafe investment products because they only invest in equities. Investment of Funds under HDFC Life ProGrowth Plus. It is advisable to stay prepared against the uncertainties of life and life insurance solutions enable you to build your savings and enjoy life cover. - This is the Basic version of the Plan without additional features. HDFC Life Click2Invest ULIP Plan – Review, Details & Benefits, Life Insurance Corporation of India (LIC), This plan is a ULIP plan with Regular Pay option, This Plan provides 2 coverage options called Life Options and Extra Life Option, The following 4 investment funds are available in this plan which is provided by, The insured will get the total Fund Value on Maturity under HDFC Life Progrowth Plus, Under HDFC Life Progrowth Plus, maturity proceeds can be availed in equal instalments post maturity over a period of 5 years through the Settlement Option, On death of the policyholder under HDFC Life Progrowth Plus, higher of the Sum Assured net of Partial Withdrawals made 2 years prior to death or Fund Value or 105% of premiums paid is payable to the nominee if attained age is less than 60 years, Under HDFC Life Progrowth Plus plan, on or after attaining 60 years, higher of SA net of Partial Withdrawals made after age 58 years or Fund Value or 105% of premiums paid is payable, It provides an additional Accidental Death Benefit equal to the SA is payable under the Extra Life Cover Option if the policyholder meets with accidental death. Premium Allocation Charges . It is a simple Unit Linked Insurance Policy without Bonus Facility, - Death Benefit + Accidental Death Benefit, Higher of Sum Assured or Fund Value is paid to the nominee as Death Benefit. Both, premium allocation rate and premium allocation charge are guaranteed for the full policy term. This ULIP plan will help you to make the most of equities by channelizing your savings effectively. Higher of 7*annual premium or 0.25*term*annual premium, 40*annual premium subject to a maximum of 40 lakhs. . Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. HDFC Life ProGrowth Plus Plan Details. The name of the company, name of the brand and the name of the product does not indicate the quality of the plan. With our HDFC SL ProGrowth Maximiser, you get the valuable life insurance cover along with the choice of investing in any one of 3 different Investment Options. Protect your family's future goals at just Rs. Insurance companies provide different funds, each with different fund composition in terms of exposure to various asset classes. ... Know Claim Process of HDFC Life SL ProGrowth Super II. Death benefit is the sum assured plus fund value. Incase Certain charges help the company provide better returns and value to customers. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. In spite of this, there exist many myths and misconceptions with respect to the objectives, liquidity, returns, functioning, pricing etc. Know More. ULIPs are affordable and cost much less than before. There is an inbuilt Accidental Death Benefit Rider under the Extra Life Option in the plan. Policybazaar does not in any form or manner endorse the information so provided on the website and strives to provide factual and unbiased information to customers to assist in making informed insurance choices. Policy Termination or Surrender Benefit: Policyholder of HDFC Progrowth Plus is allowed to surrender the policy after 5 completed years. Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. The minimum premium term is of 5 years, 10 years or 15 plus years. In case of death of the Life Insured within the Policy Tenure, the nominee gets higher of Sum Assured or Fund Value as Death Benefit and the policy terminates. Myth 2: ULIPs are risky financial instruments. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. In the Settlement Option of the HDFC Life ProGrowth Plus Policy, the total Fund Value is payable in the form of regular payments over a period of up to five years. The HDFC SL ProGrowth Maximizer policy offers a minimum of 105% of all annualized premiums as death benefits. In this plan, if the Life Insured dies within the Policy Tenure, then higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit and the policy terminates. At the closing of the five-year term, the balance units shall be redeemable at the unit price that would be prevailing at that time and the total fund value shall be payable to you. - In this variant of the plan, an inbuilt Accidental Death Benefit rider. The reality is that ULIPs have undergone several changes in recent years and IRDAI (Insurance Regulatory and Development Authority of India) has brought down the annual charges to 3% for the first 10 years of holding and 2.25% if the ULIP is held for more than 10 years. The remainder money after deducting this charge from annualised premiums is invested to buy units. HDFC SL ProGrowth Super II. HDFC Life ProGrowth Plus Insurance Plan - HDFC Life ProGrowth Plus, a simple savings-cum-insurance plan that will enable you to enjoy life cover and benefit from comfort of creating your own investment strategies. For age<45 yrs, SA=Higher of 10 X AP or 0.5 X PT X AP, For age>=45 yrs, SA=Higher of 7 X AP or 0.25 X PT X AP. the option to switch between available funds as per changing risk appetite, change in market conditions etc. The name of the company, name of the brand and the name of the product does not indicate the quality of the plan. This plan provides EMI facility to HDFC Bank credit card holders, It offers convenient premium paying options – credit card, internet banking, cheque, auto debit facility. Now that we have begun, let us try to understand the charges first. Future premiums can be redirected to a new fund via the Premium Redirection option in the plan. Charges under HDFC Progrowth Plus policy are levied to cover the cost of administration and other costs. 1000 p.m* with HDFC Life Click 2 Wealth. Fact: This is another common misconception that the life cover in a ULIP such as HDFC Life Progrowth Plus is linked to capital markets and that it increases or decreases with market volatility. This is a participating plan. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges. Myth 6: ULIPs do not provide health or accident cover. Original policy documents 2. It is deducted monthly to provide administration for the HDFC Progrowth Plus policy. A. snapshot of illustration HDFC SL ProGrowth Plus B. C.This is only for - for a healthy male life. India's 1st IRDAI Approved Insurance Web Aggregator, NAV of all funds in HDFC Life Pro Growth Plus Plan, Similar Withdrawn ULIP Plans from HDFC Life, Important: Insurance is the subject matter of solicitation | © 2009-2020 MyInsuranceClub.com. Term plan of Rs. The options are as follows: **Discount is offered by the Insurance company as approved by IRDAI for the product under File & Use guidelines #On the basis of your profile, CIN: U74999HR2014PTC053454 Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited) Policybazaar is currently registered as a Web aggregator by IRDAI. This unit-linked plan from HDFC Life come with four fund options that offer a variable mix of risk and return. This plan strives to maximize your returns so that ensuring the best for your loved ones is easy. This charge will be taken in addition to the mortality charge only in case one is covered for the benefit under HDFC Life Progrowth Plus. Thus, it is a non-Traditional Insurance Plan without Bonus facility. Plan Now. The remaining percentage of annualised premium is called premium allocation rate. Fact: It is a myth that ULIPs give low returns. It allows one to effectively channelize savings and counter the effects of inflation by making the most of equities and other asset classes. HDFC Life ClassicAssure Plus Form No: P501-113 & UIN: 101N089V01 is a traditional insurance product offered by HDFC Life. In the event of death of the insured, an ULIP like HDFC Progrowth Plus pays the higher of the life cover or fund value to the dependent family members/nominees of the policyholder. Accidental Death benefit, Critical Illness benefit and Accidental Total & Permanent Disability (ATPD) benefit are inbuilt add-ons of the plan. Once this benefit is paid to the policyholder, the policy comes to an end and no further benefit shall be payable. HDFC Life ClassicAssure Plus Form No: P501-113 & UIN: 101N089V01 is a traditional insurance product offered by HDFC Life. All Rights Reserved.. *Please note that the quotes shown will be from, Written By: PolicyBazaar - Updated: 12 June 2020, Follow, like, tweet or post. This is a Unit Link Insurance Plan, which helps you to channelize your savings by making the most of the equities. HDFC Life ProGrowth Plus - Highest NAV Guarantee Fund: Get the Latest NAV Value, Performance and Returns of HDFC Life ProGrowth Plus - Highest NAV Guarantee Fund. The Fund Value is paid as Maturity Benefit on the policy maturity. HDFC SL ProGrowth Flexi Plan. In other words, products such as HDFC Progrowth Plus combine insurance and investment in one instrument. However, this option is available only if your policy lapses or discontinues after the completion of 5 years of the policy term. Your capital will stay invested in the funds of your choice and investment risk, as during the term of the policy, shall be applicable to it. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. ID proof (PAN Card, Aadhaar Card, P… The minimum premium frequency- Rs 15,000 whereas no limit for the maximum. Overall charges cannot exceed the prescribed limit set by the regulator. For payments made post 3:00 PM IST, the premium receipt will be available on My Account on the next working day. The benefits illustrated assume that all premiums that are due over the full term will be paid and no withdrawals will be made during the policy term. INVEST NOW. Admin change is in percentage of the annual premium. This investment plan by HDFC assists you in protecting your dependents from an unprecedented event like death, by offering a substantial death benefit. HDFC Standard Life Insurance Company Limited is the name of our Insurance company and HDFC SL Progrowth Super II UIN 101L066V01 is the name of the plan. In the first year, the company deducts an amount equivalent to 2.5% of your total premium. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions. You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. HDFC Progrowth Plus Review & Charges. An advance premium can be paid within the same financial year for any premium due in … It is exclusive of any expense loadings levied either by cancellation of units proportionately from each of the fund(s) chosen in HDFC Progrowth Plus or by debiting the premium but not both. In case of rider benefit under HDFC Life Progrowth Plus, death 3 months after the accident or accidental death due to intentional self-inflicted injury, alcohol abuse, war, aviation, and acts of criminal nature or due to participating in hazardous activities is excluded. The charge is taken by cancelling proportionate units from every fund chosen available in HDFC Life Progrowth Plus. HDFC Life Single Premium Pension Super Plan. Different charges are explained in detail below: This charge under HDFC Progrowth Plus is based on premiums and depends on the year of allocation. The amount of such installments paid on the specified dates is subject to the investment risk; meaning, the NAV might increase of fall down as per the performance of the fund options that you choose. Canceled cheque with the policyholder's name on it 3. Telephone - … The reality is that the life cover is not linked to market performance at all. Plan for guaranteed*, tax-free^ income to secure your future with HDFC Life Sanchay Plus. However, if the Life Insured meets with an accidental death and had opted for Extra Life Option, then he would an additional Sum Assured as Accidental Death Benefit. While Life Option pays the death benefit, Extra Life Option has an inbuilt accidental … Source of Charges : HDFC Life website. This is towards the cost of morbidity benefit offered like Extra Life Benefit under HDFC Life Progrowth Plus. HDFC Pro Growth Super II Plan is a unit linked insurance plan (ULIP), such that if the Life Insured dies within the policy tenure, the nominee would receive both the Sum Assured and the Fund Value as Death Benefit. Tax Benefits: The policyholder is eligible to receive tax benefits under sections 80C and 10(10D) of the Indian Income TAX Act, 1961, on the premiums paid for the HDFC life SL ProGrowth … It stays the same in bear or bull market conditions. HDFC Life SL ProGrowth Flexi Plan is an excellent investment option. policy document - hdfc sl progrowth flexi unique identification number: << 101l072v05 >> all unit linked policies are different from traditional insurance policies and are subject to different risk factors. The reality is that they give much higher returns as compared to many other investment options like a savings accounts, endowment policies, etc. In case you surrender the policy post the completion of 5 years of the policy term, your total Fund Value shall be paid to you. The Discontinued Policy Fund will be credited with a minimum interest rate as per the guidelines of the IRDA and the proceeds from this will be payable after the fifth policy anniversary. Policy Termination or Surrender Benefit: Policyholder of HDFC Progrowth Plus is allowed to surrender the policy after 5 completed years. Telephone, Electricity, Credit Card or Water Tax Bill (all not over 3 months old). One may even opt for a balanced fund which comprises of a mixture of equity and debt, balancing risk with stability. Corporate Office & Registered Address: HDFC Life Insurance Company Ltd. Lodha Excelus, 13th Floor Apollo Mills Compound, N.M Joshi Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India. It enables you to enjoy benefits of a life cover and making the best suitable investment strategy for yourself according to your risk appetite and return needs. The documentation procedure is fairly simple and one requires to submit the following self-attested documents: Unit linked insurance plans (ULIP) such as HDFC Life Progrowth Plus enable one to enjoy a life cover and also benefit from investing in different types of funds as per an individual’s risk appetite. You stop paying the premium before 5 years -. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. Know More. – In this plan, premium needs to be paid till the end of the Policy Tenure. HDFC Progrowth Plus is a Unit Linked Insurance plan where the premium is invested in capital market yielding great returns and also providing the benefits of insurance coverage. Lease Agreement, Gas Connection Card or Letter, or Bank Statement (not over 1 month old), Passport, Permanent Driving License or Ration Card, You can revive your policy within two years from lapse date of discontinuance, or, You can withdraw the Policy completely, without getting any risk cover or benefit. HDFC SL ProGrowth Super II -Key Features. ... HDFC Life Sanchay Plus. There are various options of combining the basic Death Benefit along with riders to increase protection. We Would love to interact with you. Higher of 10*annual premium or 0.5*term*annual premium for ages<45 yrs. Let’s review the returns of the funds HDFC Life ProGrowth Plus has produced over the past 5 years. Life: Entry age from 14 to 65 years and maximum age at maturity is 75 years; The HDFC SL ProGrowth Flexi plan has a grace period facility of 30 days for policies having annual premium payment mode, while 15 days for half-Yearly premium payment mode. In this plan you also enjoy life insurance coverage so that you’re loved ones financial future is secured even in your absence. Conclusion HDFC SL ProGrowth Flexi life insurance plan is one of the best instruments that give valuable financial protection to your loved ones and family in your absence. Policyholder has to fill up an ‘Application form/ proposal form’ for HDFC Life Progrowth Plus plan with accurate medical history and submit KYC documents. Also, partial withdrawal is available helping take care of unforeseen emergencies. HDFC Life SL ProGrowth Flexi is a savings-cum insurance ULIP that enables you to financially secure your future. This is a participating plan. IRDAI/WBA21/15 Valid till 13/07/2021. Grace Period: 15 days grace period is allowed for monthly mode and 30 days for other modes in HDFC Progrowth Plus. Grace Period: 15 days grace period is allowed for monthly mode and 30 days for other modes in HDFC Progrowth Plus. Policy administration charge is a percentage of annualised premium and guaranteed for full policy term of HDFC Progrowth Plus. *The information provided on this website/page is only for information sake. In case the canceled cheque does not have a pre-printed name, account number, or a new account is mentioned on the cheque, then the passbook copy/bank statement having the pre-printed name and the account number is required 4. HDFC SL ProGrowth Maximiser. Here’s a screenshot of charges taken from the brochure of HDFC Progrowth Plus Plan. The premium allocation charge percentage is highest in the first year and decreases over time. In case you surrender the HDFC Life ProGrowth Plus Plan before the fifth policy year is complete, your total Fund Value excluding the relevant charges will be added to the (DPF) Discontinued Policy Fund and the takings from the same shall be payable post the lock-in period of the policy is completed. The Discontinued Policy Fund will be credited with a minimum interest rate as per the guidelines of the IRDA and the proceeds from this will be payable after the fifth policy anniversary. While the Settlement period is on, risk cover will terminate and the Fund Management Charges will continuously be deducted. With HDFC Bank's SL ProGrowth Maximiser unit linked plan, pay the premium only once based on your risk apetite in a choice of funds having market linked returns. growth. The name of our company and the name of our plan do not, in anyway, indicate the quality of the plan, its future prospects or returns. ... Company Overview. HDFC Pro Growth Super II. 15 days grace period is allowed for monthly mode and 30 days for other modes in HDFC Progrowth Plus. You stop paying the premium after 5 years -. The charge is guaranteed for the full policy term of HDFC Progrowth Plus. HDFC Life ProGrowth Plus is a savings-cum insurance plan that provides customers extensive life cover and the flexibility of creating investment strategies based on their risk appetite. If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. NAV Review and Analysis of HDFC ProGrowth Plus’ Funds. There is loan available under this plan upto 40% of the Surrender Value provided the policyholder is at least 18 years old. In this plan you can choose your regular premium and the investment fund(s). Fact: The reality is that ULIPs such as HDFC Life Progrowth Plus allow investment of additional / surplus funds as and when they are available by way of top-up premiums. Common ones are discussed and debunked below: Myth 1: ULIPs are costly due to higher costs. One may start with a lower premium ULIP and top it up anytime during the tenure of the policy. Corporate Office & Registered Address: HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited).Lodha Excelus, 13th Floor Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India.Telephone–(022)67516666 In HDFC Life Progrowth Plus, the benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date. The minimum amount of partial withdrawal should be Rs. Reason(s) for policy surrender and the surrender form needs to be submitted at the nearest HDFC Life Insurance branch, along with the following documents: 1. Myth 3: Addition funds cannot be invested in ULIPs. This is a monthly charge towards the cost of life insurance cover under HDFC Progrowth Plus. HDFC Life ProGrowth Plus - Opportunities Fund: Get the Latest NAV Value, Performance and Returns of HDFC Life ProGrowth Plus - Opportunities Fund. There are 5 funds for investment purpose where the policyholder can choose his portfolio depending upon his risk appetite.