Insurance Plans April 15, 2020

It is important and necessary to be prepared for the uncertainties of life. Uncertainties of life can throw off your dreams and aspirations off the hook. Therefore, it is important to be prepared to face such insecurities. HDFC life insurance is one of the best insurance partners as they offer top-notch smart savings-cum-investment insurance plans that help in achieving life goals. The HDFC SL ProGrowth Flexi is one of the best insurance policies as it enables the simplest and finest solutions that help in securing future financial needs along with financial security. With HDFC SL ProGrowth Flexi plan can be used as an instrument for long-term savings. Additionally, being a unit-linked insurance plan, it is an instrumental policy to gain market-linked returns. The details of the HDFC SL ProGrowth Flexi plan are as under:

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Features of HDFC SL ProGrowth Flexi Plan

The key features of the SL ProGrowth Flexi plan offer an opportunity for the policyholder to create a substantial financial corpus during the policy tenure. The key features of this plan are as follows:

  1. The plan is a unit-linked plan allowing the policyholder to earn higher returns.
  2. The plan offers flexibility to the policyholder to choose any one of the two benefit options. The two variants available under the plan are
    1. Life Option – Under Life Option only the Death Benefit is paid to the nominee in the event of the death of the policyholder
    2. Extra Life Option – Under Extra Life Option the nominee is paid the Death Benefit + Accidental Death Benefit in the event of the death of the policyholder
  3. The Death Benefit payable to the nominee is higher of the sum assured or fund value
  4. The plan has a wide range of funds to invest the money, it offers flexibility to the policyholder to choose the fund depending upon their goals, choice, and convenience
  5. The policyholder has the flexibility to choose the sum assured as per their insurance needs. the sum assured can be in multiples of 10 to 40 of the yearly policy premium
  6. Kindly note, HDFC SL ProGrowth Flexi Plan is a unit-linked plan so the premiums paid by you shall be invested in funds selected by you.

Eligibility Criteria of HDFC SL ProGrowth Flexi Plan

ParticularsLife OptionExtra Life Option
MinimumMaximumMinimumMaximum
Age at Entry14 Years65 Years18 Years55 Years
Age at Maturity-75 Years-70 Years
Policy Tenure10 Years30 Years10 Years30 Years
Premium Payment FrequencyYearly / Half Yearly/ Monthly
Premium Payment TermMinimum of 5 years
Maximum equivalent to the policy term
Annual PremiumRs 24000 Yearly
Rs 10000 Half-Yearly
Rs 2500 Monthly

Benefits

Apart from offering unique features, the SL ProGrowth Flexi Plan offers benefits. The benefits available under the SL ProGrowth Flexi Plan are as under:

Maturity Benefit

Under this plan, in the event of survival of the policyholder till the end of policy tenure maturity benefit shall be payable. Maturity benefit shall be the accumulated fund value as on the date of maturity

Death benefit

The HDFC SL ProGrowth Flexi Plan comes in two variants, therefore, the death benefit payable to the nominee shall be as per the variant opted. The death benefit payable is as follows:

  1. Life Option: Under Life option, the death benefit paid is higher of Sum Assured or fund value as on the date of death is paid to the nominee
  2. Extra Life Option: In the event of accidental death of the policyholder, the nominee shall receive the Death Benefit + Accidental Death Benefit

Income Tax Benefit

The life insurance premiums paid are allowed for tax deductions under section 80C of the Income Tax Act. Additionally, the maturity proceeds received by the policyholder are tax free under section 10(10D) of the Income Tax Act, 1961.

Riders

Extra Life Option variant offers in-built Accidental Death Benefit Rider. Additionally, the policyholder can include HDFC Life Income Benefit on Accidental Disability Rider and HDFC Life Critical Illness Plus Rider to help enhance your protection. For details on riders, it is recommended to refer Rider Brochures.

Fund options

The policyholder has a wide range of fund options to invest money. The policyholder can invest their money in any of the funds as per their financial goals and risk appetite. The various funds available under the plan is as under:

  1. Income Fund
  2. Balanced Fund
  3. Bluechip Fund
  4. Opportunities Fund
  5. Equity Plus Fund
  6. Bond Fund
  7. Diversified Equity Fund
  8. Conservative Fund
  9. Discovery Fund
  10. Equity Advantage Fund

Switching

Fund Switching option is available under the plan. the plan allows free switching of funds

Partial Withdrawal

Partial Withdrawal of funds from the policy is not allowed until the policy completes 5 policy years or the life assured completes 18 years of age, whichever is later.

Free Look Period

If any policyholder is not convinced with the terms and conditions of the policy contract then the policy extends the benefit of cancelling the policy contract within the free look period. The free look period available under the policy is of 15 days. The policyholder can cancel the policy within 15 days from the date of inception of the life coverage

Grace Period:

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.

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. The flexible additional benefit option allows to boost your fund value. Lastly, the availability of various funds allows you to earn higher returns by giving an opportunity to invest in market-linked funds. Thus, the HDFC SL ProGrowth Flexi plan as the name suggests is a growth oriented policy that offers both growth on your investment and life insurance coverage to the policyholder. So, go ahead and purchase HDFC SL ProGrowth Flexi Plan to plan financial security for your family.

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