When it comes to our family, we settle for nothing but the best. We look to provide for them for as long as possible may it be their living standards, nutrition, education, healthcare and other opportunities. Our younger generation becomes the priority and to provide them with the best possible lifestyle sometimes at the expense of personal sacrifices is a common occurrence. But it doesn’t have to be the case every time. You can look out for your kids, your partner and yourself, and other immediate family members with the HDFC SL ProGrowth Super II plan.
This is possible because HDFC SL ProGrowth Super II plan is a ULIP plan that provides a blend of investment and Life insurance protection benefits. Therefore, in addition to cover yourself with life insurance, it also helps build your savings over the years with the help of market investments being made alongside.
About the Product-
HDFC SL ProGrowth Super II has many benefits as well as features. Here are some notable product specifications that make this insurance product worthy of investment.
- The minimum entry age is 14 years whereas the maximum is 65 years depending on the policy chosen.
For example, Life Options can be availed from 14 to 65 but Life, health and disability option under this plan can be availed from 18 to 55 years only.
- The policy tenure can vary. It can be for 10 years or from 15 to 30 years at the discretion of the insurance provider.
- The premium payable will be on an annual basis and the PPT (Premium Paying Term) will be equal to the policy term.
The details of some of the benefits provided along with the HDFC SL ProGrowth Super II plan are as follows:
A Life Insurance primarily promises a sum assured in the form of the death benefit, in the case of the unfortunate demise of the policyholder. But it is to be noted, the assured amount will be subtracted off any partial withdrawals done prior to 2 years before the date of death or post 58 years of age by the policyholder.
Maturity benefit basically is a sum of money provided once the plan reaches its maturity age. After the policy term is completed, the policyholder is paid a sum, which includes the full fund value of all the balance units remaining if the policyholder survives the policy term.
Critical Illness Benefit:
If you avail a rider to cover for critical illnesses, the sum assured will, in addition to the unit fund value, also includes this benefit. This rider basically covers for surgeries and other expensive treatments if the policyholder is diagnosed with a critical illness.
Accidental Death Benefit:
In case of death due to an accident, the policyholder’s nominee (s) would receive the sum assured. The benefit provided though will be independent of the death benefit that is offered.
HDFC SL ProGrowth Super II plan has a 5 year lock-in period and within this period, if you choose to surrender the policy, the funds allocated and paid will move to Discontinuance Policy Fund. But note that this fund will only be paid after the 5-year term. Similarly, if it is surrendered after the lock-in period, the dues would be immediately cleared out.
Key features of HDFC SL ProGrowth Super II-
Presented below are the salient features of this policy:
- The HDFC SL ProGrowth Super II is a ULIP plan.
- As mentioned, there is flexibility in choosing the policy term. A choice to select the term of 10 years or from 15 to 30 years depending on the policy.
- Additionally, there are choices provided from a range of funds to pick from. For example Income fund, Balanced fund, Opportunities fund, Blue Chip Fund, Discovery Fund, Equity Advantage Fund, Bond Fund, Equity Plus fund, Conservative Fund and Diversifies Equity Fund etc.
- Annual Premium Payable option is hassle-free and comparatively cheaper.
- Riders such as Critical Illness Benefit Rider, Accidental Death Benefit Rider, and Accidental Total and Permanent Disability Benefit Rider are provided.
- You can get the policy by simply filling out a questionnaire. There are no compulsory medical tests required.
- A policyholder can switch investments between the available fund options or redirect future premiums to other funds.
- Once the lock-in period of 5 years completes, partial withdrawals are allowed. But the conditions to do so are the age parameter (over 18 years of age), and the premium amount (original premium sum should be more than 150%). A minimum of INR 10,000 can be the withdrawal amount.
- The revival of a policy, in case of first non-payment of premium, can be done within 2 years after the date of expiry of the HDFC SL Pro Growth Super II policy.
- A free-look period of 30 days is provided during online purchases and 15 days for other means of purchase.
- The standard death benefit is provided along with the HDFC SL ProGrowth Super II plan along with additional plans to enhance the coverage and sum assured is also offered.
- There are 8 possible combinations of the basic plan along with the riders among which the most suitable option can be made by the policyholder. To give you an idea,
- Extra Life Option = Death Benefit + Accidental Death Benefit
- Life Health Disability Option = Death Benefit + Critical Illness + Accidental Total Permanent Disability Benefit
- Extra Life Health Disability Option = Death Benefit + Accidental Death Benefit+ Critical Illness + Accidental Total Permanent Disability Benefit etc.
- The minimum premium term is 5 years, 10 years or 15 plus years. The minimum premium frequency- INR15,000 whereas there’s no maximum limit.
Benefits to HDFC SL ProGrowth Super II-
- There are 8 feasible and effective policy combinations under the HDFC SL ProGrowth Super II Plan. This is convenient for the policyholder to decide from as per their requirements.
- Inclusive to the valuable protection provided to your family members in your absence, it also secures them financially until they stabilize.
- A short medical questionnaire makes the process easy as there is no necessity to go for medicals.
- There are additional tax benefits provided. This is under Section 80C and 10(10D) of the Income Tax Act 1961 whereby premiums of this policy are eligible for tax rebates and received benefits respectively. The provisions, however, are subject to change in accordance with the prevailing law.
- There are multiple payment options that simplify secured online insurance purchase process; such as credit card, internet banking, and auto-debit facility etc.
It is a difficult task for most to simultaneously build one’s savings over the years and secure themselves with life insurances and other such necessary insurances. This is primarily because of the various expenses an earning member has to shoulder in a family with growing kids, dependent spouse or ageing parents. Hence, to provide the best for our families and securing their lives along with ours become an ongoing process.
Fortunately for you, this process has been made easier by HDFC SL ProGrowth Super II as this plan channelizes your investments into building a financial corpus as well as securing you with policy benefits. This smart savings-cum-insurance plan will be helpful in your presence and absence. But, it is advisable to read through the terms and conditions carefully before making a decision that parallels your requirements.