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Investment Plans 904 views December 28, 2020
To secure the future of yourself and your family, you need a large pool of savings. You must be thinking about how you can do the same. Several insurance companies provide a wide range of insurance products that can ensure financial protection in case of unfortunate incidents. HDFC Life, which is one of the leading and trusted brands among customers, provides two savings-cum-insurance units linked plans – HDFC SL ProGrowth Super II and HDFC Life ProGrowth Plus Plan that can help you provide the finest for yourself and your family.
You may be confused while choosing the right plan for you between these two plans. Well, don’t worry, as we will compare HDFC SL ProGrowth Super II and HDFC Life ProGrowth Plus Plan here. It will help you understand these plans better and take the right one for yourself. Read on to know more!
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Consider HDFC SL ProGrowth Super II as your savior against any kind of adversities. This plan from HDFC Life is a Unit-linked non-participating Life Insurance Plan with which you can ensure your future goals. On the other hand. HDFC Life ProGrowth Plus Plan makes the process of securing your family’s goals easier with diverse fund options.
Now that you have some basic knowledge about these plans, you must want to know more about them. Well, now, we will be comparing both these plans on various factors such as diverse Plan options, how long they will cover you for (Policy Term), premium amount, premium payment term, etc. Let’s start comparing!
Both these plans give several plan options from which you can choose according to your future goals. When we talk about HDFC SL ProGrowth Super II Insurance Plan, policyholders can choose from as many as 8 Plan Options. These options are Life Option, Extra Life Option, Life & Health Option, Extra Life & Health Option, Life & Disability Option, Extra Life & Disability Option, Life & Health & Disability Option, and Extra Life & Health & Disability Option. As you can see from the plan names, the Cover will vary according to the chosen plan at the inception of the policy.
On the other hand, HDFC Life ProGrowth Plus Plan offers Life Option and Extra Life Option with which you will get Death Benefit and Death Benefit + Accidental Death Benefit, respectively. In both the Life Insurance Plans from HDFC Life, you can choose from different investment funds according to your requirements.
One of the important things that individuals look for while choosing a Life Insurance Option is the Sum Insured, the Cover Amount. For both HDFC SL ProGrowth Super II and HDFC Life ProGrowth Plus Plan, the Sum Assured varies for people with age less than 45 years and age equal to 45 years or above. You can check the same in the below table.
|Plan||Sum Assured amount for Age less than 45 years||Sum Assured Amount for Age equal to 45 or above|
|HDFC SL ProGrowth Super II Plan||Higher of 10 x Annualised Premium or 0.5 x Policy Term x Annualized Premium||Higher of 7 x Annualised Premium or 0.25 x Policy Term x Annualized Premium|
|HDFC Life ProGrowth Plus Plan||Higher of 10 x Annualised Premium or 0.5 x Policy Term x Annualized Premium||Higher o 7 x Annualised Premium or 0.25 x Policy Term x Annualized Premium|
Before choosing any Life Insurance Plan, you should have an understanding of its Policy Term. For HDFC SL ProGrowth Super II Plan, the minimum policy term can be as low as 10 years, while the maximum can be 25 or 30 years depending on the chosen plan. On the other hand, with the HDFC Life ProGrowth Plus Plan, policyholders can choose a Policy Term for a minimum of 10 years and a maximum of 30 years. However, you cannot choose a policy term ranging from 11 to 14 years.
When you choose any Life Insurance Plan, you need to pay a premium for it. But how long will you need to pay? Well, in the case of the HDFC SL ProGrowth Super II Plan, you will need to pay the premium for your chosen policy term. However, for HDFC Life ProGrowth Plus Plan, the premium payment term can also range from 10 to 30 years from which you can choose according to your convenience.
Coming to the Minimum Premium Amount, for HDFC SL ProGrowth Super II Plan, individuals can choose to pay the premium at any of the Annual, Half-monthly and Monthly intervals. The minimum amount stands at INR 24,000, INR 10,000 and INR 2,500 for the intervals in the above order. The maximum amount can be as much as INR 1,00,000 if you are choosing an annual payment option. On the other hand, the minimum premium amount for HDFC Life ProGrowth Plus Plan is INR 15,000 with no maximum limit.
The Entry Age is one of the important factors while choosing a Life Insurance Plan. With the HDFC SL ProGrowth Super II Plan, individuals between 18 and 55 years can choose any 7 plans except the Life Option, where the minimum age at entry is 14 years, while the maximum can be 65 years.
With the HDFC Life ProGrowth Plus Plan, the entry age differs from plan to plan. For Life Option, the entry age ranges from 14 years to 65 years, while for Extra Life Option, the entry age can range from 18 to 55 years.
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