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Investment Plans 1516 views April 8, 2020
When it comes to our family we settle for nothing but the best, to the extent possible. 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 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 benefits 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. This will conveniently help build a financial corpus and make sure to provide for, a sufficient period, your family in case of your unfortunate demise.
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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 details of some of the benefits provided along with the HDFC SL ProGrowth Super II plan are as follows:
As a Life Insurance primarily it promises a sum assured payable 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, this amount includes the full fund value of all the balance units remaining given the policyholder survives the policy term.
If you avail a rider to cover for critical illnesses then the sum assured will, in addition to the unit fund value, also include this benefit. This rider basically covers for surgeries and other expensive treatments if the policyholder is diagnosed with a critical illness.
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 then 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 then the dues would be immediately cleared out.
Presented below are the salient features of this policy:
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.