HDFC ULIP Plans in India
HDFC Life ULIP Plans in India
  • Protection & Investment Option
  • Switching Funds Flexibility
  • Tax Benefits Under 80C
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HDFC ULIP Plans

ULIPs or, unit-linked insurance plans are served under the savings and investment plans of life insurance. ULIPs provides policyholders with the double benefit of life cover and investment option. HDFC Life provides a variety of ULIP Plans and all of them have been listed below.

Tabular Representation Of HDFC Life ULIP Plans

The table represents all the updated data as per 2019-2020.

Plan NameAge Eligibility (Min/Max)Premium Payment (Annual)Policy TermMaturity Age (Maximum)
HDFC Life Click 2 Invest0 Years/ 65 YearsRs.12,0005 Years-20 Years75 Years
HDFC SL Crest14 Years/ 55 YearsRs.50,000 onwards10 Years65 Years
HDFC Life Pension Super Plus35 Years /65 YearsRs.24,00010 Years/ 15 Years/ 20 Years75 Years
HDFC SL YoungStar Super PremiumLife option - 18 Years/ 65 Years
Life and Health Option - 18 Years/55 Years
Rs.15,00010 Years to 20 Years75 Years
HDFC Life ProGrowth Plus14 Years/ 65 YearsRs.24,00010 Years to 30 Years70 Years
HDFC Life ProGrowth Flexi18 Years/ 65 YearsRs.24,00010 Years to 30 Years75 Years
HDFC SL ProGrowth Super II14 Years/ 65 YearsRs.15,00010 years to 30 years75 Years
HDFC SL ProGrowth Maximiser14 Years/ 65 YearsRs.50,000 onwards5 years to 10 years75 Years
HDFC Life Single Premium Pension Super40 Years/ 75 YearsRs.25,000 onwards10 Years85 Years

HDFC ULIP Plans Detail

After the tabular comparison, let us go through a brief description of the different unit-linked plans mentioned below:

1. HDFC Life Click 2 Invest Plan

This unit-linked plan does not offer any type of liquidity of the amount during the lock-in period. The period is 5 years. The insured is not supposed to withdraw/ surrender the amount invested in the plan partially or completely till the completion of 5 years.

The plan has several premium payment options like single pay, 5 pay, 7 pay, 10 pay or regular pay. The policy buyer is free to choose from the range of 8 fund options. The plan also provides tax benefits under section 80C of the income tax act, 1961. There is no loan facility available under the policy.

2. HDFC SL Crest Plan

HDFC SL Crest offers the benefit of premium payment for a limited term. There is a short medical questionnaire-based underwriting to be fulfilled at the time of buying the policy. The insured is free to choose the premium and the level of cover. The premiums paid under the policy are tax exempted. There are no loans available on the policy.

3. HDFC Life Pension Super Plus Plan

This plan is very helpful to those who are going to serve their retirement period. The plan provides flexibility to plan the retirement date. The insured also gets the benefit of assured maturity/vesting value.

Under the plan, the additional allocation of the premium is from the 11th year onwards. On completion of the tenure, the insured get higher of:

  • Fund value or
  • The assured benefit of 101% of all premiums including top-up premiums paid until date.

4. HDFC SL YoungStar Super Premium Plan

This unit-linked plan with life insurance cover had been structured keeping in mind the future of kids. It gives valuable financial protection to policyholder's children. In case of the demise of the policyholder, the plan provides yearly payments to the family, to fight with the financial obligations of daily life. The policy buyer is free to invest in his/her choice of fund.

A lump-sum partial withdrawal can be made from the fund after the completion of 5 years. The minimum amount that can be withdrawn is Rs.10,000.

5. HDFC Life ProGrowth Plus Plan

Under this ULIP, the policyholder has two plan options:

  • Life Option: This provides a death benefit.
  • Extra Life Option: This provides death benefits along with accidental death benefits.

The plan provides flexibility in cases like changing of fund choices, transfer of accumulated funds from one to another at any time, and payment of the future premiums in different sections as per the need.

There is an initial lock-in period of 5 years. After serving the lock-in period, partial or complete withdrawals can be done. The minimum amount to be withdrawn can be Rs. 10,000. The maximum amount that can be withdrawn throughout the policy tenure can be 300% of the original regular annualized premium.

HDFC 5 Year Investment Plans, Know More.

6. HDFC Life ProGrowth Flexi Plan

This unit-linked plan provides death coverage along with investment benefits. The plan acts as a shield to the family left behind in case of the demise of the policyholder. The policy pays highest of the:

  • Sum assured
  • Unit Fund Value, or
  • Minimum Death Benefit

The plan also has an accidental death cover option.

The specialty of the plan is that over the term of the policy, the available funds give the potential for higher but more variable returns and lower but more stable returns. The premiums paid under the plan are tax exempted under section 80C of the income tax act.

7. HDFC SL ProGrowth Super II Plan

The plan provides its policyholders comprehensive benefits. The plan offers:

  • Financial security to the family.
  • Flexible additional benefit options.
  • Opportunity to invest in a number of funds.
  • Sum assured and unit fund value.

On-time payment of annualized premium keeps the plan functioning. The liquidation of the fund is not allowed before completion of 5 years from the date of issue of the policy. Riders like critical illness riders, accidental death riders, and riders for total/ partial disability due to an accident are available under the plan.

8. HDFC SL ProGrowth Maximiser Plan

It is a unit-linked non-participating life insurance plan. It provides protection along with investment benefits to the policyholder and his/her family. The plan permits partial liquidation of funds from the 6th year of the policy. The maximum amount that can be withdrawn during the policy term is 50% of the total premium paid.

9. HDFC Life Single Premium Pension Super Plan

It is a unit-linked single premium pension plan. The plan provides an assured benefit of 101% of the total premium paid. The policyholders under the plan get an opportunity to build a corpus for post-requirement income. In case of death of the insured the nominee receives higher of:

  • Fund value or
  • 105% of total premiums paid inclusive of single premium and top-up premiums.

The plan also brings tax benefits to the policyholder. The premiums paid under the plan are exempted from tax under section 80C of the Income Tax Act, 1961.

Why Should You Invest In HDFC ULIP Plans?

There are several investment plans in the market like fixed deposits, mutual funds, etc. but HDFC Life ULIP Plans are better among them. Here are a few reasons in support of the statement:

  1. The lock-in period for 5 years induces a habit of disciplined investing into the policyholder. It keeps the amount intact for 5 years. This gets the insured a handsome amount on maturity.
  2. HDFC Life ULIP Plans gives a better return as compared to other investments in the insurance market. It is a protection-cum-investment plan. So, the insured does not need to buy different plans for life coverage and investment.
  3. HDFC Life insurance company and its ULIPs provides you with the flexibility of switching funds during the term without any loss of benefits. It is also an add-on facility provided to the insured under HDFC Life ULIPs.
  4. HDFC Life ULIP Plans offer the policy buyers with the dual advantage of death cover and investment options for future planning. This is also one of the reasons that attract policy buyers towards HDFC unit-linked insurance plans.
  5. HDFC Unit-linked insurance plans come with tax-saving benefits. The insured need not pay income tax under section 80C of the income tax act, 1961, on the premium paid under the policy. HDFC Life ULIP Plans help you save your hard-earned money.

FAQs

NRIs can invest by filling a mandatory questionnaire organized for them.

The policyholder can surrender the policy subjected to a lock-in period of 5 years. No discontinuance charge is payable under this. For more details please refer to the product brochure.

No, the sum assured finalized at the time of buying the policy can not be changed.

In case of the death of the policyholder, the beneficiary of the policy should intimate the insurance company as early as possible. Thereafter, the customer service representative of the insurance company assists the beneficiary with all the procedures to be followed with respect to the policy.

There are 11 fund options to choose from in this plan. They are:

  1. Equity fund Plus
  2. Diversified Equity fund
  3. Blue Chip fund
  4. Opportunities fund
  5. Balanced Fund
  6. Income Fund
  7. Bond fund
  8. Conservation fund
  9. Discovery fund
  10. Equity advantage Fund
  11. Secure Managed Fund

Last updated on 19-08-2020