HDFC ProGrowth Plus
  • Flexibility to Invest in Funds
  • Regular Premiums
  • Sample Premium Rates
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HDFC Life ProGrowth Plus

HDFC Life ProGrowth Plus is a unit-linked insurance and regular premium plan where the premium is invested in the market, thus providing good returns along with various benefits. This plan offers the flexibility to choose investment funds and regular premiums. The company invests your regular premium and tidal amount of premium allocation charges in the selected fund in the proper proportion as per the policyholder’s specifications. At the end of the policy term, an accumulated amount of funds will be received. In case of an unfortunate death event of the life assured during the policy period, the nominee will be eligible to receive the fund amount or greater sum assured.

In simple words, HDFC Life ProGrowth Plus is a savings-cum-insurance plan that allows the policyholders to create their own investment strategies as well as provide a life cover.

HDFC Life ProGrowth plan comes with a variety of features and benefits, which are designed to provide the financial protection to the assured family members when he/she is no longer around. Continue reading to explore more about the plan

Key Features of HDFC Life ProGrowth Plus

HDFC SL Progrowth Plus offers flexibility to invest in a choice of funds. The plan comes with 10 fund options, providing you with a vast variety to choose from. Below mentioned is the listy of the funds available.

Income FundBalanced FundBlue Chip FundOpportunities FundEquity Plus FundBond FundDiversified Equity FundConservative FundDiscovery FundEquity Advantage Fund

HDFC Life ProGrowth Plus Opportunities fund’s composition is majorly in favor of mid-cap equities and equities-related instruments. In the HDFC Life ProGrowth Plus Opportunities fund, only 0% to 20% of the amount is allocated in money market instruments, deposits, cash, and liquid mutual funds. The changes of risk and returns are very much high in this case.

Benefits of HDFC Life ProGrowth Plus

Benefits are an important aspect of the plan, as they help you to decide whether you are interested or not in buying the plan. HDFC SL Progrowth Plus offers several benefits to the policyholder. The benefits offered by the plan are mentioned below:

  • Flexibility to choose from Life and extra life options.
  • Get the tax benefits under section 80C and 10D of the Income Tax Act, 1961.
  • Smooth and convenient premium paying process with access to multiple payment modes such as cheque, credit card, auto-debit, and net banking.
  • The plan allows making partial withdrawals to meet unplanned expenses
  • Based on your risk and return needs, a plan offers the flexibility to plan your investment strategy
  • In case of any unfortunate event like the death of a life assured within the policy term, the nominee is provided with a higher sum assured or fund value in the form of the death benefit.
  • Maturity Benefit - At the time of policy maturity, the fund value is paid as maturity benefit.
  • Under this plan, the assured can change the premium paying frequency anytime.
  • The plan offers the flexibility to choose the required instrument funds in two ways:
  • Switching: The assured can move his/her accumulated funds from one fund to another anytime
  • Redirection of Premium: The assured can pay his/her future premiums into a different choice of funds, as per his/her choice.
  • In this plan, assured persons are allowed to make partial withdrawals after 5 complete policy years or if the life assured is 18 years old (whichever is later).
  • If you are not satisfied with the coverage and terms and conditions of the policy, then the insurer offers an option of cancelling the HDFC Life ProGrowth Plus plan within 15 days (free look period) from the receipt of the policy documents.
  • The plan offers a grace period of 15 days for monthly mode and 30 days for other types of modes.
  • Charges of the plan:
  • Premium allocation charges: A premium-based charge that depends on the allocation year. After deducting this charge from the assured person’s annualized premiums, the remaining is invested to buy other units. The remaining percentage of the annualized premium is called premium allocation rate.
    Note - The premium allocation rate and charge are guaranteed for the full policy period.
  • Fund Management Charge (FMC): This is the daily unit charge that allows the deductions for the fund management charge.
  • Policy Administration Charge: This charge is the annual premium percentage that will be deducted on a monthly basis to provide administration to the plan. This charge is acquired by cancelling units in a proportionate manner from each fund as per your choice.
    Note - This charge is guaranteed for the complete period of the policy.
  • Mortality Charge: Every month, an insurer levy a charge and provides you with the death benefits under this policy. This charge is acquired by cancelling units in a proportionate manner from each fund as per your choice.
    Note - This charge is guaranteed for the complete period of the policy.

Plan Options of HDFC Life ProGrowth Plus

There are two coverage options available within this plan. Let’s learn about them in detail.

Life Option - Death Benefit

By choosing this option the beneficiaries or the nominees of the assured will get a complete payout of the sum insured, unit fund value, and minimum death benefit (whichever is greater) in the event of the death or incurable illness.

The policy will terminate and no more benefits will be payable.

Extra Life Option - Death Benefit + Accidental Death Benefit

In this plan, an additional sum assured is paid to the nominee. The policy will terminate and no more benefits will be payable.

Ulip Plans Companies

Invest and secure your life goals by choosing any of the below-mentioned ULIP plans as per your requirements.

HDFC Life ProGrowth Plus Plan Riders

HDFC Life Progrowth Plus offers the following Rider options for enhanced financial protection.

HDFC Life Income Benefit on Accidental Disability Rider In the case of an Accidental Total Permanent Disability, this benefit is equal to 1% of the Rider sum assured per month for about the next 10 years.
This rider does not offer any maturity benefit.
HDFC Life Critical Illness Rider In case, you are diagnosed with any of the 19 critical illnesses, a lump sum benefit equal to the sum assured shall be payable.
The rider does not offer any maturity benefit.

HDFC Life ProGrowth Plus Plan Eligibility Criteria

Parameters Minimum Maximum
Entry Age (Life Option) 14 years* 65 years
Entry Age (Extra Life Option) 18 years 55 years
Maturity Age (Life Option) - 75 years
Maturity Age (Extra Life Option) - 70 years
Premiums Annual Rs. 24,000 Rs. 1,00,000
Half-yearly Rs. 10,000 Rs. 50,000
Monthly Rs. 2,500 Rs. 8,333
Policy Term 10 years 30 years
Premium Payment Term 10 years 30 years

HDFC Life ProGrowth Plus Plan Sample Premium Rate

It is important to be aware of the premium rates before buying any life insurance plane for your financial protection. We have provided a sample table to illustrate the premium rates of the ProGrowth Plus plan.

Age (in years) 25 30 35
Policy Term (in years ) 20 15 10
Maturity Value at an assumed rate of return
At 4% At 4% At 4%
Annual Premium of Rs. 25,000 5,90,539 4,19,896 2,53,928
Annual Premium of Rs. 50,000 1,181,079 8,39,792 5.07,856
Annual Premium of Rs. 1,00,000 2,418,519 1,707,716 1,040,718

Graphical Representation of Premium Rates of HDFC Life ProGrowth Plus

This graph illustrates the annual premium of Rs. 25,000 at maturity value at an assumed rate of return (4%) and different ages.

Premium Rates Illustration of HDFC Life - ProGrowth Plus

Exclusions

Mentioned below are a few conditions or situations for which the coverage is excluded in this plan:

  • Intentionally self-inflicted injury
  • Alcohol or substance abuse
  • war, invasion, civil war, or taking part in a riot or civil commotion
  • The company will pay for the accidental death benefit if the death occurs after 90 days from the accident date.
  • Taking part in any criminal activity
  • Flying activity, other than as a passenger in a commercially licensed aircraft.

**For more detailed information, refer to HDFC Life ProGrowth Plus Brochure.

Buying Process Of HDFC Life ProGrowth Plus

There are two ways through which you can invest in HDFC Life ProGrowth Plus- via PolicyX.com and the official website of the company. Let's discuss the steps further. Follow the below-mentioned steps to buy your HDFC ProGrowth Plus Opportunity Fund:

Buying process of HDFC Life insurance plan through PolicyX.com

  • Scroll up to ‘Free Quotes From Top Companies’ given at the top right corner of this page. Submit basic details such as DOB, annual income, gender, etc. Tap on ‘Continue’.
  • Provide your phone number, name and city. Tap on ‘proceed’. Check the available quotes from the top insurance companies in India.
  • Choose the desired plan and tap on ‘Invest’ at the right corner of the chosen plan. Click on ‘Proceed to Buy’. Enter your ‘E-mail ID’ and ‘Submit Details’.
  • It will take you to the company's official website. Make the payment using available payment options.
  • You will receive a confirmation along with the policy documents at your registered email address.

Buying process of HDFC Life insurance plan through HDFC Life official website

  • Visit the official website of HDFC Life Insurance Company. Click on the ‘Investment Plan’. Scroll down to the plan section.
  • Select the plan that you want to buy and click on ‘Buy Online. Confirm the details and click on the ‘Calculate Button’
  • Analyze the plan and confirm the details. Click on the ‘Buy Now Button’ and ‘Fill in the details and Click Pay Now’.
  • Complete the application form with your personal and professional life and your health details.
  • Review your details and make the payment. The company will share the policy documents at your registered Email address.
Buying Process Of PolicyX website
Buying Process Of HDFC Life ProGrowth Plus

HDFC Progrowth Plus: FAQs

1. In case of my unfortunate demise, will my family receive anything?

In the event of any such unfortunate event, the highest of the following will be paid to the beneficiary:

  • Sum Assured (less all withdrawals made during the two year period immediately preceding the death of Life Assured)
  • Unit Fund Value
  • Minimum Death Benefit of 105% of the total Premium(s) paid After then, the insurance will be terminated, and no further benefits will be paid.

In addition to the Death Benefit, the company will pay the Accidental Death Benefit (if applicable), which is the Sum Assured. After then, your coverage will expire, and no more benefits will be paid.

2. What Charges are levied under HDFC Progrowth Plus?

  • Premium Allocation Charge
  • Fund Management Charge
  • Policy Administration Charge
  • Mortality Charge
  • Risk Benefit Charge

3. What are the available premium paying frequency available under the plan?

One has the option to pay their plan premium Annually, Half-yearly and Monthly

4. What will happen if I don't pay the premiums for my HDFC Progrowth Plus Plan even after the grace period?

If the premium for the HDFC Life ProGrowth Plus plan has not been paid even after the grace period, you have the following options:

  • You have two years from the date of discontinuation to renew your policy, or you can cancel it. However, cancelling the policy will cancel all the risk coverage or benefits.
  • You can also make your policy a paid-up policy. However, this option is only accessible if your insurance lapses or is terminated after the 5-year policy term has expired.
  • If the policy is terminated before the completion of 5 years, the Fund Value, minus the relevant costs, will be added to the (DPF) Discontinued Policy Fund. The Discontinued Policy Fund will be paid when the lock-in period is completed.
  • In the event that the insurance is terminated after five years, the following applies: You will receive the whole Fund Value.
  • You can also renew a terminated policy within two years after the policy's discontinuance date, provided all premiums have been paid in full and the underwriting policy has not been violated.

5. Are there any terms to withdraw my funds partially during the time of financial emergency?

After the completion of 5 years, the policyholder can make lump sum partial withdrawals from the funds, which is subject to:

  • The life assured being at least 18 years of age
  • The minimum amount of withdrawal being Rs.10,000
  • After withdrawal, the fund value does not go below 150% of the annualised premium
  • The maximum amount withdrawn throughout the policy term being 300% of the annualised premium

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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