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
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 Fund Bond 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 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:
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.
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.
|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|
It is important to be aware of the premium rates before buying any insurance plan 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.
Mentioned below are a few conditions or situations for which the coverage is excluded in this plan:
**For more detailed information, refer to HDFC Life ProGrowth Plus Brochure.
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
Buying process of HDFC Life insurance plan through HDFC Life official website
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Last updated on February, 2022
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