The amount of such installments paid on the specified dates is subject to the investment risk; meaning, the NAV might increase of fall down as per the performance of the fund options that you choose. HDFC SL ProGrowth Flexi Plan. Know More. An advance premium can be paid within the same financial year for any premium due in … Myth 6: ULIPs do not provide health or accident cover. Life Insurance premiums paid up to Rs. You stop paying the premium after 5 years -. The remaining percentage of annualised premium is called premium allocation rate. of ULIPs. It is charged daily and the daily unit price under HDFC Progrowth Plus is calculated after deducting the fund management charge. Fact: It is commonly believed that ULIPs such as HDFC Life Progrowth Plus are a costly investment product due to high inherent charges, particularly due to premium allocation and fund management charges. This ULIP plan will help you to make the most of equities by channelizing your savings effectively. There is loan available under this plan upto 40% of the Surrender Value provided the policyholder is at least 18 years old. – In this plan, premium needs to be paid till the end of the Policy Tenure. Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001, IRDAI Web aggregator Registration No. 1 crore at less than Rs. This plan strives to maximize your returns so that ensuring the best for your loved ones is easy. Grace Period: 15 days grace period is allowed for monthly mode and 30 days for other modes in HDFC Progrowth Plus. HDFC Life ProGrowth Plus is a regular premium unit linked insurance plan. Fact: It is a myth that ULIPs give low returns. One may start with a lower premium ULIP and top it up anytime during the tenure of the policy. The premium allocation charge percentage is highest in the first year and decreases over time. A. snapshot of illustration HDFC SL ProGrowth Plus B. C.This is only for - for a healthy male life. The name of our company and the name of our plan do not, in anyway, indicate the quality of the plan, its future prospects or returns. Corporate Office & Registered Address: HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited).Lodha Excelus, 13th Floor Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India.Telephone–(022)67516666 Myth 2: ULIPs are risky financial instruments. The reality is that they give much higher returns as compared to many other investment options like a savings accounts, endowment policies, etc. This charge will be taken in addition to the mortality charge only in case one is covered for the benefit under HDFC Life Progrowth Plus. In case you surrender the policy post the completion of 5 years of the policy term, your total Fund Value shall be paid to you. Telephone, Electricity, Credit Card or Water Tax Bill (all not over 3 months old). Source of Charges : HDFC Life website. Insurance is the subject matter of solicitation.Visitors are hereby informed that their information submitted on the website may be shared with insurers. Thus, if this variant is selected and the Life Insured suffers from an Accidental Death, then an additional Sum Assured is paid to the nominee as Accidental Death Benefit. Fact: This is a myth because the fact is that ULIPs like HDFC Life Progrowth Plus can be discontinued after a minimum lock-in period of 5 years without paying any surrender charges. This is towards the cost of morbidity benefit offered like Extra Life Benefit under HDFC Life Progrowth Plus. Approval for registration as an Insurance Broker is pending with the IRDAI. You stop paying the premium before 5 years -. It stays the same in bear or bull market conditions. Product information is authentic and solely based on the information received from the Insurer© Copyright 2008-2020 policybazaar.com. Future premiums can be redirected to a new fund via the Premium Redirection option in the plan. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated. Higher of 7*annual premium or 0.25*term*annual premium, 40*annual premium subject to a maximum of 40 lakhs. For age<45 yrs, SA=Higher of 10 X AP or 0.5 X PT X AP, For age>=45 yrs, SA=Higher of 7 X AP or 0.25 X PT X AP. In the first year, the company deducts an amount equivalent to 2.5% of your total premium. In other words, products such as HDFC Progrowth Plus combine insurance and investment in one instrument. For further details on surrender, it is advisable to refer to the formal policy brochure. Admin change is in percentage of the annual premium. HDFC SL ProGrowth Super II. In the Settlement Option of the HDFC Life ProGrowth Plus Policy, the total Fund Value is payable in the form of regular payments over a period of up to five years. growth. Different charges are explained in detail below: This charge under HDFC Progrowth Plus is based on premiums and depends on the year of allocation. Death benefit is the sum assured plus fund value. Benefits to HDFC SL ProGrowth Super II-There are 8 feasible and effective policy combinations under the HDFC SL ProGrowth Super II Plan. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions. Life: Entry age from 14 to 65 years and maximum age at maturity is 75 years; - This is the Basic version of the Plan without additional features. Fact: Another myth about investing in ULIPs is that they are risky and unsafe investment products because they only invest in equities. Your capital will stay invested in the funds of your choice and investment risk, as during the term of the policy, shall be applicable to it. 4. In case you surrender the HDFC Life ProGrowth Plus Plan before the fifth policy year is complete, your total Fund Value excluding the relevant charges will be added to the (DPF) Discontinued Policy Fund and the takings from the same shall be payable post the lock-in period of the policy is completed. Protect your family's future goals at just Rs. This is a participating plan. The minimum amount of partial withdrawal should be Rs. Myth 4: Once taken, a ULIP cannot be discontinued. With HDFC Bank's SL ProGrowth Maximiser unit linked plan, pay the premium only once based on your risk apetite in a choice of funds having market linked returns. If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. You also can convert your policy into a paid-up policy. HDFC Life ClassicAssure Plus Form No: P501-113 & UIN: 101N089V01 is a traditional insurance product offered by HDFC Life. ... Company Overview. Once this benefit is paid to the policyholder, the policy comes to an end and no further benefit shall be payable. Age limit Age limit. Plan Now. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges. Life Option. Also, partial withdrawal is available helping take care of unforeseen emergencies. Common ones are discussed and debunked below: Myth 1: ULIPs are costly due to higher costs. policy document - hdfc sl progrowth flexi unique identification number: << 101l072v05 >> all unit linked policies are different from traditional insurance policies and are subject to different risk factors. The policy can be revived within 2 years from the due date of the first unpaid premium. HDFC SL ProGrowth Super II is a ULIP plan providing investment option and life insurance coverage for complete protection and savings. In case of death of the Life Insured within the Policy Tenure, the nominee gets higher of Sum Assured or Fund Value as Death Benefit and the policy terminates. HDFC Progrowth Plus is a Unit Linked Insurance plan where the premium is invested in capital market yielding great returns and also providing the benefits of insurance coverage. The HDFC SL ProGrowth Maximizer policy offers a minimum of 105% of all annualized premiums as death benefits. Lease Agreement, Gas Connection Card or Letter, or Bank Statement (not over 1 month old), Passport, Permanent Driving License or Ration Card, You can revive your policy within two years from lapse date of discontinuance, or, You can withdraw the Policy completely, without getting any risk cover or benefit. It is a simple Unit Linked Insurance Policy without Bonus Facility, - Death Benefit + Accidental Death Benefit, Higher of Sum Assured or Fund Value is paid to the nominee as Death Benefit. This is a monthly charge towards the cost of life insurance cover under HDFC Progrowth Plus. There are various options of combining the basic Death Benefit along with riders to increase protection. in this policy, the investment risk in investment portfolio is borne by the policyholder. You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. A smart savings-cum-insurance ULIP that will help you save long-term. HDFC Pro Growth Super II Plan is a unit linked insurance plan (ULIP), such that if the Life Insured dies within the policy tenure, the nominee would receive both the Sum Assured and the Fund Value as Death Benefit. The charge is guaranteed for the full policy term of HDFC Progrowth Plus. It is a ULIP plan with Regular Pay option. HDFC Life SL ProGrowth Flexi Plan is an excellent investment option. In the event of death of the insured, an ULIP like HDFC Progrowth Plus pays the higher of the life cover or fund value to the dependent family members/nominees of the policyholder. The premiums paid could be used over all of the fund options, a specific few as chosen by the policyholder or even in a single one. While Life Option pays the death benefit, Extra Life Option has an inbuilt accidental … *The information provided on this website/page is only for information sake. In case the canceled cheque does not have a pre-printed name, account number, or a new account is mentioned on the cheque, then the passbook copy/bank statement having the pre-printed name and the account number is required 4. Plan for guaranteed*, tax-free^ income to secure your future with HDFC Life Sanchay Plus. the option to switch between available funds as per changing risk appetite, change in market conditions etc. Tax Benefits: The policyholder is eligible to receive tax benefits under sections 80C and 10(10D) of the Indian Income TAX Act, 1961, on the premiums paid for the HDFC life SL ProGrowth … Partial withdrawals are allowed every year with a minimum value of Rs.10,000 in HDFC Progrowth Plus. ... HDFC Life Sanchay Plus. This ULIP plan will help you to make the most of … The remainder money after deducting this charge from annualised premiums is invested to buy units. However, if the Life Insured meets with an accidental death and had opted for Extra Life Option, then he would an additional Sum Assured as Accidental Death Benefit. Free Look Period: If you are not pleased with the coverage, and terms and conditions of the plan, you have the option of cancelling HDFC Progrowth Plus policy within 15 days of receipt of the policy documents, provided there has been no claim. The Fund Value is paid as Maturity Benefit on the policy maturity. In this plan you can choose your regular premium and the investment fund(s). The reality is that the life cover is not linked to market performance at all. However, there will no further applicable charges. HDFC Life ProGrowth Plus, a simple savings-cum-insurance plan that will enable you to enjoy life cover and benefit from comfort of creating your own investment strategies. 06 Registration Code No. The options are as follows: **Discount is offered by the Insurance company as approved by IRDAI for the product under File & Use guidelines #On the basis of your profile, CIN: U74999HR2014PTC053454 Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited) Policybazaar is currently registered as a Web aggregator by IRDAI. Policy Termination or Surrender Benefit: Policyholder of HDFC Progrowth Plus is allowed to surrender the policy after 5 completed years. HDFC Life SL ProGrowth Flexi is a savings-cum insurance ULIP that enables you to financially secure your future. We will then invest your regular premium, net of premium allocation charges in your chosen fund(s) in the proportion you specify. 1000 p.m* with HDFC Life Click 2 Wealth. The minimum premium term is of 5 years, 10 years or 15 plus years. The benefits illustrated assume that all premiums that are due over the full term will be paid and no withdrawals will be made during the policy term. This is a Unit Link Insurance Plan, which helps you to channelize your savings by making the most of the equities. If say the funds offered under HDFC Life Progrowth Plus are chosen judiciously and one takes the advantage of switching and redirection of funds / premiums, one can be sure that the fund growth will be healthy with high returns. All You Need To Know. Now that we have begun, let us try to understand the charges first. The table below shows the HDFC ProGrowth Plus NAV for all the funds on 17 Feb 2020 (present) and 18 Feb 2015 with respective 5 year return rate. If the Life Insured meets with an accidental death and had opted for Extra Life Option, then he would an additional Sum Assured as Accidental Death Benefit. We Would love to interact with you. In this plan you also enjoy life insurance coverage so that you’re loved ones financial future is secured even in your absence. Policy Termination or Surrender Benefit: Policyholder of HDFC Progrowth Plus is allowed to surrender the policy after 5 completed years. Myth 3: Addition funds cannot be invested in ULIPs. - In this variant of the plan, an inbuilt Accidental Death Benefit rider. India's 1st IRDAI Approved Insurance Web Aggregator, NAV of all funds in HDFC Life Pro Growth Plus Plan, Similar Withdrawn ULIP Plans from HDFC Life, Important: Insurance is the subject matter of solicitation | © 2009-2020 MyInsuranceClub.com. Fact: The reality is that ULIPs such as HDFC Life Progrowth Plus allow investment of additional / surplus funds as and when they are available by way of top-up premiums. Corporate Office & Registered Address: HDFC Life Insurance Company Ltd. Lodha Excelus, 13th Floor Apollo Mills Compound, N.M Joshi Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India. Reason(s) for policy surrender and the surrender form needs to be submitted at the nearest HDFC Life Insurance branch, along with the following documents: 1. The HDFC SL ProGrowth Flexi plan has a grace period facility of 30 days for policies having annual premium payment mode, while 15 days for half-Yearly premium payment mode. HDFC Life ProGrowth Plus - Opportunities Fund: Get the Latest NAV Value, Performance and Returns of HDFC Life ProGrowth Plus - Opportunities Fund. Higher of 10*annual premium or 0.5*term*annual premium for ages<45 yrs. Paying premiums under the HDFC ProGrowth Plus Plan is very convenient as it offers various payment modes, such as internet banking, credit card, auto debit facility, or cheque; HDFC SL ProGrowth Super II. HDFC Life ProGrowth Plus - Highest NAV Guarantee Fund: Get the Latest NAV Value, Performance and Returns of HDFC Life ProGrowth Plus - Highest NAV Guarantee Fund. This is a flexible HDFC ULIP Plan which has the following features – There are two coverage options which are Life Option and Extra Life Option. ULIPs are affordable and cost much less than before. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. HDFC Standard Life Insurance Company Limited is the name of our Insurance company and HDFC SL Progrowth Super II UIN 101L066V01 is the name of the plan. There is an inbuilt Accidental Death Benefit Rider under the Extra Life Option in the plan. Policyholder has to fill up an ‘Application form/ proposal form’ for HDFC Life Progrowth Plus plan with accurate medical history and submit KYC documents. It is a non-participating, non-linked, savings plan that offers guaranteed returns for you and your family. Plan Now. 15 days grace period is allowed for monthly mode and 30 days for other modes in HDFC Progrowth Plus. In case the premium of HDFC Life ProGrowth Plus plan has not been paid even till the expiry of the grace period, then the following options are available to you: In case you do not select one amongst the above mentioned options and do not communicate the same to the insurer, then the following will happen: You also have an option to renew a terminated policy within a period of 2 years from the discontinuation date of the policy, provided all the premiums have been duly paid subject to the underwriting policy. NAV Review and Analysis of HDFC ProGrowth Plus’ Funds. HDFC Life ProGrowth Plus Plan Details. The reality is that ULIPs have undergone several changes in recent years and IRDAI (Insurance Regulatory and Development Authority of India) has brought down the annual charges to 3% for the first 10 years of holding and 2.25% if the ULIP is held for more than 10 years. ULIPs also allow switching i.e. Incase HDFC Life ProGrowth Plus is a savings-cum insurance plan that provides customers extensive life cover and the flexibility of creating investment strategies based on their risk appetite. The name of the company, name of the brand and the name of the product does not indicate the quality of the plan. HDFC Pro Growth Super II. HDFC Life Click2Invest ULIP Plan – Review, Details & Benefits, Life Insurance Corporation of India (LIC), This plan is a ULIP plan with Regular Pay option, This Plan provides 2 coverage options called Life Options and Extra Life Option, The following 4 investment funds are available in this plan which is provided by, The insured will get the total Fund Value on Maturity under HDFC Life Progrowth Plus, Under HDFC Life Progrowth Plus, maturity proceeds can be availed in equal instalments post maturity over a period of 5 years through the Settlement Option, On death of the policyholder under HDFC Life Progrowth Plus, higher of the Sum Assured net of Partial Withdrawals made 2 years prior to death or Fund Value or 105% of premiums paid is payable to the nominee if attained age is less than 60 years, Under HDFC Life Progrowth Plus plan, on or after attaining 60 years, higher of SA net of Partial Withdrawals made after age 58 years or Fund Value or 105% of premiums paid is payable, It provides an additional Accidental Death Benefit equal to the SA is payable under the Extra Life Cover Option if the policyholder meets with accidental death. HDFC Life Single Premium Pension Super Plan. This charge may be levied at the beginning of each policy month from the fund. HDFC Bank Life ProGrowth Plus. . Both, premium allocation rate and premium allocation charge are guaranteed for the full policy term. The values shown are for illustration purpose only. In HDFC Life Progrowth Plus, the benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date. Policybazaar does not in any form or manner endorse the information so provided on the website and strives to provide factual and unbiased information to customers to assist in making informed insurance choices. If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately. The Fund Value is paid as Maturity Benefit. It is advisable to stay prepared against the uncertainties of life and life insurance solutions enable you to build your savings and enjoy life cover. the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. It is exclusive of any expense loadings levied either by cancellation of units or by debiting the premium but not both. Premium Allocation Charges . In spite of this, there exist many myths and misconceptions with respect to the objectives, liquidity, returns, functioning, pricing etc. For payments made post 3:00 PM IST, the premium receipt will be available on My Account on the next working day. The charge is taken by cancelling proportionate units from every fund chosen available in HDFC Life Progrowth Plus. Thus, it is a non-Traditional Insurance Plan without Bonus facility. Overall charges cannot exceed the prescribed limit set by the regulator. INVEST NOW. While the Settlement period is on, risk cover will terminate and the Fund Management Charges will continuously be deducted. The documentation procedure is fairly simple and one requires to submit the following self-attested documents: Unit linked insurance plans (ULIP) such as HDFC Life Progrowth Plus enable one to enjoy a life cover and also benefit from investing in different types of funds as per an individual’s risk appetite.