HDFC Life ProGrowth Plus Plan a Good Option with Life Cover

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HDFC Life ProGrowth Plus is a Unit Linked plan that provides life cover and benefits of insurance coverage. to know more plans and features of HDFC Life ProGrowth Plus visit on: http://www.policybazaar.com/insurance-companies/hdfc-life-ulip-plans/progrowth-plus/

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HDFC Life ProGrowth Plus Plan – a Good Option with Life Cover HDFC Life ProGrowth Plus is a Unit-Linked Life Insurance Policy. This plan is a non-Traditional life insurance plan which does not provide a bonus facility. In this policy the policyholder needs to pay the premiums for the entire policy term. The policyholder under this life insurance policy can create his investment portfolio as per his risk appetite by choosing from the 5 available fund options. HDFC Life ProGrowth Plus Plan is available in 2 variants: ∑ Life Option: Under this option the policyholder receives the basic benefits of the plan and no additional features. ∑ Extra Life Option: Under this option the policyholder gets to avail the Accidental Death Benefit inbuilt rider. Meaning in case of accidental death of the policyholder who has chosen this variant the nominee will receive an extra Sum Assured as the Accidental Death Benefit. In case of insured person’s demise during the term of the Policy the higher amongst the Sum Assured and Fund Value is given to the beneficiary as a Death Benefit and consequently the policy comes to an end. However in case the policyholder dies due to an accident and had chosen the extra life option the nominee would also receive the Accidental Death Benefit in the form of additional sum assured. On completion of the policy term and policyholder’s survival till then he is entitled to receive Fund Value as Maturity Benefit.

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Features of HDFC Life ProGrowth Plus Plan ∑ It is a plain Unit-Linked Life Insurance Policy with no Bonus Facility ∑ The plan comes in 2 variants: o Life Option that provides only basic Death Benefit o Extra Life Option that ensures basic death benefit along with additional sum assured accidental death benefit ∑ Death benefit is equal to the higher one amongst the Fund Value and Sum Assured ∑ In case the policyholder dies due to an accident and had chosen the Extra Life Option he shall be eligible to receive Accidental Death Benefit as extra Sum Assured. ∑ The plan offer 5 investment fund options ∑ The maturity benefit under the plan is equal to the Fund Value Benefits of having HDFC Life ProGrowth Plus Plan ∑ Death Benefit In the unfortunate event of insured person’s demise during the term of the policy the beneficiary is entitled to receive the higher amongst the Fund Value and Sum Assured as a Death Benefit. After the death benefit has been paid the policy comes to an end. ∑ Maturity Benefit

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In case the policyholder survives the term of the policy he is entitled to receive a maturity benefit equal to the Fund Value of the Plan. ∑ Income Tax Benefit Premiums paid towards a life insurance policy up to Rs. 1 Lac are eligible to be deducted from the assessable income every year under the Section 80C of the Income Tax Act 1961. Also the maturity proceeds from such a policy are exempt from tax under Section 1010 D of the act. Eligibility and Restriction applicable to HDFC Life Pro Growth Plus Insurance Plan Criteria Minimum Maximum Sum Assured ∑ For the policyholder below 45 years of age: Higher amongst 10 times of the annual premium or 1/2 x policy term times of the annual premium. ∑ For the policyholder above 45 years of age: Higher amongst 7 times of the annual premium or 1/4 x policy term times of the annual premium. 40 times of the annual premium Policy Term 10 years 30 years Premium Paying Term Entire policy tenure Age at entry ∑ Life option: 14 years ∑ Extra Life option: 18 years ∑ Life option: 65 years ∑ Extra Life option: 55 years Age at Maturity N/A ∑ Life option: 75 years Extra Life option: 70 years Annual Premium ∑ Annually: Rs. 24000 Annually ∑ Semi-Annually: Rs. 10000 ∑ Monthly: Rs. 2500 No Limit

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Premium Payment Modes ∑ Annually ∑ Semi-annually ∑ Monthly

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