Benefits and Features of HDFC Life ProGrowth Plus

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HDFC Life ProGrowth Plus is a life insurance 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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Benefits and Features of HDFC Life Pro-Growth Plus As a Unit- linked insurance plan HDFC Life Progrowth Plus is a non-Traditional life insurance plan that does not provide a bonus facility. In this policy the policy holder need to pay the entire policy term premium. The policy holder can choose from the 5 available fund option. Under this life insurance policy the insured can create his/her investment portfolio according to his risk appetite. Under HDFC Life Progrowth Plus Plan there are two variants available:  Life Option: this variant of the HDFC Life progrowth plus plan provides the policyholder with only the very fundamental benefits of the plan with no additional riders or additional options. This plain vanilla offering from HDFC is preferred by the cost conscious insurance purchaser.  Extra Life Option: The extra life is inbuilt with an option of accidental death benefits Inbuilt rider offered to the policy holder. Which means that in case of death of the policyholder due to accident in the place of the insured who has chosen this variant the nominee of the policy will receive an accidental death benefit as extra Sum Assured.

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In case of the accidental or uncertain death of the insured during the policy tenure a death benefits is provided to the nominee as a fund and higher amount of sum assured till the term of the policy comes to the termination. However if the insured have chosen extra life option and demise due to uncertain death or accident the nominee will receive the additional accidental death benefit as additional sum assured. If the policyholder survives till the end of the plan tenure then he/she will be entitled to receive maturity benefits as fund value on completion of the policy term. Features of HDFC Life ProGrowth Plus Plan  It is a simple Unit-Linked Life Insurance Policy that does not provide the insured with the additional Bonus Facility  The plan is offered in 2 variants: o Life Option that provides only basic Death Benefit o Extra Life Option provides the insured with a variant in which the nominee of the policy is given the additional sum assured as accidental death benefit along with the basic death benefit.  HDFC Life Progrowth Plan death benefit is extended to the insured’s nominee and comprises of an amount which is greater amount among the sum assured and the fund value. This payout accurses only in cases of natural death of the insured person and does not require an additional rider.  In case the policyholder dies due to uncertain death or an accident and if he/she had chosen the Extra Life Option then the insured shall be eligible to receive Accidental Death Benefit as an extra Sum Assured.  The plan extends 5 investment fund options  Under the plan the maturity benefit is equal to the fund value.

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Benefits of having HDFC Life ProGrowth Plus Plan Death Benefit Due to any unfortunate situation or accident if the insured person demise during the term of the policy the beneficiary is authorized to receive death benefit as higher sum assured among and the fund value. Once the death benefit is paid the term of the policy comes to an end. Maturity Benefit The maturity benefit is entitled in the case when the policyholder survives during the term of the policy and is entitled to receive the maturity benefit equal to the fund value of the plan once the tenure of the policy completes. Income Tax Benefit Under the section 80C of Income Tax Act 1961 the premiums paid towards a life insurance policy up to Rs. 1 Lac are eligible to be deducted from the assessable income every year. Also the maturity proceeds from such a policy are excluded from tax under Section 1010 D of the act. Restriction and Eligibility applicable to HDFC Life Pro Growth Plus Insurance Plan Criteria Minimum Maximum

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Sum Assured  For the policyholder below 45 years of age: 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: 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 Paying Term for Premium Entire policy term Entry Age  Life option: 14 years  Extra Life option: 18 years  Life option: 65 years  Extra Life option: 55 years Maturity Age N/A  Life option: 75 years Extra Life option: 70 years Premium per Annum  Annually: Rs. 24000 Annually  Semi-Annually: Rs. 10000  Monthly: Rs. 2500 No Limit Different Modes of Premium Payment  Annually  Semi-annually  Monthly

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