HDFC Life ProGrowth Plus Plan

• 4 investment fund options
• Investment plus life cover
• Choice of sum assured
• Settlement option to stay invested after maturity
• Partial withdrawals from 6^th year
• Enjoy fund switching
• 2-step procedure to buy plan most online
• Avail tax benefits

This policy offers 4 investment funds and you have the option to invest in any one or combination of fund options.

• Income Fund
• Balanced Fund
• Blue Chip Fund
• Opportunities Fund

Death Benefit

In the event of death of the life assured while the policy is in-force, the nominee will receive the higher of Sum Assured (less partial withdrawals#), Total Fund Value, or 105% of all the premiums paid.

The policy terminates and no more benefits are then payable.

#Before age 60 years of the life assured, the Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. Upon or after attaining 60 years of age, the Sum Assured is reduced to the extent of all Partial Withdrawals made after attaining 58 years of age.

Accidental Death Benefit

An additional Sum Assured to the nominee is payable, in the event of your accidental death. The policy terminates and no more benefits are then payable.

Maturity Benefit

On survival of the life insured till the end of the policy term, the Total Fund Value as prevailing on the date of maturity is payable. You can receive this benefit as a lump sum or in installments by opting ‘Settlement Option’.

Settlement Option

On maturity, you can opt to receive your money in installments over a maximum period of 5 years, after the date of maturity. It provides you an option to remain invested in the funds beyond the maturity of the policy. You also have the option to completely withdraw the fund value at any time during the settlement period. No life cover is applicable during this settlement period. Switches and partial withdrawals and are not allowed during the settlement period. Only fund management charge is levied during this period.

Non-Negative Claw Back Additions

Non-Negative Claw Back Additions to the fund before payment of benefits to ensure compliance with the reduction in yield as per Regulation 37(d) of IRDA (Linked Insurance Products) Regulations, 2013.

Switching

Switching can be done among 4 available fund options to suit your changing investment needs and it can be exercised anytime during the policy term.

Premium Re-direction

Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums.

Partial Withdrawal

Partial Withdrawal is allowed from 6^th policy year onwards and in case of minor lives, the life assured attains 18 years of age. The minimum partial withdrawal amount allowed is Rs 10,000. The minimum fund value required after each such withdrawal should not fall below 150% of the annualized premium. The maximum withdrawals that can be done through the entire policy term is 300% of the regular annualized premium.

Bonus

This plan is not eligible for the bonuses.

Loan Benefit

No loan benefit can be availed under this plan.

Revival

You have an option to revive a discontinued policy within 2 consecutive years from the date of discontinuance of the policy. For the policy revival, you need to pay all due and unpaid premiums, as per underwriting policy.

Surrender Value

Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The applicable fund management charge of the Discontinued Policy Fund is levied. The proceeds after addition of interest as stipulated by IRDAI is payable after the end of the lock-in period.

Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.

‘Extra Life Option’ for additional accidental death benefit can opted, on payment of applicable rider premium.

Premium Allocation Charges: The premium allocation charge as 2.5%/2% for 1^st policy year/2^nd policy year, respectively.

Policy Administration Charge: The policy administration charge is 0.42%/0.83%/0.83% per month of the annual premium is deducted monthly for 1^st to 5^th policy year/6^th to 10^th policy year/16^th policy year onwards, respectively. This charge is subject to a maximum of Rs 500 per month.

Mortality Charges: Mortality charge depends on age and level of cover. This charge is applicable for providing you with the risk cover. This charge is levied by deducting appropriate units from the funds you have opted for.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for all funds, charged daily.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: A fund switch request is levied with Rs 250 or Rs 25 when executed through the company’s portal.

Premium Re-direction: A premium re-direction request is levied with Rs 250 or Rs 25 when executed through the company’s portal.

Partial Withdrawal Charge: A partial withdrawal request is levied with Rs 250 or Rs 25 when executed through the company’s portal.

Miscellaneous Charges: Any policy alteration request request attracts a charge of Rs 250 per request. Any administrative servicing would be chargeable, subject to approval from IRDAI.

Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.

Let us understand the plan with the example of Mr. Ram

Life Assured- Mr. Ram aged 35 years
Plan Purchased- HDFC Life ProGrowth Plus (extra life option)
Policy Term- 30 years
Annual Premium- Rs 30,000
Sum Assured- Rs 7,00,000

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Total Fund Value as prevailing on the date of maturity is payable as a lump sum. You can also receive this benefit in installments by opting Settlement Option.

Scenario B- Death Benefit: In the event of his death during the policy term, the nominee will receive the higher of Sum Assured (less partial withdrawals), Total Fund Value, or 105% of all the premiums paid. An additional Sum Assured to the nominee is payable, in the event of your accidental death.