Saving & Investment Plan
- HDFC SL ProGrowth Super II
- HDFC Life Progrowth Plus
- HDFC SL ProGrowth Maximiser
- HDFC Life ClassicAssure Plus
- HDFC Life Super Savings Plan
- HDFC SL Progrowth Flexi
- HDFC Life Smart Woman Plan
- HDFC Life Invest Wise Plan
- HDFC SL Crest
- HDFC Life Super Income Plan
- HDFC Life Sanchay
- HDFC Life Click 2 Invest-ULIP
- HDFC Life Pension Super Plus
- HDFC Life Personal Pension Plus
- HDFC Life Guaranteed Pension Plan
- HDFC Life New Immediate Annuity Plan
- HDFC Life Single Premium Pension Super Plan
HDFC Life Progrowth Plus
Secure happiness for yourself and your loved ones
- Valuable financial protection to your family when you are not around
- An outstanding investment opportunity providing you a choice of 4 selected funds
- Benefit of partial withdrawal to meet any financial exigencies
- Additional sum assured on death by accident under extra Life option
- You have flexibility of creating your own investment strategies, as per your risk and return appetite
- Enjoy Tax benefits under sections 80C and 10(10D) of Income Tax Act, 1961 subject to provision contained therein.
- The plan has 2 Plan options: Life & Extra Life Option.
For details kindly refer to product brochure for more details
Features and Benefits of HDFC Life Progrowth Plus
- Age Limits: Entry age from 14 to 65 years and maximum age at maturity is 75 years
- Policy Term: 10 to 30 years
- Regular Premiums: Minimum regular premiums Rs 24000 for annual, Rs 10000 for half yearly and Rs 2500 for monthly
- Maturity Benefit: Fund value on the date of maturity
- Death Benefit: Greater of Sum Assured (less withdrawals) or Fund Value or 105% of total premium paid till date
- Additional sum assured is paid if death happens by accident, provided Life assured has chosen Extra Life option.
Commission for Life Insurance
As per RBI circular: RBI/2009-10/225 dated November 16, 2009, following are the details of the comparative commission earned by HDFC Bank from Insurance (Life), whose products are being distributed:
Commission, Brokerage and trail from Life Insurance
|Category||First Year Commission||2nd year Renewal commission|
|Savings & Investment||0%||35%||0%||3%|
Note: The commission varies depending upon the Product in each category, tenure, amount of premium and premium paying term
*For Group Products commission payable is 2% of the premium with a ceiling on the maximum payout as defined by Insurance Regulatory And Development Authority (IRDA) from time to time.
HDFC Standard Life Insurance Company Limited, Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011 : - The policy holder may avail of benefits are as provided under the tax laws. The premium would be subject to service tax & education cess as per applicable tax rates. Tax laws are subject to change basis the amendments made from time to time.
HDFC Standard Life Insurance Company Limited. in Partnership with Standard Life Insurance is the subject matter of the solicitation. For more details on risk factors, terms and conditions and exclusions please read the product brochure before conclusion of sale. HDFC SL Progrowth Plus Form No: P501 UIN: 101L081V02 is a unit Linked insurance product offered by HDFC Life. This is a non participating united linked plan. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. In this policy the investment risk in investment portfolio is borne by the policyholder. All Unit Linked Insurance Plans are different from the traditional insurance plans and are subject to different risk factors. HDFC Standard Life Insurance Company Limited is the name of our Insurance company and HDFC SL Progrowth Plus UIN: 101L081V02 is the name of the plan. 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. HDFC Standard Life Insurance Co.Ltd. Reg.No.101
HDFC Bank Limited (“HDFC Bank") is a corporate insurance agent of HDFC Standard Life Insurance Company Limited ( " HDFC Life") under Corporate Agent's license no.933982 issued by Insurance Regulatory & Development Authority and does not underwrite the risk or acts as an insurer. The insurance is underwritten by HDFC Life. This policy is issued to you by HDFC Life and is subject to the terms and conditions governing such policy. The contract of insurance is between HDFC Life and the insured only, and not between HDFC Bank and the insured .HDFC Bank is acting merely as the corporate agent of HDFC Life and there is no direct or indirect linkage between the provisions of the banking services offered by HDFC Bank. Your participation in this product is purely on a voluntary basis. HDFC Bank is not responsible or liable for performance of any obligations under the contract of insurance
What happens if premiums are not paid?
If you have not paid your premium by the expiry of the grace period, you will have following options:
- to revive the Policy within a period of 2 years from the date of discontinuance, or
- to completely withdraw from the Policy without any risk cover, or
- to convert the policy into paid-up policy (available on discontinuance after completion of the 5 policy years)
If you do not communicate to us on the above options, the following treatment will be applicable
Discontinuance before completion of 5 years from commencement of the policy: Fund Value less applicable charges will be moved to ‘Discontinued Policy Fund (DPF)’.The proceeds from DPF will be paid out upon the completion of the lock-in period.
Discontinuance on and after completion of the 5 years from commencement of the policy : Fund Value will be paid out to you
You have the option to revive a discontinued policy within two consecutive years from the date of discontinuance of the policy, subject to payment of all due & unpaid premiums and our underwriting policy
What is the surrender benefit?
If you surrender before completion of the 5th policy year, your Fund Value less applicable charges will be moved to the DPF and the proceeds from DPF will be paid out on the completion of the lock-in period.
If you surrender after completion of the 5th policy year your Fund Value will be paid out to you. Upon payment of this benefit the policy terminates and no further benefits are payable. Please refer to the policy document for further details on Surrender.
What is the Settlement Option?
In Settlement Option the Fund value is paid in periodical installments over a period which may extend up to 5 years. The value of installment payable on the date specified shall be subject to investment risk i.e. the NAVNet Asset Value. It is a mutual fund's price per share or exchange-traded fund's (ETF) per-share value. In both cases, the per-share dollar amount of the fund is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. may go up or down depending upon the performance of the funds chosen by you. Your money will remain invested in the funds chosen by you and is subject to the same investment risks as during the policy term. During the Settlement period, the risk cover will cease, we will continue to deduct Fund Management Charge and no other charges shall be levied. Partial withdrawals and switches shall not be allowed during this period. Complete withdrawal may be allowed at any time during this period without levying any charge. At the end of this 5-year period, we will redeem the balance units at the then prevailing unit price and pay the fund value to you.
Can I take any loan?
Policy loan is not offered in this plan
What are the fund choices?
The plan offers 4 funds of varying risk & return profiles. Income Fund, Balanced Fund, BlueChip Fund and Opportunities Fund