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HDFC SL ProGrowth Flexi Plan

What is the Plan all About?

HDFC SL ProGrowth Flexi is a unit linked insurance plan that helps you invest with multiple fund options, so you can grow your money and meet your family’s long term goals. This plan also secures happiness of your family, as it ensures secured financial future even in your absence.

2 plan variants can be opted under this plan:

  • Life Option: Death Benefit
  • Extra Life Option: Death Benefit + Accidental Death Benefit

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What are the Key Features?

  • Financial protection for family
  • Invest as per choice of investment funds
  • Flexible additional benefit options
  • Accidental Death Benefit cover
  • Option to stay invested after maturity
  • Partial withdrawals to meet financial contingencies
  • Enjoy switching between funds
  • Buy plan online
  • Avail tax benefits

What are the Fund Investment Options?

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

What are the Plan Benefits?

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. On 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

    In the event of your accidental death, an additional Sum Assured apart from the basic death benefit (as mentioned above) is payable to the nominee. 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 6th 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 original regular premium. The maximum withdrawals that can be done through the entire policy term is 300% of the original regular 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.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 14 Years (life Option), 18 Years (extra Life Option) 65 Years (life Option), 55 Years (extra Life Option)
Age at Maturity - 75 Years (life Option), 70 Years (extra Life Option)
Policy Tenure 10 Years 30 Years
Premium Paying Term (PPT) 5 Years (10 Years Policy Term), 10 Years (15+ Years Policy Term) -
Premium Paying Mode Annually, Semi Annually & Monthly -
Premium Amount Rs 24,000 (annually), Rs 10,000 (semi Annually), Rs 2,500 (monthly) No Limit
Sum Assured Age At Entry Less Than 45 Years- Higher Of 10 Times The Annualized Premium Or 0.5 * Policy Term * Annualized Premium Age At Entry 45 Years & Above- Higher Of 7 Times The Annualized Premium Or 0.25 * Policy Term * Annualized Premium 40 Times The Annualized Premium, Subject To A Maximum Of Rs 40,00,000
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Online -

Is any Rider Available with this Plan?

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

What are the Plan Charges?

Premium Allocation Charges: The premium allocation charge as 7.5%/5% for 1st & 2nd policy year/3rd to 5th policy year, respectively.

Policy Administration Charge: The policy administration charge is 0.46% per month of the annual premium is deducted monthly from 1st to 5th policy year. 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 attracts a charge of 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 attracts a charge of 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.

Is the Plan, eligible for Tax Benefit?

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

How the Plan Works?

Life Assured- Mr. Hitesh

Plan Purchased- HDFC SL ProGrowth Flexi (Extra Life Option)
Policy Term- 30 years
Premium Payment Term- 10 years
Annual Premium- Rs 50,000
Sum Assured- Rs 12,50,000
Fund Value- Rs 7,25,000 (assumed)

Scenario A- Death Benefit: The nominee will receive the higher of Sum Assured (less partial withdrawals), Total Fund Value, or 105% of all the premiums paid. So, the nominee will receive Rs 12,50,000 (sum assured).

Scenario B- Maturity Benefit: The Total Fund Value as prevailing on the date of maturity is payable. You can also receive the maturity payout in installments within 5 years after maturity. Thus, Hitesh will receive the fund value of Rs 7,25,000.