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HDFC SL ProGrowth Maximiser - Single Premium ULIP Plan

What is the Plan all About?

HDFC SL ProGrowth Maximiser is a unit linked Insurance Plan, which ensures accumulation of funds, along with the live coverage. The plan strives to maximize the returns so that the your loved ones are financially protected and your financial objectives are accomplished.

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What are the Key Features?

  • Offers free asset allocation
  • Single Pay Plan
  • Life coverage throughout the policy term
  • Fund Value payable on maturity
  • Plan offers flexibility of Partial Withdrawal
  • Avail tax benefits

What are the Fund Investment Options?

This plan 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 life assured before the Co. will pay higher of sum assured or total fund value and the policy terminates thereafter.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Total Fund Value is payable on the maturity date.

Settlement Option

    On maturity, the life insured can opt to receive the maturity value under periodic installments over a maximum period of 5 years, after the date of maturity. It provides you an option to remain invested in the funds.However the life cover will cease during the settlement period.

Partial Withdrawal

    Partial Withdrawal is allowed after 5 years of policy inception.The life assured should be 18 years of age and the minimum withdrawal amount is Rs 10,000.

Bonus

    This plan is not eligible for the bonuses, as it is a non-participating insurance plan.

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 minimum guaranteed interest rate of 4% p.a or 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 65 Years
Age at Maturity - 75 Years
Policy Tenure 10 Years 10 Years
Premium Paying Term (PPT) Single Pay -
Premium Paying Mode Single Pay -
Premium Amount Rs 50,000 No Limit (subject To Underwriting)
Sum Assured Entry Age< 45 Years: 125% Of Single Premiums Entry Age> 45 Years: 110% Of Single Premiums 10 Times The Single Premium
Freelook Period 30 Days From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Online -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charges: Premium allocation charge is 2.50% for single premium and 1% for the single premium top up.

Policy Administration Charge: For the 1st policy year, the Policy administration charge is 0.13% per month of the total premiums paid.The charge will be deducted monthly , subject to a maximum of Rs 500 per month.

Mortality Charges: Mortality charge depends on age and Sum at Risk and it is applicable for providing you with the risk cover.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a charged daily of the fund value.

Switching Charge: Switching charge is Rs 250 per request and Rs 25 per request via web portal.

Partial Withdrawal Charge:  Partial Withrawal charge is Rs 250 per request and Rs 25 per request via web portal.

Discontinuance Charge: There is no discountinuance charge

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?

Let us understand the plan with the example of Raman.

Raman bought HDFC SL ProGrowth Maximiser - Single Premium ULIP Plan with Single Premium of Rs 50,000 with policy term of 10 years and Rs 6.25 Lakh as Sum assured.Raman chose the income fund for the investment.

Scenario1: In case Raman survives the policy term:

The fund value is payable on maturity which is equal to the NAV of Income fund multiplied by no. of units at the time of maturity.

Scenario 2: In case Raman dies during the policy term:

Higher of Sum assured or Fund value is payable to the nominee. Assuming Fund Value is 5 Lakh and Sum assured is 6.25 Lakh.So the later will be payable and the policy terminates.