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HDFC Life ProGrowth Super II Plan

What is the Plan all About?

HDFC Life ProGrowth Super II is a unit linked insurance plan which act as a saving cum investment plan which will help you to financially secure, your family. The plan will help you to handle your investments as per your risk appetite.The plan offers various key features and benefits to ensure you  build a robust corpus.The plan offers 8 plan options to choose from:

  • Life Option: Death Benefit
  • Extra Life Option: Death Benefit + Accidental Death Benefit
  • Life & Health Option: Death Benefit + Critical Illness Benefit
  • Extra Life & Health Option: Death Benefit + Critical Illness Benefit + Accidental Death Benefit
  • Life & Disability Option: Death Benefit + Accidental Total & Permanent Disability Benefit
  • Extra Life & Disability Option: Death Benefit + Accidental Death Benefit + Accidental Total & Permanent Disability Benefit
  • Life & Health & Disability Option: Death Benefit + Critical Illness + Accidental Total & Permanent Disability Benefit
  • Extra Life & Health & Disability Option: Death Benefit + Accidental Death Benefit + Critical Illness + Accidental Total & Permanent Disability Benefit

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What are the Key Features?

  • Offers financial protection to your family
  • Multiple funds available for investment
  • Saving cum investment plan
  • Flexible Additional Option
  • 8 plan options to choose from
  • Offers comprehensive coverage under single plan
  • Get 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 insured, the company will pay both the fund value accumulated plus the sum assured. After paying the death benefit the policy will terminate nd no more benefits will be payable.

Critical Illness Benefit

    The company will pay the total of sum assured and Fund Value. The policy will terminate and no more benefits will be payable thereafter.

Accidental Death Benefit

    In addition to the Death Benefit, the nominee will receive an additional Sum Assured and the policy will terminate thereafter.

Accidental Total & Permanent Disability Benefit

    The company will pay 10% of the Sum Assured every year for the benefit payout term, as defined in the policy wordings. In case of any other claim due to death or on diagnosis of critical illness before all due payouts are paid, the remaining payouts will be paid as lump sum to you/nominee and the policy will terminate.

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.

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 by paying the applicable charges.

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 after completion of 5 policy years and the life assured should be 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.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 14 Years (life Option), 18 Years (for Other Options) 65 Years (life Option), 55 Years (for Other Option)
Age at Maturity - 75 Years (life Option), 70 Years (extra Life Option),65(for Other Options)
Policy Tenure 10 Years 25/30 Years (as Per Benefit Option Chosen)
Premium Paying Term (PPT) Equal To Policy Tenure -
Premium Paying Mode Annually -
Premium Amount Rs 15,000 No Limit
Sum Assured Age < 45 Years- Higher Of 10 Times The Annualized Premium Or 0.5 * Policy Term * Annualized Premium Age > 45 Years & Above- Higher Of 7 Times The Annualized Premium Or 0.25 * Policy Term * Annualized Premium 40 Times The Annualized Premium,
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Online -

Is any Rider Available with this Plan?

No Rider available with this plan.

What are the Plan Charges?

Premium Allocation Charges: The premium allocation charge as 4% for year 1 to 7 and henceforth it is 1% charge.

Policy Administration Charge: A Policy Administration Charge of 0.25% per month of the original annual premium will be deducted monthly and will increase by 5% per annum on every policy anniversary, subject to a maximum charge of 0.4% of the annual premium or Rs 500, per month, whichever is lower.

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.

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 Mr. Ramesh

Life Assured- Mr. Ram aged 35 years

Plan Purchased- HDFC Life ProGrowth Super II (Extra Life Option- which offers additional death benefit in case of accidental death
Policy Term- 30 years
Annual Premium- Rs 35,000
Sum Assured- Rs 5,00,000

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-

  1. 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.
     
  2. Accidental Death Benefit: In the event of accidental death the nominees will receive regular death benefit plus additional accidental death benefit.