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HDFC SL ProGrowth Flexi

Overview

It’s always good to be prepared for all of life’s uncertainties that comes your way. To meet all of life’s expenses and to fulfill the needs of your family and loved ones. The will help you do just that, this savings cum insurance unit linked plan gives you the ability to .

The Key Features of This Plan:

  • You have the option to choose from the 2 benefits available:
    1. Life Option will be equal to a Death Benefit
    2. Extra Life Option will be equal to a Death Benefit with an additional benefit of Accidental Death Benefit
  • Can have the flexibility to choose from a range of funds to invest:
    1. Income Fund
    2. Balanced Fund
    3. Bluechip Fund
    4. Opportunities Fund
  • Enjoy the flexibility of choosing the sum assured from multiples of 10 to 40 of the annual premium
  • The sum assured for a person under this plan would be as per the below table:

Particulars

Minimum

Maximum

Less than 45 years of age

The higher of:

10 * the annual premiums OR

0.5 * policy term * annual premium

40 * annual premiums

Equal to or above 45 years of age

The higher of:

7 * the annual premiums OR

0.25 * policy term * annual premium

40 * annual premiums

* The number displayed is for a policy of 10 years.

  • The policy term will be:

Minimum premium term

Policy term

5 years

10 years

10 years

15+ years

  • The policy term for both Life Options and Extra Life Options are available for a term of 10 - 30 years.
  • The premiums can be made in monthly, half-yearly and yearly payment modes, if the policyholder decides to make payments through the monthly mode then he/she would need to make a payment of 3 months in advance.
  • The premium table is listed below:

Premium frequency

Minimum

Maximum

Annual

Rs. 24, 000

No Limit

Half-yearly

Rs. 10, 000

No Limit

Monthly

Rs. 2, 500

No Limit

Particulars

Minimum age

Maximum age

Maturity age

Life Options

14 years

65 years

75 years

Extra Life Options

18 years

55 years

70 years

  • Switching of funds from the available options is allowed anytime, you can move your accumulated funds from one to another as per your choice
  • You can also redirect your premiums yet to be paid to various funds as per your needs.
  • Grace period - this plan offers you a grace period of 30 days for payments of premiums for yearly and half-yearly payment modes, and 15 days for a monthly mode
  • You also can make partial withdrawals from this plan, after the completion of 5 years
  • In the event of a discontinuance you can revive this policy within a 2 year period of the last non-payment
  • Free-look period - a period of 15 days is provided to a policyholder to agree to the terms and conditions from the date of receipt of the policy, if the policy is obtained through distance marketing then the free-look period is 30 days

The Key Benefits Under This Policy can be Explained as Below -

  • Death Benefit - In the unfortunate event of the demise of the policyholder the, Death Benefit will be payable to his/her nominee. The amount payable to the nominee will be minus any withdrawals (if any) made by the policyholder made 2 years prior to the date of death or post 58 years of age.

Death

Death benefit summary

If death occurs before 60 years of age

The higher of the below will paid out:

  • sum assured - any withdrawals paid immediately

  • total of the fund value

  • minimum of 105% of all premiums paid for the death benefit

The policy will also terminate after no more benefits will be paid

If death occurs on or after 60 years of age

The greater of the below will be paid:

  • sum assured after attaining 58 years of age - any withdrawals

  • total of the fund value

  • minimum death benefit of 105% of the premiums paid

The policy will also terminate after no more benefits will be paid

  • Maturity Benefit - When a policy reached the maturity age, that is after the completion of the policy term, the amount will be paid to the policyholder or nominee. The amount payable will include fund value of all the balance units
  • Accidental Death Benefit - If the death of the policyholder is in an accident then, the nominee will receive an additional sum assured along with the death benefit
  • Surrender Benefit - This policy has a 5 year lock-in period. If the policy is surrendered within the lock-in period, the current funds available move into a discontinuance policy fund and will get paid out after the completion of 5 years. If the policy is surrendered after 5 years then, the accumulated fund value is paid out immediately
  • Tax Benefit - This policy has a tax benefit under Section 80C and Section 10(10D). Under the Income Tax Act 1961

Investment of Funds:

Fund Name

Details

Risk Factor

Income Fund

Potential returns are higher with higher credit exposure and duration

Moderate risk

Balanced Fund

Enhanced returns with dynamic equity with debt allocation reducing volatility

Moderate to high risk

Bluechip Fund

Large cap equity and equity related security exposure

Very high

Opportunities Fund

Mid cap equity and equity related security exposure

Very high

Fund composition:

Fund Name

Liquid Mutual funds, Cash instruments and

Deposits, Money markets

Fixed Income securities and Government Securities

Equity

Income Fund

0% - 20%

80% - 100%

-

Balanced Fund

0% - 20%

0% - 60%

40% - 80%

Bluechip Fund

0% - 20%

-

80% - 100%

Opportunities Fund

0% - 20%

-

80% - 100%

Charges to be Paid Under the HDFC SL ProGrowth Flexi ULIP

  • Premium allocation charges:

Premium Paid

1 and 2 years

3 - 5 years

6+ years

Allocation rate

92.5%

95%

100%

Allocation charges

7.5%

5%

0%

  • Under this plan you the policyholder will need to pay fund management charges of 1.35% per annum which will be charged daily of the fund value
  • Miscellaneous charges - For an policy alteration a charge of Rs. 250 will be charged
  • Partial withdrawal charges - For any partial withdrawal a charge of Rs. 250 will be charged per request, if the request is through the company’s portal then a charge of Rs. 25 per request will be charged
  • Switching charges - Rs. 250 will be charged per request, if the request is through the company’s portal then a charge of Rs. 25 per request will be charged for any switching of fund from one fund to another
  • Premium redirection - For any redirection of premium a charge of Rs. 250 will be charged per request, if the request is through the company’s portal then a charge of Rs. 25 per request will be charged
  • Surcharges and service charges - These charges and service taxes and education cess will be payable by the policyholder
  • Mortality charges - These charges will be based on the age of the policyholder and the level of cover

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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