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  • HDFC SL ProGrowth Maximiser

    HDFC Life Insurance

    Overview

    The HDFC SL ProGrowth Maximizer is a single premium unit linked plan. The plan is particularly designed to help you maximize your profit and it provides enhanced financial support to your near and dear ones. The HDFC SL ProGrowth Maximizer plan not only helps you grow your savings, it also provides you with comprehensive insurance solutions.

    Eligibility Conditions for HDFC SL ProGrowth Maximiser

    Minimum entry age

    14 years.

    Maximum entry age

    65 years.

    Maximum age at maturity

    Not applicable.

    Maximum age at maturity

    75 years.

    Key Features of HDFC SL ProGrowth Maximizer Plan

    The HDFC SL ProGrowth Maximiser Plan comes with a lot of attractive features. Listed below are main features of the plan:

    Plan type

    Unit linked insurance plan.

    Premium paying terms

    It is a single premium plan.

    Policy term

    10 years.

    Premium payment frequency

    Annual.

    Switching between funds

    The policy allows switching between different funds.

    Partial withdrawal

    Partial withdrawal is allowed after the 5th policy year. The withdrawal amount needs to be minimum Rs. 10,000.

    Free-look period

    15 days for manually purchased policy

    30 days for policies purchased online.

    Single premium

    Minimum: Rs. 50,000.

    Maximum: There is no limit.

    Single premium top-up

    Minimum: Rs. 10,000.

    Maximum: There is no limit.

    Grace period

    30 days.

    Nomination

    The policy accepts nomination.

    Alterations

    Not allowed. Policyholder cannot increase or decrease the policy term or sum assured.

    Loans

    Policy loans are not allowed.

    Sum Assured

    Minimum:

    • 125% × single premium (for entry age of 45 years).

    • 110% × single premium (for entry age of 45 years and above).

    Maximum: 10 time of the single premium paid.

    Policy coverage

    Maturity benefits, death benefits.

    Medicals

    The policy may not require medicals. It can be availed by filling few medical questions.

    Benefits/Advantages of Features of HDFC SL ProGrowth Maximiser Plan

    The HDFC SL ProGrowth Maximizer plan comes with a number of benefits. Listed below are the key benefits offered by the plan:

    • Maturity benefits: The policyholder will receive the fund value at maturity, if the policy is continued till the end of policy tenure. The policy matures at the end of the policy tenure and all maturity benefits are paid.
    • Death benefits: The designated nominee will receive all death benefits, if the life assured meets unfortunate death. The policy will offer the basic sum assured minus the withdrawals made in the immediate two years before death and the total fund value as death benefits, if the life assured dies before attaining 60 years. If the policyholder dies after the age of 60, the nominee will receive the sum assured minus withdrawal made by the policyholder after the age of 58 and the whole fund value. The HDFC SL ProGrowth Maximizer policy offers a minimum of 105% of all annualized premiums as death benefits.
    • Tax Benefits: The policyholder is eligible to receive tax benefits under sections 80C and 10(10D) of the Indian Income TAX Act, 1961, on the premiums paid for the HDFC life SL ProGrowth Maximizer plan.
    • Surrender benefits: If the HDFC SL ProGrowth Maximizer plan is continued for a period of 5 years by a policyholder and the policy is surrendered after the completion of 5 years, the policyholder will receive the fund value as surrender benefits.
    • The HDFC SL ProGrowth Maximizer plan can be purchased online.
    • The HDFC SL ProGrowth Maximizer enables you to invest in 4 different funds and switch between funds as per your investment needs.

    Investment of Funds

    With the HDFC SL ProGrowth Maximizer plan, a policyholder can invest his/her funds in the following asset classes:

    Fund name

    Asset Classes

         

    Return & Risk rating

     

    Money Market Instruments Cash & Liquid Mutual Fund

     

    Government Securities, Fixed Income Securities

    Equity

     

    Income fund

    0% -20%

     

    80% 100%

    --

    Moderate

    Balanced fund

    0% -20%

     

    0% to 60%

    40% - 80%

    Moderate to high

    Blue chip fund

    0% -20%

     

    --

    80%- 100%

    Very high

    Opportunities fund

    0%- 20%

    --

     

    80%- 100%

    Very high

    Charges Involved in HDFC SL ProGrowth Maximiser Plan

    Premium allocation charges

    Single premium: 2.50%

    Single premium top –up: 1%

    Fund management charges

    1.35% annually.

    Policy administration charges

    0.13% per month and subject to a minimum of Rs. 500 per month.

    Mortality charges

    Charged as per your age and the level of cover.

    Miscellaneous charges

    Rs. 250 per request.

    Partial withdrawal charges

    Rs. 250 per withdrawal. The same is Rs. 25, if the request is made online.

    Switching charges

    Rs. 250 per request. If the request is made online, the charges will Rs. 25.

    Discontinuation charges

    Nil

    Premium Discontinuation

    If you fail to pay your policy premiums on time, HDFC life may offer you a grace period within which you need to pay your all overdue premiums. If you fail to do so, your policy may lapse.

    The HDFC SL ProGrowth Maximiser plan can hello you safeguard you and your loved ones against the unpredictabilities in life providing comprehensive insurance coverage and financial support.

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