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HDFC SL ProGrowth Maximiser

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 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, 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 and financial support.

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

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