Benefits and Features of HDFC Life Pro-Growth Plus

As a Unit- linked insurance plan HDFC Life Progrowth Plus is a non-Traditional life insurance plan

that does not provide a bonus facility.

In this policy, the policy holder need to pay the entire policy term premium. The policy holder

can choose from the 5 available fund option. Under this life insurance policy the insured can

create his/her investment portfolio according to his risk appetite.

Under HDFC Life Progrowth Plus Plan there are two variants available:

Life Option: this variant of the HDFC Life progrowth plus plan provides the policyholder

with only the very fundamental benefits of the plan with no additional riders or additional

options. This plain vanilla offering from HDFC is preferred by the cost conscious insurance

purchaser.

Extra Life Option: The extra life is inbuilt with an option of accidental death benefits

(Inbuilt) rider offered to the policy holder. Which means that in case of death of the

policyholder due to accident, in the place of the insured who has chosen this variant, the

nominee of the policy will receive an accidental death benefit as extra Sum Assured.

In case of the accidental or uncertain death of the insured during the policy tenure, a death

benefits is provided to the nominee as a fund and higher amount of sum assured till the term of

the policy comes to the termination. However, if the insured have chosen extra life option and

demise due to uncertain death or accident, the nominee will receive the additional accidental

death benefit as additional sum assured. If the policyholder survives till the end of the plan tenure

then he/she will be entitled to receive maturity benefits as fund value on completion of the policy

term.

Features of HDFC Life ProGrowth Plus Plan

It is a simple Unit-Linked Life Insurance Policy that does not provide the insured with the

additional Bonus Facility

The plan is offered in 2 variants:

o Life Option that provides only basic Death Benefit

o Extra Life Option provides the insured with a variant in which the nominee of the

policy is given the additional sum assured as accidental death benefit along with

the basic death benefit.

HDFC Life Progrowth Plan death benefit is extended to the insured’s nominee and

comprises of an amount which is greater amount among the sum assured and the fund

value. This payout accurses only in cases of natural death of the insured person and does

not require an additional rider.

In case the policyholder dies due to uncertain death or an accident and if he/she had

chosen the Extra Life Option then the insured shall be eligible to receive Accidental Death

Benefit as an extra Sum Assured.

The plan extends 5 investment fund options

Under the plan the maturity benefit is equal to the fund value.

Benefits of having HDFC Life ProGrowth Plus Plan

Death Benefit Due to any unfortunate situation or accident if the insured person demise during the term of

the policy, the beneficiary is authorized to receive death benefit as higher sum assured among

and the fund value. Once the death benefit is paid the term of the policy comes to an end.

Maturity Benefit The maturity benefit is entitled in the case when the policyholder survives during the term of

the policy and is entitled to receive the maturity benefit equal to the fund value of the plan

once the tenure of the policy completes.

Income Tax Benefit Under the section 80C of Income Tax Act, 1961 the premiums paid towards a life insurance

policy (up to Rs. 1 Lac) are eligible to be deducted from the assessable income every year. Also

the maturity proceeds from such a policy are excluded from tax under Section 10(10) D of the

act.

Restriction and Eligibility applicable to HDFC Life Pro Growth Plus Insurance Plan

Criteria Minimum Maximum

Sum Assured

For the policyholder below 45

years of age: 10 times of the

annual premium or (1/2 x policy

term) times of the annual

premium.

For the policyholder above 45

years of age: 7 times of the

annual premium or (1/4 x policy

term) times of the annual

premium.

40 times of the annual

premium

Policy Term 10 years 30 years

Paying Term for Premium Entire policy term

Entry Age Life option: 14 years

Extra Life option: 18 years

Life option: 65 years

Extra Life option: 55

years

Maturity Age N/A Life option: 75 years

Extra Life option: 70 years

Premium per Annum

Annually: Rs. 24,000 Annually

Semi-Annually: Rs. 10,000

Monthly: Rs. 2,500

No Limit

Different Modes of Premium Payment

Annually

Semi-annually

Monthly