HDFC SL ProGrowth Flexi
Product Info
UIN
101L072V02
Status
Active
Launch Date
03/07/2013
Withdrawn Date
Product Overview
HDFC SL ProGrowth Flexi is a savings-cum-insurance unit-linked plan (ULIP) that enables you to provide financial security to your loved ones.
Product Description
- Flexibility to choose from a range of funds options.
- Flexibility to choose from benefit options of Life Option and Extra Life Option.
- Flexibility to choose sum assured multiple from 10 to 40 of the annual premium.
- On maturity, you can take the Fund Value at the prevailing unit prices as lump sum or you can opt for settlement option.
- Flexibility to move your accumulated funds from one fund option to another anytime or redirect future premiums into a different selection of funds.
COMPARE & BUY SIMILAR PLANS
Unique Features
Unit linked endowment plan with 2 death options:
1) Life option-Only sum assured in paid
2) Extra life option-Sum assured plus accidental death benefit
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| BENEFIT OPTIONS | AGE AT ENTRY (Years) | MAXIMUM AGE AT MATURITY (Years) |
||||
| Minimum | Maximum | |||||
| Life Option | 14 | 65 | 75 | |||
| Extra Life Option | 18 | 55 | 70 | |||
| Premium (Rs) | Minimum | Maximum | ||||
| Annual | 24,000 | No limit | ||||
| Half - Yearly | 10,000 | |||||
| Monthly | 2,500 | |||||
| Sum Assured (Rs) | Higher of 10 x annualised premium or 0.5 x policy term x annualised premium |
40 x annualised premium | ||||
| Higher of 7x annualised premium or 0.25 x policy term x annualised premium | ||||||
| Policy Term (Years) | 10 | 30 | ||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
Maturity Benefit:- Your policy matures at the end of the policy term you have chosen and all your risk covers cease.
Death Benefits:-
Before attainment of age 60 years - Pay the greater of the following
- Sum Assured (less all withdrawals made during the two year period immediately preceding the date of death).
- The total fund value.
- Minimum death benefit of 105% of the premiums paid.
2. On or after attainment of age 60 years - Pay the greater of the following
- Sum Assured (less all withdrawals made after attainment of age 58)
- The total fund value.
- Minimum death benefit of 105% of the premiums paid.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Partial Withdrawal | You can make lump sum partial withdrawals from your funds after 5 years of your policy provided: | |||||
| The Life Assured is at least 18 years of age. | ||||||
| The minimum withdrawal amount is 10,000. | ||||||
| After the withdrawal and applicable charges, the fund value is not less than 150% of your original regular premium. | ||||||
| The maximum amount that can be withdrawn throughout the policy term is 300% of the original regular premium. | ||||||
| Discontinuance | Discontinuance before completion of 5 years from commencement of the policy | |||||
| 1. To revive the policy within a period of 2 years from the date of discontinuance, OE | ||||||
| 2. To completely withdraw from the policy without any risk cover | ||||||
| Policy will be discontinued if: You choose to completely withdraw from the policy without any risk cover Until the discontinuance of the policy, the risk cover will remain in-force and policy charges will continue to be deducted. |
||||||
| Discontinuance after completion of the 5 years from commencement of the policy | ||||||
| 1.To revive the policy within a period of 2 years from the date of discontinuance, OR | ||||||
| 2. To completely withdraw from the policy without any risk cover | ||||||
| 3. To convert the policy into paid-up policy, where the paid-up sum assured equals original sum assured multiplied by the ratio of total premiums paid to the total premiums payable. |
||||||
| Revival of Discontinued Policies | You have the option to revive a discontinued policy within two consecutive years from the date of discontinuance of the policy, subject to our underwriting policy. | |||||
| At the time of revival:- - All due premiums which have not been paid shall be payable without charging any interest |
||||||
| Discontinuance charges deducted upon discontinuance shall be reversed and the proceeds of the discontinued policy shall be re-allocated in the segregated funds | ||||||
| Policy administration charge and premium allocation charge as applicable during the discontinuance period shall be levied | ||||||
| Surrender | If you surrender before completion of the 5 years from commencement of the policy | |||||
| Your fund value less discontinued charges will be moved to the 'Discontinued Policy Fund | ||||||
| In case of the death of the Life Assured before the payment of the surrender benefit, the amount in the 'Discontinued Policy Fund' will be paid out immediately. | ||||||
| If you surrender after completion of the 5 years from commencement of the policy | ||||||
| Upon payment of this benefit the policy terminates and no further benefits are payable. | ||||||
Add-ons
Not Available
Charges
| Charges | ||||||
|---|---|---|---|---|---|---|
| Premium Allocation Charge | This is a premium-based charge. After deducting this charge from your premiums, the remainder is invested to buy units. | |||||
| The remaining percentage of your premium that is invested to buy units is called the and depends on the year of Premium Allocation Rate | ||||||
| PREMIUM PAID DURING YEAR | PREMIUM ALLOCATION RATE | PREMIUM ALLOCATION CHARGE | ||||
| 1 & 2 | 92.50% | 7.50% | ||||
| 3 to 5 | 95% | 5% | ||||
| 6+ | 100% | 0% | ||||
| Fund Management Charge (FMC) | The daily unit price already includes our fund management charge of only 1.35 % per annum charged daily, of the fund's value | |||||
| Policy Administration Charge | A Policy Administration Charge of 0.46% per month of the original annualised premium will be deducted monthly from 5 policy anniversary, subject to a maximum charge 500, per month. | |||||
| This charge will be taken by cancelling units proportionately from each of the fund(s) you have chosen. | ||||||
| Mortality & Other Risk Benefit Charge | Every month we levy a charge for providing you with the death cover or other benefit cover, as chosen, in your policy | |||||
| The amount of the charge taken each month depends on your age and level of cover. | ||||||
| Miscellaneous Charge | Charged for any Policy alteration request initiated by the Policyholder will attract a charge of 250 per request. | |||||
| Partial withdrawal charge | A partial withdrawal request from the Policyholder will attract a charge of 250 per request.Request on Company's web portal will charge Rs. 25 per request. | |||||
| Switching charge | A fund switch request from the Policyholder will attract a charge of 250 per request | |||||
| If the request is executed through the Rs. Company s web portal the Policyholder will be charged 25 per request. | ||||||
| Premium Redirection | A premium redirection request initiated by the Policyholder will attract a charge of 250 per request | |||||
| If the request is executed through the Rs. Company s web portal the Policyholder will be charged 25 per request. | ||||||
| DISCONTINUANCE DURING THE POLICY YEAR |
DISCONTINUANCE CHARGE | |||||
| ANNUAL PREMIUM UP TO AND INCLUDING Rs. 25,000 | ANNUAL PREMIUM ABOVE 25,000 | |||||
| 1 | Lower of 20% x (Annual Premium or Fund Value) but not exceeding Rs. 3000 | Lower of 6% x (Annual Premium or Fund Value) but not exceeding Rs. 6000 | ||||
| 2 | Lower of 15% x (Annual Premium or Fund Value) but not exceeding Rs. 2000 | Lower of 4% x (Annual Premium or Fund Value) but not exceeding Rs. 5000 | ||||
| 3 | Lower of 10% x (Annual Premium or Fund Value) but not exceeding Rs.1500 | Lower of 3% x (Annual Premium or Fund Value) but not exceeding Rs.4000 | ||||
| 4 | Lower of 5% x (Annual Premium or Fund Value) but not exceeding Rs.1000 | Lower of 2% x (Annual Premium or Fund Value) but not exceeding Rs. 2000 | ||||
| 5+ | NIL | NIL | ||||
| Alteration Charges | The Fund Management Charge & Discontinuance Charge will be subject to the maximum caps allowed by IRDAI; | |||||
| The Policy Administration Charge and Mortality Charge Rates are guaranteed for the entire duration of the policy term; | ||||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process of HDFC SL ProGrowth Flexi
Company Overview
HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.HDFC Ltd. holds 70.65% and Standard Life (Mauritius Holding) 2006 Ltd. holds 26.00% of the equity in the joint venture while the rest is held by others.
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