HDFC Life SL ProGrowth Super II
Product Info
UIN
101L066V02
Status
Active
Launch Date
03/07/2013
Withdrawn Date
Product Overview
HDFC Pro Growth Super II Plan is a unit linked insurance plan (ULIP), such that if the Life Insured dies within the policy tenure, the nominee would receive both the Sum Assured and the Fund Value as a Death Benefit. There are various options of combining the basic Death Benefit along with riders to increase protection.
Product Description
- Valuable financial protection to your family.
- Flexible additional benefit options.
- Opportunity to invest in a choice of funds.
- Pay to your nominee Sum Assured and The Unit Fund value.
COMPARE & BUY SIMILAR PLANS
Unique Features
- HDFC Progrowth Super 2 is a limited pay unit linked endowment plan.
- Death benefit is the sum assured plus fund value.
- Admin change is in percentage of the annual premium.
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Benefit Options | TERM PERIOD (Yrs.)* | AGE AT ENTRY (Yrs.) | MAXIMUM AGE AT MATURITY (Yrs.) | |||
| MINIMUM | MAXIMUM | MINIMUM | MAXIMUM | |||
| Life Option | 10yrs | 30yrs | 14yrs | 65yrs | 75yrs | |
| Extra Life Option | 18yrs | 55yrs | 70yrs | |||
| Life & Extra Health Option | 65yrs | |||||
| Extra Life and Health Option | ||||||
| Life & Disability Option | 25yrs | |||||
| Extra Life & Disability Option | ||||||
| Life & Health & Disability Option | ||||||
| Extra Life & Health & Disability Option | ||||||
| Notes : Terms 11 to 14 are not available | ||||||
| Minimum | Maximum | |||||
| Policy Term (Years) | 15yrs | 25yrs | ||||
| Premium Payment Term(Years) | Equal to policy term | |||||
| PREMIUM | SUM ASSURED | |||||
| AGE LESS THAN 45 YEARS | AGE EQUAL TO 45 YEARS AND ABOVE | |||||
| Minimum | Rs. 15,000 | Higher of 10 x Annualised Premium or 0.5 x Policy Term x Annualised Premium | Higher of 7x Annualised Premium or 0.25 x Policy Term x Annualised Premium | |||
| Maximum | No limit | 40 x Annualised Premium | ||||
| Notes: Only Annual model is available under this plan | ||||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
- Settlement Option: You can take your fund value in periodical installments over a period which may extend up to 5 years.
- The value of installment payable on the date specified shall be subject to investment risk.
- At the end of this 5-year period,we will redeem the balance units at the then prevailing unit price and pay the fund value to you
- Death Benefit:
- In case of the Life Assured's unfortunate demise before the end of policy term, we will pay to the nominee the sum of Sum Assured and Unit Fund Value
- The minimum death benefit will be at least 105% of the premiums paid.
- We will also pay Accidental Death Benefits if applicable. Your policy will terminate thereafter and no more benefits will be payable.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Additions | Policy Term ( years) | GA as % of Sum Assured | ||||
| 15 to 19 Years | 8% | |||||
| 20 to 25 years | 9% | |||||
| Plan Option | COVER | |||||
| Life Option | Death Benefit | |||||
| Extra Life Option | Death Benefit + Accidental Death Benefit | |||||
| Life & Health Option | Death Benefit + Critical Illness Benefit | |||||
| Extra Life & Health Option |
Death Benefit + Critical Illness Benefit + Accidental Death Benefit | |||||
| Life & Disability Option |
Death Benefit + Accidental Total & Permanent Disability Benefit | |||||
| Extra Life & Disability Option |
Death Benefit + Accidental Death Benefit + Accidental Total & Permanent Disability Benefit | |||||
| Life & Health & Disability Option |
Death Benefit + Critical Illness + Accidental Total & Permanent Disability Benefit | |||||
| Extra Life & Health & Disability Option |
Death Benefit + Accidental Death Benefit + Critical Illness + Accidental Total & Permanent Disability Benefit | |||||
| BENEFIT TYPES | SUMMARY | |||||
| Death Benefit | We will pay the total of your Sum Assured and your Unit Fund Value to your nominee. | |||||
| The policy will terminate and no more benefits will be payable. | ||||||
| Critical Illness Benefit* | We will pay the total of your Sum Assured and your Unit Fund Value. | |||||
| The policy will terminate and no more benefits will be payable | ||||||
| Accidental Death Benefit* |
In addition to the Death Benefit, we will pay an additional Sum Assured to your nominee. | |||||
| The policy will terminate and no more benefits will be payable | ||||||
| Accidental Total & Permanent Disability Benefit |
We will pay 10% of the Sum Assured every year for the benefit pay out term, which is defined in the paragraph D below. In the case of any other claim due to death or on diagnosis of a critical illness before all the due payouts are paid, the remaining payouts will be paid as a lump sum to the policyholder/nominee and the policy will terminate. | |||||
| Notes: * The Critical Illness benefit is termed as a Extra Health Benefit, whereas, the Accidental Death Benefit is called as Extra Life Benefit and Accidental Total & Permanent Disability Benefit is called Extra Disability Benefit | ||||||
| Fund | Money Market Instruments Cash & Deposits & Liquid Mutual Fund |
Government Securities, Fixed Income Securities |
Equity | RISK & RETURN RATING |
||
| FUND COMPOSITION | ||||||
| Income Fund | 0% to 20% | 80% to 100% | -- | Moderate | ||
| Balanced Fund | 0% to 20% | 0% to 60% | 40% to 80% | Moderate to High | ||
| Blue Chip Fund | 0% to 20% | 80% to 100% | Very High | |||
| Opportunities Fund | 0% to 20% | 80% to 100% | Very High | |||
| On Critical Illness | Sum Assured | This policy will terminate there after and no more benefits will be payable | ||||
| Unit fund value | ||||||
| On Accidental Total & Permanent Disability | We will pay 10% of the Sum Assured every year for the benefit payout term. | Remaining policy term from the end of 1 year after the date of disability | ||||
| 10 years | ||||||
| By Partial Withdrawal | Life Assured is at least 18years of age | The minimum withdrawal amount is Rs.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 | ||||||
| Notes : can make lump sum partial withdrawals from your funds after 5 years of your policy provided | ||||||
| On Discontinuance | Discontinuance before completion of 5 years from commencement of the policy | |||||
| To revive the policy within a period of 2 years from the date of discontinuance | To completely withdraw from the policy without any risk cover Your policy will be discontinued | |||||
| 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 | ||||||
| To revive the policy within a period of 2 years from the date of discontinuance | To completely withdraw from the policy without any risk cover | |||||
| To convert the policy into paid-up policy, where the paid-up sum assured equals to the original sum assured multiplied by the ratio of premiums paid to the total premiums payable as per terms and conditions of the policy. | ||||||
| Revival of Discontinued Policies | All due premiums which have not been paid shall be payable without charging any interest | |||||
| The discontinued policy shall be re-allocated in these aggregated funds chosen by you based on prevailing unit prices | ||||||
| Policy administration charge and premium allocation charge as applicable during the discontinuance period shall be levied | ||||||
| On Surrender | If, the customer will surrender before completion of the 5 years from commencement of the policy. | |||||
| The amount allocated to the 'Discontinued Policy Fund', with accrued interest, will be paid out on the completion of the lock-in period. | ||||||
| If you surrender after completion of the 5 years from commencement of the policy. | ||||||
| Your fund value will be paid out immediately. | Upon payment of this benefit the policy terminates and no further benefits are payable | |||||
| Settlement Option | You can take your fund value in periodical installments over a period which may extend up to 5 years | |||||
Add-ons
- Critical Illness Rider :
The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness. There is no death or maturity benefit. - Accidental Death Benefit* :
In case of death due to an accidentof the Life Assured, the Rider Sum Assured chosen will be paid to the nominee. - Accidental Total & Permanent Disability Benefit :
In the event of permanent disability to the Rider Life Assured due to an accident and if the disability is within 180 days from the date of an accident, the benefit amount payable as per the chart.
Charges
| Charges | ||||||
|---|---|---|---|---|---|---|
| Discontinuance During the Policy Yr | DISCONTINUANCE CHARGE | |||||
| ANNUAL PREMIUM UP TO AND INCLUDING Rs.25,000 | ANNUAL PREMIUM ABOVE Rs. 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 | ||||
| Premium Allocation Charges | PREMIUM PAID DURING YEAR | Year 1 to 7 | Year 8+ | |||
| Premium Allocation Rate | 96% | 99% | ||||
| Premium Allocation Charge | 4% | 1% | ||||
| Fund Management | fund management charge of only 1.35% per annum charged daily, of the fund's value. | |||||
| Policy Administration Charge | A Policy Administration Charge of 0.25% per month of the original annual premium will be deducted monthly and will increase by5%per annum on every policy anniversary | |||||
| subject to a maximum charge of 0.4% of the annual premium or Rs 500, per month, which ever is lower | ||||||
| Mortality & Other Risk Benefit Charge | Every month we levy a charge for providing you with the death cover, critical illness cover or total & permanent disability cover, as chosen, in your policy |
|||||
| Miscellaneous Charges | Policy alteration request initiated by the Policy holder will attract a charge of Rs 250 per request | |||||
| Partial withdrawal charge | A partial withdrawal request from the Policyholder will attract a charge of Rs250 per request | |||||
| if the request is executed through the Company's web portal the Policyholder will be charged Rs 25 per request | ||||||
| Switching charge | A fund switch request from the Policyholder will attract a charge of Rs 250 per request | |||||
| if the request is executed through the Companys web portal the Policyholder will be charged Rs 25 per request | ||||||
| Premium Redirection | A premium redirection request initiated by the Policyholder will attract a charge of Rs 250 per request | |||||
| if the request is executed through the Companys web portal the Policyholder will be charged Rs25 per request | ||||||
| Alteration to Charges | The Fund Management Charge & Discontinuance Charge will be subject to the maximum cap as allowed by IRDAI | |||||
| The Premium Allocation Charge, Policy Administration Charge and all Risk Benefit 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 under the policy are subject to prevailing tax laws (Section 80C and Section 10(10D) of the Income Tax Act,1961.
Claim Process
Know Claim Process of HDFC Life SL ProGrowth Super II
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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