Launch Date | UIN | Status |
12/10/2017 | 101L081V04 | Active |
Under the HDFC Life Progrowth plan an individual can choose a Life Option plan or Extra Life Option, premium, sum assured and premium paying policy term (10 to 30 years). He can invest in 4 funds designed to meet his risk appetite or can choose either all or a combination of 8 different funds available. After the policy term gets over, on maturity he receives the fund value prevailing as on that date. He can also opt to collect the maturity benefit in periodic instalments over a span of 5 years (settlement option) after maturity date.
In-case on unfortunate death of the individual during the policy term, his nominee receives the death benefit. The death benefit paid will be a higher value chosen either from:
Let us understand this by an illustration,
Consider,
Person’s age: 32 years
Policy term: 10
Premium paying term: 10 years
Sum assured 40 lakhs
Premium 1 lakh annually
Maturity value: Rs. 12,08,155 Approx.
Death benefit: 40 lakhs
32 year old person chooses a Life option plan, sum assured of Rs. 40 lakhs, premium payment policy term of 10 years and annual premium of Rs. 1 lakh. After the policy term gets over, on maturity he receives approximately Rs. 12,08,155/- (fund value) as maturity benefit as per the prevailing value as on that date. Suppose, if on unfortunate death of the individual during the policy term, his nominee receives approximately Rs. 40 lakhs as death benefit.
Parameters |
Minimum |
Maximum |
|
Entry Ages Life Option |
14 years |
65 years |
|
Entry Ages Extra Life Option |
18 years |
55 years |
|
Maturity Age Life Option |
|
75 years |
|
Maturity Age Extra Life Option |
|
70 years |
|
Premiums |
Annual |
24,000 |
1,00,000 |
Half Yearly |
10,000 |
50,000 |
|
Monthly |
2,500 |
8,333 |
|
Sum Assured |
Age less than 45 year |
Higher of 10 x annualised premium or |
40 x annualised premium, subject |
Age equal to 45 years and above |
Higher of 7x annualised premium or |
||
Policy Term |
10 years |
30 years |
|
Premium payment term |
10 years |
30 years |
HDFC Life is a joint venture between HDFC Limited and Standard Life plc, one of the leading financial service providers from UK. The company offers a wide range of individual and group insurance products to meet the various financial needs of customers.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.