HDFC Life ProGrowth Plus

Recommendations :No

Name of the policy :
HDFC Life ProGrowth Plus

A brief desciption :

HDFC Life ProGrowth Plus is another ULIP providing Fund Value at maturity and higher of Fund Value or Sum Assured as death benefit. However the cover provided under this plan is highly inadequate and the price paid to acquire such cover is also enormous so it is better to go for an inexpensive term plan and invest the extra money elsewhere.

Started date :
28/2/2012

Type of policy :
Insurance cum Investment

Category :
ULIP

Insurance :
For Age less than 45 years: Min- Higher of 10 X Annual Premium or 0.5 X Policy Term X Annual Premium For Age more than 45 years: Min- Higher of 7 X Annual Premium or 0.25 X Policy Term X Annual Premium Max- 40 X Annual Premium

Returns expected :
8%-10% (The performance would be less than a performing equity diversified mutual fund)

Entry age :
14-65 Years

Surrender :
If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

Minimum amount :
Min- 24,000 Max- 1 lakh

Mortality Charges :
The amount is not clearly specified, it depends upon the age of the policy holder and cover taken.

Unique features :
It is a regular ULIP providing 2 variants for death benefit viz. Life Option that provides only death benefit and Extra Life Option that provides death benefit with accidental death benefit rider. It also provides a choice of 5 funds for investment.


Premium Allocation Charge Year 1 :0.03%
Premium Allocation Charge Year 2 :0%
Premium Allocation Charge Year 3 :0%
Premium Allocation Charge Year 4 :0%
Premium Allocation Charge Year 5 :0%
Fund Management Charge :1.35% p.a. of the fund value charged daily
Surrender/ Premium Discontinuance Charge Year 1 :For Annual Premium upto 25,000- Lower of 20% * (Annual Premium or Fund Value) but not exceeding Rs 3000, For Annual Premium more than 25,000- Lower of 6% * (Annual premium or Fund Value) but not exceeding 6000
Surrender/ Premium Discontinuance Charge Year 2 :For Annual Premium upto 25,000- Lower of 15% * (Annual Premium or Fund Value) but not exceeding Rs 2000, For Annual Premium more than 25,000- Lower of 4% * (Annual premium or Fund Value) but not exceeding 5000
Surrender/ Premium Discontinuance Charge Year 3 :For Annual Premium upto 25,000- Lower of 10% * (Annual Premium or Fund Value) but not exceeding Rs 1500, For Annual Premium more than 25,000- Lower of 3% * (Annual premium or Fund Value) but not exceeding 4000
Surrender/ Premium Discontinuance Charge Year 4 :For Annual Premium upto 25,000- Lower of 5% * (Annual Premium or Fund Value) but not exceeding Rs 1000, For Annual Premium more than 25,000- Lower of 2% * (Annual premium or Fund Value) but not exceeding 2000
Surrender/ Premium Discontinuance Charge Year 5 and above :Nil

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