HDFC SL ProGrowth Super II

Recommendations :No

Name of the policy :
HDFC SL Pro Growth Super II

A brief desciption :

HDFC SL Pro Growth Super II is a usual ULIP plan providing Fund Value at maturity and both fund value and Sum Assured at death of the policy holder. However returns are restricted due to high charges levied. Moreover Sum assured is miniscule which is not sufficient to cover an earning member of the family having dependents. So it is advisable to to go for a simple term plan and invest the extra money elsewhere and earn higher returns.

Started date :
13/9/2010

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- 15,000 Max- No limit

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 usual ULIP with a double death benefit and providing 8 options of basic Death Benefit with 3 choice of riders and also Choice of 5 Investment Fund Options.


Premium Allocation Charge Year 1 :0%
Premium Allocation Charge Year 2 :0%
Premium Allocation Charge Year 3 :0%
Premium Allocation Charge Year 4 :0%
Premium Allocation Charge Year 5 :0%
Premium Allocation Charge Year 6 :0%
Premium Allocation Charge Year 7 :0%
Premium Allocation Charge Year 8 :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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