Why do We Need to take HDFC Life Pro-Growth?

HDFC Life Pro-Growth Plus Plan is a (ULIP) plan. As a non-traditional insurance plan HDFC Life Pro Growth Plus does not provide any bonus facility. As an ULIP plan, HDFC Life Pro-Growth Plus review provides the dual benefit of investment cum insurance protection at the same time.

According to one’s own choice the insured can invest in 5 fund option available under the plan. The plan provides the option of regular premium payment under which the insured pay premium till the end of the policy tenure. One can also check HDFC Life Pro Growth Plus review online and seek information about the plan.

2 types of variant offered by the plan:

• Life Option- Life option is the basic option of the policy without any additional features.
• Extra Life Option- This variant of the policy, offers an inbuilt Accidental Death Benefit rider. 

With the help of accidental death benefit rider the beneficiary of the policy receives the additional sum assured amount along with the death benefit in case of demise of the life insured due to accident. In case of demise of the policy holder during the tenure of the policy, higher of the sum assured or fund value is paid to the nominee.

The maturity benefit as fund value is paid to the insured in case the insured survives the whole tenure of policy.

Salient Features of HDFC Life Pro Growth Plus Insurance Plans                                                                                            

• It is a simple ULIP plan without any bonus facility.
• There are 2 variants of this plan
• Life Option- Only Death Benefit
• Extra Life Option- Death Benefit + Accidental Death Benefit
• Death Benefit=Higher of Sum Assured or Fund Value. The death benefit is paid to the beneficiary of the policy in case of demise if the policyholder.
• If the insured person had opted for extra life option then the beneficiary of the policy will get an additional sum assured as accidental death benefit in case of  accidental death .
• The plan provides 5 fund options for investment.
• The Fund Value is paid as Maturity Benefit.
• The plan also provides the option to switch funds.

Death Benefit – In case of demise of the Insured within the term of policy, the beneficiary receives higher of Sum Assured or Fund Value as Death Benefit and the policy terminates.

Maturity Benefit – The Fund Value is paid as Maturity Benefit on the policy maturity

Income Tax Benefit -  Under section 80C and 10(10)D of Income Tax Act the premium paid up to Rs. 1,00,000 and the maturity proceeds are allowed as a deduction from the taxable income each year.

Riders – the plan provides an inbuilt accidental death benefit rider as extra life option.

Investment Fund Options

There are 5 Investment Funds available in this plan:

1. Short Term Fund
2. Income Fund
3. Balanced Fund
4. Blue Chip Fund
5. Opportunities Fund

Partial Withdrawal – After completion of 5 policy years the insured is allowed to make partial withdrawals up to 300%. The minimum limit of partial withdrawal Rs10,000. 

You want to surrender the policy– In case, the insured person wants to surrender the policy before completion 5 years, then the policy will cease and the fund value net of any discontinuance charge will be transferred to the discontinued policy fund.

In case, the insured 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.

You want a loan against your policy - There is loan available under this plan up to 40% of the Surrender Value provided the policyholder is at least 18 years old.

HDFC Life Pro Growth Plus offers an absolute return of 35.18%. One can go online and check HDFC Life Pro Growth review before buying the plan.