Overview of HDFC Life Progrowth Plus at A Glance |
Posted: September 8, 2016 |
To fulfil your demand for a simple yet effective saving-cum-insurance plan, HDFC is offering you the HDFC Life Progrowth Plus. This is not just another unit linked insurance plan (ULIP). It comes with benefits like fund value at maturity and sum assured in case of death of the policyholder. It is designed in a way to secure financial shelter for yourself as well as your loved ones. At HDFC life insurance, they are working hard to find smart ways for investment so that you and your money both grow with the time. With HDFC Life Progrowth Plus, you can nullify the effect of high inflation which is cutting the growth of investment measurably. What Is It? HDFC Life Progrowth Plus is a unit linked insurance plan with regular premium feature. Here you can determine your regular premium along with your investment fund. Then it invests your money in stock market without hindering the life coverage of the plan. In this plan, premium needs to be paid until the contracted tenure ends. The policyholder can choose from 5 investment funds and can create his own customized portfolio depending on the level of risk involved and safety of the capital. Available fund options for HDFC Life Progrowth Plus include Short Term Fund, Income Fund, Blue Chip Fund, Balance Fund and Opportunities Fund. Variations: HDFC Life Progrowth Plus comes with two variants – Life Option and Extra Life Option. First is the basic version of this investment plan without any added benefits. The last one comes with little bit of extra benefit. With Extra Life Option you are having death benefit plus accidental death benefit. In this plan, if the policyholder dies within the tenure of the policy, the company will pay the nominee either the sum assured or the fund value whichever is higher and here the policy terminates. Accidental death benefit will be paid only if the policyholder had opted for it. Advantages: Here in HDFC Life Progrowth Plus, you can shape up your investment strategy according the way you wish to take risk and expect your returns. For those unexpected financial crisis, you can even make partial withdrawals. Most alluring part of the plan is your investment is eligible for tax deduction under Section 80C and 10(10D) of Income Tax Act 1961. This plan comes with multiple payment options like internet banking, credit card, cheque and standing order facility. Eligibility: Minimum age to enter the Life Option is 14 years and maximum age is 65 years. For Extra Life Option the age limit range is 18 – 55 years. Maturity age for these two variants is respectively 75 years and 70 years. Tenure of the policy is minimum 10 years and maximum 30 years. Switching Options: At any point of the policy tenure, you can change your choice of investment funds. Either you can simply take your accumulated funds from one fund and then invest it to another fund or you can direct your future premiums to some other fund that you wish to invest in. On The Event of Discontinuance: If you stop paying premiums before completing 5 years, then your insurance cover will cease immediately and fund value after deducting any discontinuance charge along with minimum interest rate (as per IRDA guidelines) will be payable to you after the completion of fifth year of the policy. If the policy is discontinued after 5 years, then the accumulated fund value till the time of discontinuance will be paid to the policyholder and this terminates the policy immediately. We guess…we have been able to make you understand the basic structure of HDFC Life Progrowth Plus plan which will surely simplify your choice to opt for the right investment plan.
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