HDFC Life Pro-Growth Plus Plan is a ULIP plan. Therefore, this plan is non-Traditional Insurance Policy that comes with no bonus facility. Under this plan, the premium is invested in capital market deferring great returns and also offering benefits and advantages of insurance coverage.
Key features of HDF Life Pro-Growth Plus:
- It is an HDFC ULIP Plan with a regular pay option
- This plan offers two coverage options namely Extra Life Options and Life Options:
- Life Option: Only death benefit
- Extra Life Option: Death Benefit + Accidental Death Benefit
- There are 4 funds available to invest your money in this plan namely, Blue Chip Fund, Opportunities Fund, Balanced Fund and Income Fund
Benefits of HDFC Life Pro-growth Plus:
- Under HDFC Life ProGrowth Plus Plan Total Fund Value is received on Maturity by the Insured.
- You can avail maturity proceeds in equal instalments after maturity over a period of 5 years via Settlement option under this plan.
- Death Benefit: Under HDFC Life Pro-growth Plus plan, if the insured dies during the insurance policy’s tenure, the beneficiary receives higher of the Fund Value or Sum Assured as Death Benefit and the termination of policy takes place.
- Maturity Benefit: The payment of fund value is made as Maturity Benefit
- Income Tax Benefit: You can avail Income Tax benefit on the payments made for premiums under Section 80C and on the claims made u/s 10 (10D) of the Income Tax Act.
- EMI facility is also provided to HDFC credit card holders under the HDFC Life Pro-Growth Plus plan.
- You can pay premiums via various options such as internet banking, credit card, auto debit facility and cheque.
- On or after attainment of 60 years of age, higher of the Amount Assured net of the Partial Withdrawals made after you attain an age of 58 years or the Fund Value or 105 per cent of premiums is payable under this plan.
- Under this plan, an extra Accidental Death Benefit equivalent to that of the Sum Assured is payable under Extra Life Cover Option, in the case of the accident of the insured.
Additional Features and Benefits offered by HDFC Life Pro-growth Plus plan:
Riders: No additional riders are offered under this plan. Extra Life Option already has an inherent Accidental Death Benefit Rider.
Investment funds choices:
- Income Fund
- Short-term Fund
- Blue Chip Fund
- Balanced Fund
- Opportunities Fund