As a Unity Linked Insurance plan HDFC Life Progrowth Plan offers both the benefits of life insurance coverage alongside an option to invest in various funds like debt, equity, share, etc. As HDFC Life Progrowth Plus is a non-traditional insurance plan it does not includes any bonus facility. While purchasing the policy the insured needs to pay the premium at one go till the end of the policy tenure. The policy offers an investment option of 5 funds to invest in. As HDFC Pro-growth plus offers a great saving option it is one of the most sought after investment option in order to secure the future of the insurance seekers.
HDFC Life Progrowth Plus is comes in 2 variants
- Life option
- Extra Life Option.
To help our customers know more about HDFC Progrowth Plus fixed deposit plan, here we have discussed the features and benefits offered by the plan.
Some of the Salient Features of the Policy are:-
- As an ULIP plan HDFC Progrowth Plus does not offer any bonus facility.
- The plan offers two variant i.e. life option which offers only death benefit second, extra life option which includes accidental death benefit and death benefit.
- In case of death of the insured person higher of sum assured or fund value whichever is greater is paid to the beneficiary of the policy.
- If the insured has opted for extra life option then an additional sum assured as accidental death benefit is paid to the beneficiary of the policy in case of accidental death of the insured person.
- The policy offers 5 investment fund options.
- The insured is paid the maturity benefit as fund value.
- The tenure of the policy ranges from 10-30 years.
- The minimum entry age of the insured for life cover is 14 years, whereas for extra life option the minimum entry age of the policy is 18 years. Similarly the maximum entry age of the policy for life option is 65 years and for extra life option the maximum entry age is 55 years.
- The insured can pay the premiums in yearly, half-yearly and monthly mode.
- The maximum maturity age of the policy is up to 75 years for life option and 70 years for extra life option.
- The plan also offers an option of free switches.
Benefits offered by HDFC Life Progrowth Plus
Death Benefit- In case of unfortunate death of the policy holder the beneficiary of the policy receives death benefit as higher of sum assured or fund value and the tenure of the policy comes to an end.
Maturity Benefit- If the insured survives the entire tenure of the policy then the fund value is paid as maturity benefit to the policy holder.
Income Tax Benefit- Under section 80C of Income Tax Act the premium paid up to Rs1,00,000 are allowed for tax deduction and the maturity proceeds are tax free under section 10D of Income Tax act.
Add-on Benefit- However the plan does not offer any add on benefit as rider but the extra life option has inbuilt accidental death benefit rider.
HDFC Porgrowth plus offers a free loom period of 15 days under which the insured can cancel the policy if he/she is not satisfied with the terms and conditions of the plan. Moreover, the plan also provides a grace period of 30 days under which the insured can pay the due premium if he or she fails to pay premium on time.
If you want to make investment along with saving then HDFC Progrowth plan is the most beneficial plan that you can opt for.