The SL Pro Growth Maximiser is a single premium unit linked insurance product with life insurance coverage as well as financial protection for the loved ones of the policyholder. This is a single premium plan through which the premium will be invested in the funds selected by the individual. The fund value will be paid to the policyholder upon maturity, while a death benefit is also available for the nominee in case of the demise of the policyholder.
Customers who purchase the SL Pro Growth Maximiser from HDFC can choose from four different investment funds and create their own investment strategy through redirecting or switching future premiums. To purchase the plan, applicants will have to fill up a short medical questionnaire, and the plan can be purchased online. In addition to death and maturity benefits, the plan also provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, making the SL Pro Growth Maximiser plan from HDFC Life a worthwhile investment instrument.
To be eligible to purchase a HDFC Life SL Pro Growth Maximiser plan, individuals must be of a certain age when purchasing the policy and also at the time of maturity. Following are the criteria you must meet of you wish to purchase a HDFC Life SL Pro Growth Maximiser plan:
|Minimum Entry Age||14 years completed|
|Maximum Entry Age||65 years completed|
|Maximum Maturity Age||75 years completed|
The premium payment made towards your HDFC Life SL Pro Growth Maximiser plan will determine the benefits you will receive through the policy. Since this is a single premium paying plan, customers will have to pay their premium just once to avail benefits from the plan. Following are some of the features of the HDFC Life SL Pro Growth Maximiser plan:
|Minimum Sum Assured||In case the entry age is less than 45 years, the sum assured will be 125% of the single premium. In case the entry age is equal to or more than 45 years, the minimum sum assured will be 110% of the single premium.|
|Maximum Sum Assured||10 X Single Prremium|
|Minimum Initial Single Premium||Rs.50,000|
|Maximum Initial Single Premium||No limit, subject to underwriting|
|Premium Payment Frequency||Single premium|
|Premium Payment Term||Single premium|
|Policy Term||5 years / 10 years|
*Premiums may vary based on age, location, plan term and other factors.
|Maturity Benefit||At the end of the policy term, the risk cover will terminate and the policyholder will be eligible for the fund value of the policy. The fund value as on the date of maturity will be paid to the life assured. The settlement option can also be chosen to receive payouts. Under the settlement option, customers have the choice to take their fund value in periodical instalments over a period of time not exceeding five years.|
|Death Benefit||In case of the demise of the life assured before the attainment of 60 years of age, the nominee will be eligible for the higher of Sum Assured (minus all withdrawals except from the top-up fund value, made during the two year period immediately preceding the date of death), or the Total Fund Value, and the policy will terminate after the benefit is paid. In case of the demise of the life assured on or after the attainment of 60 years of age, the nominee will be eligible for the higher of Sum Assured (minus all withdrawals except from the top-up fund value, made after the life assured attained the age of 58 years), or the Total Fund Value, and the policy will terminate once the benefit is paid. The minimum death benefit payable under the HDFC Life SL Pro Growth Maximiser plan will be at least 105% of the premium paid, including top-up premiums paid.|
|Liquidity through Partial Withdrawal||The facility of partial withdrawal allows customers to withdraw money from their funds after five years from the date on which the single premium was paid. To be eligible for a partial withdrawal, the life assured must be at least 18 years of age. The minimum amount that can be partially withdrawn is Rs.10,000, and the maximum amount that can be withdrawn throughout the policy term is 50% of the total premium paid.|
|Surrender||In case a policyholder requests for surrender of the policy, the risk coverage will terminate immediately. In case the policy is surrendered prior to the end of five years from the date on which the policy commenced, the fund value of the policy as on the date of surrender shall be transferred to the Discontinued Policy Fund and will accrue a minimum guaranteed return as specified by the IRDAI. At the moment, the minimum guaranteed interest rate applicable to the fund is 4%, but is subject to change based on revisions made by the IRDAI. The asset allocation for the discontinued policy fund as per prevailing regulatory requirements allows customers to allot 0% to 40% of their money in money market instruments and 60% to 100% of their money in government securities. The fund value as held in the Discontinued Policy Fund shall be paid to the life assured at the end of the fifth policy year. In case the policy is surrendered after the completion of five policy years, the policyholder will be eligible for the fund value and no additional charges will be levied.|
|Investment Funds||Customers have the option to invest their money in any of the following four investment funds: Income Fund: The Income Fund offers higher potential returns as it is exposed to higher duration and credit. Balanced Fund: The Balanced Fund offers exposure to dynamic equity in order to increase the returns. At the same time, the volatility of returns is reduced by debt allocation. Blue Chip Fund: The Blue Chip Fund is exposed to large-cap equities and equity related securities. Opportunities Fund: The Opportunities Fund is exposed to mid-cap equities and equity related securities.|
The HDFC Life SL Pro Growth Maximiser plan has certain exclusions which are as follow:
Following are some of the other key features of the HDFC Life SL Pro Growth Maximiser plan:
|Free Look Period||Customers who are not satisfied with the terms and conditions of the HDFC Life SL Pro Growth Maximiser plan have the option of returning the policy to the company within 15 days from the date on which they receive the policy. In case the policy was purchased via distance marketing mode, the free look period applicable will be 30 days. Once the policy is cancelled during the free look period, the company will refund the value of units allocated to the customer on the date on which the request to return the policy was made. The unallocated part of the premium plus charges levied by cancellation of units will be added to the refund amount, but the proportionate risk premium for the period of cover, stamp duty charges, and other expenses incurred by the company on medical examination, if any, will be deducted. Once the payment has been made, the policy and all benefits under it shall terminate.|
|Switch||The switch feature allows customers to shift their investments from one fund to another. Customers are allowed to make four switches for free in a single policy year. Additional switches can be made for a nominal fee.|
|Top-Up Premium||An extra amount of premium in excess of the contractual basic premiums is called a top-up premium. Top-up premiums help in enhancing your fund value. Customers who purchase the HDFC Life SL Pro Growth Maximiser plan can top-up their premium at any time except the last five policy years. The minimum top-up premium amount is Rs.10,000.|
The benefits received through the HDFC Life SL Pro Growth Maximiser plan are eligible for tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961.
HDFC Life is among India’s leading life insurance companies that offer a wide variety of individual as well as group insurance solutions that have been designed to cater to an expansive customer base. The company offers protection plans, pension schemes, savings and investment plans, health insurance policies as well as women’s and children’s plans. The company has received several accolades over the years thanks to its exceptional customer service. With the variety of options on offer in addition to a customer service team that promises effective solutions, purchasing the HDFC Life SL Pro Growth Maximiser plan can only turn out to be a good decision.
HDFC Life SL Pro Growth Maximiser Plan FAQs:
A. Yes, when you pay the premium towards the HDFC Life SL Pro Growth Maximiser plan, a small charge will be deducted from your premium and the remainder of the premium will be invested to purchase units. The remainder of your premium that is used to invest in securities is called the premium allocation rate. The premium allocation charge is guaranteed for the entire duration of the policy.
A. Apart from the benefit of paying only a single premium, customers who purchase this plan can avail the benefit of financial protection for their loved ones.
A. Yes, the charge levied will be 0.13% per month of the total premiums paid (including any single premium top-ups). Every month, a charge will be deducted, subject to a maximum of Rs.500 per month.
A. Yes. In case the policyholder wishes to make alterations to the policy, each request will attract a charge of Rs.250.
The daily unit price already includes the fund management charge of 1.35% per annum charged daily, of the fund’s value.
A. In case of the death of the life assured, you must notify HDFC Life immediately. The filed up claims must then be submitted to the company along with all the required documents as mentioned in the policy document. The claim will be processed after the company has conducted the necessary verification to ascertain the authenticity of your claim
A. The HDFC Life SL Pro Growth Maximiser plan does not allow customers to make changes to the policy term or sum assured once the policy has commenced.
A. No, this policy has no facility that allows customers to borrow money against it.
A. Switches will be charged at Rs.250 per request. However, executing a request through HDFC Life’s web portal will cost you only Rs.25 per request.
A. A request for partial withdrawal will cost Rs.250 per request. However, executing a request for partial withdrawal through the company’s portal will cost you only Rs.25 per request.