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HDFC Life SL ProGrowth Super II is a savings-cum insurance ULIP that helps the policyholder is achieving his/her financial goals throughout the policy tenure. This insurance plan enables you to achieve your long-term savings goals, with the flexibility to choose from 8 insurance options. The policy also offers a substantial death benefit to cover unforeseen circumstances. The policyholder can choose to switch investment funds or redirect premiums into alternate funds, as needed. Under the policy, premiums can be paid through multiple modes, i.e., internet banking, credit card, auto debit facility, or through cheques. You can also avail tax benefits on the premiums paid and the payouts under the policy.
The HDFC Life SL ProGrowth Super II plan can be purchased by a customer if he/she satisfies certain criteria with respect to his/her age and the level of protection he/she requires. These eligibility conditions are detailed below:
|Benefit Options||Term Period||Age at Entry||Maximum Maturity Age|
|Life Option||10 years||30 years||14 years||65 years||75 years|
|Extra Life Option||18 years||55 years||70 years|
|Life and Extra Health Option||65 years|
|Extra Life and Health Option|
|Life and Disability Option||25 years|
|Extra Life and Disability Option|
|Life and Health and Disability Option|
|Extra Life and Health and Disability Option|
All ages mentioned above are with respect to the last birthday of the life insured.
Policy terms between 11 and 14 are not available.
During the purchase of the policy, the customer selects the level of protection he/she desires by choosing an appropriate plan option. The plan options offered by the HDFC Life SL ProGrowth Super II scheme are:
|Life Option||Death Benefit|
|Extra Life Option||Death Benefit + Accidental Death Benefit|
|Life and Health Option||Death Benefit + Critical Illness Benefit|
|Extra Life and Health Option||Death Benefit + Critical Illness Benefit + Accidental Death Benefit|
|Life and Disability Option||Death Benefit + Benefit for Total and Permanent Disability in an Accident|
|Extra Life and Disability Option||Death Benefit + Accidental Death Benefit + Benefit for Total and Permanent Disability in an Accident|
|Life and Health and Disability Option||Death Benefit + Critical Illness Benefit + Benefit for Total and Permanent Disability in an Accident|
|Extra Life and Health and Disability Option||Death Benefit + Critical Illness Benefit + Accidental Death Benefit + Benefit for Total and Permanent Disability in an Accident|
The benefits offered by the plan options are detailed below:
|Death Benefit||The nominee will be paid the total of the Unit Fund Value and the Sum Assured. Once the death benefit is paid, the policy terminates with no further benefits.|
|Accidental Death Benefit||Apart from the Death Benefit, this additional amount is paid to the nominee. Once the accidental death benefit is paid, the policy terminates with no further benefits.|
|Critical Illness Benefit||The nominee will be paid a total of the Unit Fund Value and the Sum Assured. Once the critical illness benefit is paid, the policy terminates with no further benefits.|
|Benefit for Total and Permanent Disability in an Accident||The policyholder will be paid 10% of the Sum Assured on an annual basis, for the entire payout term. If another claim is filed at death or diagnosis of a critical illness before all payouts are made, the remaining payouts are offered as a lump sum amount. The policy terminates subsequent to the payouts.|
The sum assured varies as shown below:
|Age less than 45 years||Age 45 years and above|
|Maximum||No limit||40 times the annualised premium|
Linked insurance products do not have any liquidity for the first five years of the policy term. This implies that the life assured will be unable to withdraw or surrender the money that is invested in Linked Insurance Products, in part or as a whole, till the end of the fifth year.
Since this is a ULIP by HDFC, the premiums that you pay towards the policy are subject to risks in the capital markets. So, it is necessary to balance the risk and return associated with the policy. There are 4 funds that you can choose from to avail:
Based on your risk appetite, you can buy units in any of these funds. It should be noted that only annual mode of premium payment is allowed under this plan. As mentioned in the table above:
Minimum Premium = Rs.15,000
Maximum Premium = No limit
The HDFC Life SL ProGrowth Super II plan offers valuable financial protection to your family, with flexible additional benefit options. You also have the opportunity to choose the funds in which you can invest through the policy. Once the funds and the premium are chosen by you, the insurer will invest this amount in the chosen funds, as per the specified proportion. At the end of the policy term, the accumulated fund value is paid out to you.
In the event of your death during the term of the policy, your nominee will be paid the Sum Assured and the Unit Fund Value. The HDFC Life SL ProGrowth Super II plan is available with a short medical questionnaire (SMQ).
Settlement option - You can choose to take the fund value in instalments at regular intervals, over a period that extends up to 5 years. The money that you pay towards the policy will be invested in the chosen funds, and is exposed to investment risks. At settlement, the risk cover ceases and Fund Management Charge will continue to be levied. It is not possible to make partial withdrawals and switches during this time. It may be possible to do a complete withdrawal at no additional charges.
If applicable, the Accidental Death Benefit will also be paid in addition to the above amount. Once the Death Benefit is paid, the policy terminates and no more benefits are payable.
This plan does not offer any add-on covers.
The HDFC Life SL ProGrowth Super II plan has a grace period of 30 days.
Discontinuance before the completion of 5 years:
If the life assured has not paid the premium within the grace period, he/she has the following options:
If the policyholder does not exercise any of the aforementioned options the policy will be discontinued.
Once the policy is discontinued, the risk cover ceases and the fund value less the discontinuance charges will be moved to the Discontinued Policy Fund. A Fund Management Charge of 0.50% per annum is applicable for the amount in the Discontinued Policy Fund. If a discontinued policy is not revived, the proceeds are paid out at the end of the lock-in period of 5 years. If the revival period exceeds the lock-in period, the policyholder can choose to receive the proceeds either at the completion of the lock-in period or at the end of the revival period. Once the discontinuance benefit is paid out, the policy terminates with no further benefits.
Discontinuance after the completion of 5 years:
If the life assured discontinues the policy after the lock-in period of 5 years, he/she has the following options:
Paid-up sum assured = Original sum assured * (Paid premiums)/(Total payable premiums)
If the policyholder does not exercise any of the aforementioned options the policy will be withdrawn and the proceeds are paid out. Once the discontinuance benefit is paid out, the policy terminates with no further benefits.
Revival of Discontinued Policies:
The life assured can revive a discontinued policy within 2 years from the discontinuance date. At the time of revival all due and unpaid premiums will have to be paid. The discontinuance charges that were deducted will be reversed and the proceeds of the discontinued policy will be reallocated to the funds chosen by the life assured. The charges for policy administration and premium allocation will be levied for the discontinuance period.
If the policy is surrendered before the completion of 5 years:
The fund value minus discontinued charges is shifted to the Discontinued Policy Fund. This amount along with the accrued interest is paid out at the end of the lock-in period. If the death of the life assured occurs before the surrender benefit is paid out the amount in the Discontinued Policy Fund will be paid immediately to the nominee.
If the policy is surrendered after the completion of 5 years:
The fund value is paid out immediately to the life assured. Once this amount is paid, the policy terminates with no further benefits.
If the policyholder does not align with the terms and conditions mentioned in the policy documentation he/she can return the policy to the insurance company within 15 days from the receipt of the document. This period is referred to as the free-look period. The free-look period for policies that were purchased through distance marketing is 30 days.
Once the insurer receives the original policy documents with the letter from the customer they will arrange for a refund of the value of units that were allocated under the policy. It should be noted that a policy once returned, cannot be reinstated again.
The charges associated with the HDFC Life SL ProGrowth Super II plan are as follows:
|Year 1 to 7||Year 8+|
|Premium Allocation Rate||96%||99%|
|Premium Allocation Charge||4%||1%|
Premium Allocation Charge is guaranteed for the complete policy term.
The charges for fund switch, partial withdrawal, and premium redirection are as follows:
|Discontinuance during the policy year||Discontinuance Charge|
|Annual premium up to Rs.25,000||Annual premium above Rs.25,000|
|1||Lowest among 20% of Fund Value or Annual Premium, not exceeding Rs.3,000||Lowest among 6% of Fund Value or Annual Premium, not exceeding Rs.6,000|
|2||Lowest among 15% of Fund Value or Annual Premium, not exceeding Rs.2,000||Lowest among 4% of Fund Value or Annual Premium, not exceeding Rs.5,000|
|3||Lowest among 10% of Fund Value or Annual Premium, not exceeding Rs.1,500||Lowest among 3% of Fund Value or Annual Premium, not exceeding Rs.4,000|
|4||Lowest among 5% of Fund Value or Annual Premium, not exceeding Rs.1,000||Lowest among 2% of Fund Value or Annual Premium, not exceeding Rs.2,000|
|5 and above||Nil||Nil|
Premiums paid by the policyholder under the HDFC Life SL ProGrowth Super II plan and benefits received are eligible for tax benefits under Section 80C and Section 10(10D)) of the Income Tax Act, 1961. These regulations are subject to changes based on alterations in tax rules. It is advisable to consult a tax advisor for the updated regulations.
HDFC Life has been instrumental in efficiently honouring 99.41% claims in the financial year 2013-14. The insurance company also has a dedicated claims assistance cell that helps customers throughout their claim journey.
HDFC Life is a leading insurance company in India with a vast network of offices around the country. With 398 centres and 9,000 touch-points, the insurer ensures that their products are accessible by one and all. HDFC Life also has a strong financial hub that provides consultancy and financial solutions to customers within the country and outside.
A. No, loans are not available on the HDFC Life SL ProGrowth Super II policy.
A. The HDFC Life SL ProGrowth Super II plan is a ULIP that gives you the choice of 4 different funds in which you can invest. The premiums that you pay under this plan are associated with risks prevalent in the capital markets. When you invest in this policy, your contributions will be used for purchasing funds based on your risk appetite. The funds available for investment under this plan are as follows:
|Fund (SFIN)||Investment Strategy||Investment Predominantly in||Risk and Return Rating|
|Income Fund ULIF03401/01/10 IncomeFund101||Higher returns from higher duration and credit exposure.||Fixed income instruments, and Government securities||Moderate|
|Balanced Fund ULIF03901/09/10 BalancedFd101||Dynamic exposure to equity to enhance returns. Debt allocation reduces volatility.||Equity, Fixed income instruments, and Government securities||Moderate to High|
|Blue Chip Fund ULIF03501/01/10 BlueChipFd101||Exposure to equity-related instruments and large-cap equities||Equity||Very High|
|Opportunities Fund ULIF03601/01/10 OpprtntyFd101||Exposure to equity-related instruments and mid-cap equities||Equity||Very High|
A. Change of funds - Investment fund choices can be altered in two ways:
A. The insurance company cannot make any changes to the current charges, without approval from IRDAI. The Fund Management Charge and Discontinuance Charge will have a maximum upper limit, as per the IRDAI guidelines. The Premium Allocation Charge, Policy Administration Charge, and all Risk Benefit charge rates are guaranteed for the complete policy term.
A. Service tax and all other statutory levies are applicable on the policy. In the future, if any other indirect tax or levy becomes applicable, it will have to be paid by the policyholder.
A. No, it is not possible to alter the premiums, policy term, and sum assured under the HDFC Life SL ProGrowth Super II policy.
A. Yes, it is possible to assign the policy, in part or as a whole, to another individual. The instrument of assignment should clearly state the reason for the assignment or transfer. The fee to be paid for the transfer/assignment will be specified, and the policyholder is expected to bear the cost. The insurer may accept or decline the policy assignment request.
A. If you are aggrieved by your insurer’s refusal to accept a policy assignment request, you can prefer a claim to IRDAI within 30 days of receipt of the refusal letter.
A. When the life assured exits from a policy at any time or after completing 5 years, the insurance company calculates the gross yield, net yield, and yield reduction on the basis of actual returns. If the reduction in yield is greater than regulations, the insurer adds claw-back additions to the fund before the benefits are paid out.
A. The critical illnesses covered under the HDFC Life SL ProGrowth Super II policy (once this benefit is opted for) are CABGS, Cancer, Kidney Failure, Heart Attack, Stroke, or Major Organ Transplant.
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