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HDFC Life SL Pro Growth Super 2 Plan

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.

Eligibility - Who is the HDFC Life SL ProGrowth Super II Plan for?

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
Minimum Maximum Minimum Maximum
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.

Sum Assured and Premium Range - What you Get and What it Costs?

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:

Plan Option Cover
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:

Benefit Type Summary
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.

Sum Assured:

The sum assured varies as shown below:

Parameter Premium Sum Assured
Age less than 45 years Age 45 years and above
Minimum Rs.15,000 Highest among,
  • 10 times the annualised premium
  • 0.5 * policy term * annualised premium
Highest among,
  • 7 times the annualised premium
  • 0.25 * policy term * annualised premium
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.

Premium:

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:

  • Higher, but more volatile returns
  • Lower, but more stable returns

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

Plan Coverage - What the HDFC Life SL ProGrowth Super II Covers?

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).

  • Maturity Benefit - When the policy term ends, your policy matures and all risk covers will cease. At this point, you can redeem your balance units and take the fund value.

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.

  • Death Benefit - In the case of unfortunate demise of the life insured, the nominee will be paid a death benefit that is the sum of unit fund value and the sum assured. The minimum death benefit is at least 105% of the total paid premiums.

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.

  • Critical Illness - If the policyholder is diagnosed with any of the predefined critical illnesses during the policy term, the insurance company pays him/her 10% of the sum assured on an annual basis.
  • Partial Withdrawal - In the event of a financial emergency, the policyholder can make lump sum partial withdrawals from the funds, after the completion of 5 years. However, this is subject to:
    • The life assured being at least 18 years of age
    • The minimum amount of withdrawal being Rs.10,000
    • After withdrawal, the fund value does not go below 150% of the original premium
    • The maximum amount withdrawn throughout the policy term being 300% of the original premium

Add-On Plans – Additional Coverage under the HDFC Life SL ProGrowth Super II Plan:

This plan does not offer any add-on covers.

Exclusions - What the HDFC Life SL ProGrowth Super II Plan doesn’t Cover?

  • If the policyholder commits suicide within 12 months from the inception or revival date of the policy, the nominee will receive the fund value as on the date of death. Any charges recovered after death will also be paid back to the nominee along with the death benefit.
  • The Accidental Total and Permanent Disability benefit will be paid only if the disability has lasted for at least 6 consecutive months, and is ascertained to be permanent by a registered doctor.
  • The Accidental Total and Permanent Disability benefit will not be paid if the disability arises from the following:
    • Disability directly or indirectly linked to AIDS or HIV
    • Participation in a dangerous hobby or race
    • Intentional injury or attempted suicide
    • Serving in the military, navy, police force, air force, or similar organisations
    • Nuclear radiation or chemical contamination
    • Participation in any flying activity, unless as a passenger in a commercial aircraft
    • Usage of alcohol, drugs, narcotics, etc.
    • Invasion, war, terrorism, hostilities, civil commotion, etc.
    • Participation in riots, strikes, etc.
    • Participation in criminal activities that breach the law
  • The insurance company does not pay the Accidental Death Benefit if the death was after 90 days from the accident date. This benefit is also not payable when the life assured participates in a hazardous pursuit or hobby, or if the death was due to suicide or self-inflicted injury.
  • The Critical illness benefit will not be paid if the critical illness occurs within 6 months from the date of issuance or revival of the policy. This benefit is also not payable when the critical illness was caused by attempted suicide, self-inflicted injury, pregnancy, or childbirth.
  • The Critical Illness and Accidental Death Benefit will not be paid if the condition was caused by any of the following:
    • Solvent or alcohol abuse
    • Invasion, war, civil war, hostilities, riots, etc.
    • Participation in any flying activity, except as a passenger in a civil aircraft
    • Participation in an activity with criminal intent

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Discontinuance:

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:

  • To revive the policy within a period of 2 years from the discontinuance date.
  • To completely withdraw from the policy.

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:

  • To revive the policy within a period of 2 years from the discontinuance date. During the revival period, the policy is considered to be in-force with risk cover, and policy charges are deducted as usual.
  • To completely withdraw from the policy.
  • To convert the policy into paid-up status, where the paid-up sum assured is calculated as follows:

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.

Surrender:

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.

Free-Look Period:

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.

Charges:

The charges associated with the HDFC Life SL ProGrowth Super II plan are as follows:

  • Premium Allocation Charge - After the premium allocation charge is deducted from your annualised premium, the remaining amount is used to purchase units. This remaining percentage of your annualised premium is referred to as the Premium Allocation Rate.
  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.

  • Fund Management Charge (FMC) - The daily unit price is inclusive of the fund management charge. This is equivalent to 1.35% per annum of the fund’s value charged on a daily basis.
  • Policy Administration Charge - A Policy Administration Charge equal to 0.25% of the annual premium is levied on a monthly basis. This amount increases by 5% per annum at every policy anniversary. This amount is deducted through cancellation of units from each of the chosen funds.
  • Mortality Charge - The insurance company levies a charge every month for providing death cover under the HDFC Life SL ProGrowth Super II policy. The amount of the levy depends on the age of the life assured and the level of coverage he/she has availed. This charge is deducted by cancellation of units from each of the chosen funds.
  • Miscellaneous Charges - Any alteration request on the policy will be charged Rs.250 per request. In addition, the policyholder will have to bear any administrative charges that are introduced at a later stage.

The charges for fund switch, partial withdrawal, and premium redirection are as follows:

  • Partial Withdrawal Charge - A partial withdrawal request will be charged Rs.250 per request. If the request was executed through the online webpage of the insurance company, the charge will be slashed to Rs.25 per request. This charge is levied on the unit fund at the time of fund withdrawal.
  • Switching Charge - If the policyholder requests for a fund switch, the procedure will attract a charge of Rs.250 per request. In case the process was initiated through the company’s website, the charge for the same will be Rs.25 per request. Switching charge is levied at the time of effecting the switch.
  • Premium Redirection Charge - If the life assured requests for premium redirection, the process will be levied a charge of Rs.250 per request. In case the request was executed through the company’s website, the charge will be reduced to Rs.25 per request.
  • Discontinuance Charge - The discontinuance charge depends on the premium and the year in which the policy was discontinued. There is no charge levied after the fifth year. The discontinuance charge is 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

Tax Benefits – How you can save with the HDFC Life SL ProGrowth Super II Plan?

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.

Other Benefits – How you can save with the HDFC Life SL ProGrowth Super II Plan?

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.

Why you should buy the SL ProGrowth Super II Plan from HDFC Life?

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.

HDFC Life SL ProGrowth Super II Plan FAQs:

Q. Can I avail loans on the policy?

A. No, loans are not available on the HDFC Life SL ProGrowth Super II policy.

Q. What are the funds associated with the HDFC Life SL ProGrowth Super II plan?

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

Q. What are the flexibilities that the HDFC Life SL ProGrowth Super II plan offers?

A. Change of funds - Investment fund choices can be altered in two ways:

  • Switching - The policyholder can switch from one fund to another at any point of time.
  • Premium Redirection - The policyholder can pay future premiums into different funds, as required.

Q. Can charges under the HDFC Life SL ProGrowth Super II plan be altered?

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.

Q. Is Service tax applicable for the policy?

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.

Q. I have identified a premium that I can comfortably pay during the initial days of the premium payment term. Can this amount be altered later on?

A. No, it is not possible to alter the premiums, policy term, and sum assured under the HDFC Life SL ProGrowth Super II policy.

Q. Can I assign the policy to another individual?

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.

Q. What can be done if my request for policy assignment has been rejected by the insurance company?

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.

Q. What are non-negative claw-back additions?

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.

Q. What are the critical illnesses covered under the policy?

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.