HDFC Life ULIP Plans

• Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
• Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
• Do more with plans that offer pure protection, retirement planning and investment options

Unit Linked Insurance Plans (ULIPs) offered by HDFC Life provide the dual benefit of investment and protection all for a small, consolidated premium. When an individual buys a ULIP plan, part of the premium paid goes into providing insurance cover to the person insured while the remaining amount will be invested in equities. Applicants can choose plans depending on their financial targets and the level of risk they are willing to take.

HDFC Bank, through a joint venture with European investment company Standard Life, has built a sizeable roster of unit linked insurance plans. These plans are carefully drafted to serve the financial needs of a diverse group of people from different walks of life. From investment to savings plans, and from child to retirement plans, HDFC Life has policies to help people invest to achieve financial stability.

Benefits of HDFC Life Unit Linked Insurance Plans

• Unit Linked Insurance Plans by HDFC Life offer two benefits to a policyholder - life cover and investment - both at the same time.
• There are plenty of products available to suit the investment and protection needs of a large variety of investors.
• HDFC Life offers plans that have multiple payment frequencies, i.e., monthly, quarterly, yearly, half-yearly, and single.
• Upon maturity, the funds will be returned to the person insured.
• Option to change the premium payment cycle is available as long as a nominal fee is paid.

List of Unit Linked Insurance Plans offered by HDFC Life

HDFC Life has a total of 9 ULIPs on offer for prospective policy buyers. They are as follows:

1. HDFC Life Click2Invest

The Click2Invest is an online-based ULIP which offers market-related returns and primarily invests in B-fund options. This plan is designed to offer a policyholder and their family with financial protection and also serves as a good investment option.

Features and benefits of HDFC Life Click2Invest plan:

• The plan has a total of 8 funds to choose from, which come with different risk and returns rating.
• Policy term ranges from 5 years to 20 years.
• Customers can choose from 3 different premium payment options: single, regular, and limited (5, 7, and 10 years).
• Comes with tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act.
• Payouts for this policy are as follows:
  1. Maturity Benefit: Once the policy reaches its maturity, the person insured will receive the total value of the fund. In this case, fund value is calculated by multiplying all the remaining units with the existing market value.
  2. Death Benefit: If the person insured meets with an untimely demise, the nominees will receive the highest of sum assured, fund value, or 105% of the total premiums paid. The policy will be terminated once the benefits are paid.
  3. Surrender Benefit: If a policyholder surrenders the policy within five years, the payout will first be put into the “Discontinued Policy Fund” and the total value of the funds will be transferred to this account. However, the individual will receive the amount only after the lock-in period is over. If the policy is surrendered after 5 years, the total value of the funds will be paid.

Plan Name	Entry Age (in years)	Maturity Age (in years)	Premium
Click2Invest	0 (30 days) - 65	18 - 75	Minimum Premium: Single payment: Rs.24,000 Annual payment: Rs.12,000 Half-yearly payment: Rs.6,000 Quarterly payment: Rs.3,000 Monthly payment: Rs.1,000 Maximum Premium: No limit

2. HDFC Life SL Crest

The Life SL Crest is a short term unit linked plan, which allows people to meet their monetary goals within a span of 10 years while also providing protection against unforeseen circumstances.

Features and benefits of HDFC Life SL Crest plan:

• This plan offers the benefit of paying a premium for a very short period of time.
• The plan comes with four different types of funds to choose from: Income, Balanced, Blue Chip, and Opportunities Fund.
• The policyholder can receive a maximum of 20 times the annual premium they have paid as a payout.
• Payouts depending on different circumstances:
  1. Death Benefit: If the policyholder meets an untimely death, the nominees will receive the greater of sum assured and the total fund value, at the time of claiming.
  2. Maturity Benefit: Once the policy reaches maturity, the policyholder can either receive the total fund value at once and choose to receive payments periodically for up to 5 years. Note that if you choose the latter, the policyholder will still be charged for fund management.
  3. Surrender Benefit: When a policyholder decides to surrender the funds, the two following things can happen.

If the surrender happens before 5 years, the fund will be put in a “Discontinued Policy Fund”, which will continue to accrue interest. The interest earned on the fund will be paid after the completion of the lock-in period.

If the surrender happens after five years, the total fund value will be paid out.

Plan Name	Entry Age (in years)	Maturity Age (in years)	Premium
SL Crest	14-55	65	Minimum Premium - Rs.50,000 Maximum Premium - No Limit

3. HDFC Life Pension Super Plus

The Pension Super Plus, as the name suggests, is a plan that focuses on building a pension corpus for individuals. This plan helps people save enough to enjoy a financially secure life post retirement.

Features and benefits of HDFC Life Pension Super Plus plan:

• The Pension Super Plus offers the benefit of planned savings to help individuals become financially secure post-retirement.
• This plan comes with three different policy terms and four different premium payment options, so as to suit the varying needs of the working class.
• All the premiums paid will be invested in a fund which has a medium risk and returns ratings.
• In the case of the policyholder’s demise, the proceeds can be paid to the nominee either on an annuity or a lump sum basis.
• Some of the payouts based on the policy are as follows:
  1. Maturity Benefit: Also referred to as the Vesting benefit, the payout will be the higher of the fund value or 101% of the total premiums paid.
  2. Death Benefit: If the policyholder succumbs due to unforeseen circumstances, the benefit payable would be either of the fund value, total premiums paid along with the top-up premium (if paid). The entire amount will accumulate a guaranteed interest of 6% per annum. The minimum benefit a nominee will receive will be 105% of the total premiums paid including the top-up premium.
  3. Surrender Benefit: If a policyholder discontinues the policy within 5 years, the fund will be charged a penalty and the remaining amount will be put in a Discontinued Policy Fund (DPF). The interest generated by the DPF will be paid once the lock-in period is completed. On the other hand, if the policy is discontinued after five years, the fund value will be paid out based on the policy proceeds mentioned in the fine print.

In case the person assured succumbs before the surrender benefit is paid, the entire amount in the DPF will be paid out immediately.

Plan Name	Entry Age (in years)	Maturity Age (in years)	Premium
HDFC Life Pension Super Plus	14-55	65	Minimum Premium: Monthly: Rs.2,000 Quarterly: Rs.6,000 Half-yearly: Rs.12,000 Yearly: Rs.24,000 Maximum Premium: No Limit This plan also offers the option to pay premiums on a top-up basis, which is Rs.10,000

4. HDFC SL Youngstar Super Premium

The Young Star Super Premium is a ULIP, which allows individuals to earmark a corpus for their child’s future.

Features and benefits of HDFC SL Youngstar Super Premium plan:

• The plan comes with two different benefit options: Save benefit and Save-n-Gain benefit.
• Buyers can choose from four different options to choose from so as to reach their financial goals.
• Prospective policy buyers have the flexibility to choose the sum assured and also the premium amount they would want to pay.
• There are three different tenures to choose from - 5 years, 10 years, and 15 years.
• The Save Benefit offers a cash payment to the child in case the parent meets an untimely demise and also waives off any future payments.
• The Save-n-Gain Benefit, on the other hand, will pay 50% of the future premiums and for the policy and to the beneficiary.
• The policy offers partial withdrawal benefit after completing five policy years, wherein an individual need to borrow a minimum of Rs.10,000.
• Payouts available under this policy are:
  1. Maturity Benefit: The policyholder can choose to receive the funds over a period of 5 years once the policy reaches its maturity. However, a point worth noting here is that, when chosen, this option will come with the risk level that was associated in the first place. They can also opt to have the entire amount paid at once if they feel the need for it.
  2. Death Benefit: The payout of death benefit primarily depends on the type of policy chosen by the individual, i.e., Save or Save-n-Gain benefit policy. The minimum payout offered would be 105% of the total premiums paid.
  3. Surrender Benefit: If the policy is discontinued within 5 years, the fund will be charged a penalty and the remaining amount will be put in a Discontinued Policy Fund (DPF). The interest generated by the DPF will be paid once the lock-in period is completed. On the other hand, if the policy is discontinued after five years, the fund value will be paid out based on the policy proceeds mentioned in the fine print.

Plan Name	Entry Age (in years)	Maturity Age (in years)	Premium
HDFC Life Pension Super Plus	14-55	65	Minimum Premium: Monthly: Rs.2,000 Quarterly: Rs.6,000 Half-yearly: Rs.12,000 Yearly: Rs.24,000 Maximum Premium: No Limit This plan also offers the option to pay premiums on a top-up basis, which is Rs.10,000

5. HDFC Life ProGrowth Plus

This product offers a mix of savings and insurance by allowing individuals devise their own investment strategies while also offering insurance cover. It basically invests a person’s savings in the equities market to receive solid returns.

Features and Benefits of HDFC Life ProGrowth Plus:

• This plan provides the benefit of savings and insurance and invests your money in the stock market to maximise returns.
• There are two plan options available: Life option - which provides death benefit - and Extra Life Option - which provides death benefit along with accidental death benefit.
• Investors can choose from four different types of funds: Income Fund, Balanced Fund, Blue Chip Fund, and Opportunities Fund, all of which come with varied risk and return ratings.
• The Life ProGrowth Plus offers a policyholder the freedom to choose the sum assured, after which the premiums are decided.
• HDFC Bank Credit Card holders can exclusively avail this plan on easy EMI options.
• Policyholders can withdraw funds partially to meet their emergency financial requirements.
• The policy term ranges from 10 years to 30 years.
• Allows individuals to pay through credit cards, cheques, internet banking, and auto-debit facility.
• Policy buyer can choose to invest their premiums in different funds.
• The policy offers flexibility to switch to one fund to another when they feel like it.
• Payouts in this policy are as follows:
  1. Death Benefit: In case a person assured dies, the nominees will get the highest of: unit fund value, sum assured (excluding any prior withdrawals), and minimum death benefit (105% of total premiums paid).
  2. Accidental Death Benefit: In case of accidental death, the nominees will receive an additional sum assured on top of the death benefit. Once the payout is confirmed, the policy will be terminated.
  3. Surrender Benefit: If the policy is discontinued within 5 years, the fund will be charged a penalty and the remaining amount will be put in a Discontinued Policy Fund (DPF). The interest generated by the DPF will be paid once the lock-in period is completed. On the other hand, if the policy is discontinued after five years, the fund value will be paid out based on the policy proceeds mentioned in the fineprint.

Plan Name	Entry Age (in years)	Maturity Age (in years)	Premium
HDFC Life ProGrowth Plus	Life Option: 14-65 years Extra Life Option: 18-55 years	Life Option: 75 years Extra Life Option: 70 years	Minimum Premium: Monthly: Rs.2,500 Half-yearly: Rs.10,000 Yearly: Rs.24,000 Maximum Premium: Monthly: Rs.8,333 Half-yearly: Rs.50,000 Annual: Rs.1 lakh

6. HDFC SL ProGrowth Flexi

This plan is again a ULIP that provides individuals the dual benefit of savings and insurance cover, so as to meet their financial requirements.

Features and benefits of HDFC SL ProGrowth Flexi:

• This plan provides the benefit of savings and insurance and invests your money in the stock market to maximise returns.
• There are two plan options available: Life option - which provides death benefit - and Extra Life Option - which provides death benefit along with accidental death benefit.
• Investors can choose from four different types of funds: Income Fund, Balanced Fund, Blue Chip Fund, and Opportunities Fund, all of which come with varied risk and return ratings.
• Policy buyers can choose a sum assured between 10 to 40 times the annual premium.
• Payouts under this policy will be as follows:
  1. Maturity Benefit: Once the policy reaches its maturity, the payout will be based on the prevailing unit prices. A policyholder can also choose different settlement options — lump sum or monthly for a period of five years. However, if an individual choose the second option, it is worth mentioning that the same risk factors are involved as the original policy terms.
  2. Death Benefit: In case a person assured dies, the nominees will get the highest of: unit fund value, sum assured (excluding any prior withdrawals), and minimum death benefit (105% of total premiums paid).
  3. Accidental Death Benefit: In case of accidental death, the nominees will receive an additional sum assured on top of the death benefit. Once the payout is confirmed, the policy will be terminated.
  4. Surrender Benefit: If the policy is discontinued within 5 years, the fund will be charged a penalty and the remaining amount will be put in a Discontinued Policy Fund (DPF). The interest generated by the DPF will be paid once the lock-in period is completed. On the other hand, if the policy is discontinued after five years, the fund value will be paid out based on the policy proceeds mentioned in the fineprint.

Plan Name	Entry Age (in years)	Maturity Age (in years)	Premium
HDFC SL ProGrowth Flexi	Life Option: 14-65 years Extra Life Option: 18-55 years	Life Option: 75 years Extra Life Option: 70 years	Minimum Premium: Monthly: Rs.2,500 Half-yearly: Rs.10,000 Yearly: Rs.24,000 Maximum Premium: No limit

7. HDFC SL ProGrowth Super II

The ProGrowth Super II is a ULIP plan that offers the binary benefit of savings and insurance at the same time. This plan primarily works well for people who are looking to invest and save for a long period of time.

Features and benefits of HDFC SL ProGrowth Super II:

• This plan enables people to save for a longer period of time, while also offering a benefit of an insurance.
• Prospective policy buyers can choose a policy tenure ranging between 10 years to 30 years.
• The plan comes with eight different options, which come with different payout schemes. Here’s a list of all the options and the payout they offer:
  1. Life Option - Death Benefit
  2. Extra Life Option - Death Benefit and Accidental Death Benefit
  3. Life & Health Option - Death and Critical Illness Benefit
  4. Extra Life & Health Option - Death Benefit, Accidental Death Benefit, and Critical Illness Benefit
  5. Life & Health and Disability Option - Death Benefit and Critical Illness Benefit along with Accidental Total and Permanent Disability Benefit
  6. Life & Disability Option - Death Benefit and Accidental Total and Permanent Disability Benefit
  7. Life & Health & Disability Option - Death Benefit along with Critical Illness Benefit and Accidental Total and Permanent Disability Benefit
  8. Extra Life & Health & Disability Option - Death Benefit and Accidental Death Benefit along with Critical Illness Benefit and Accidental Total and Permanent Disability Benefit
• The plan has four different investment funds to choose from, all of which come with their own set of risk and returns rating.
• Policy buyers can opt for a sum assured they feel justifies their lifestyle and then pay the premiums based on it.
• Investors can switch funds one to another and can redirect them to a fund option of their choice.
• Payouts under this policy will be as follows:
  1. Maturity Benefit: Once the policy reaches its maturity, the payout will be based on the prevailing unit prices. A policyholder can also choose different settlement options — lump sum or monthly for a period of five years. However, if an individual choose the second option, it is worth mentioning that the same risk factors are involved as the original policy terms.
  2. Death Benefit: In case a person assured dies, the nominees will get the highest of: unit fund value, sum assured (excluding any prior withdrawals), and minimum death benefit (105% of total premiums paid).
  3. Accidental Death Benefit: In case of accidental death, the nominees will receive an additional sum assured on top of the death benefit. Once the payout is confirmed, the policy will be terminated.
  4. Surrender Benefit: If the policy is discontinued within 5 years, the fund will be charged a penalty and the remaining amount will be put in a Discontinued Policy Fund (DPF). The interest generated by the DPF will be paid once the lock-in period is completed. On the other hand, if the policy is discontinued after five years, the fund value will be paid out based on the policy proceeds mentioned in the fineprint.

Plan Name	Entry Age (in years)	Maturity Age (in years)	Premium
HDFC SL ProGrowth Super II	Life Option: 14 - 65 years Extra Life Option: 18 - 55 years Life & Health Option: 18- 55 years Extra Life & Health Option: 18 - 55 years Life & Health and Disability Option: 18 - 55 years Life & Disability Option: 18 - 55 years Life & Health & Disability Option: 18 - 55 years Extra Life & Health & Disability Option: 18 - 55 years	Life Option: 75 years Extra Life Option: 70 years Life & Health Option: 65 years Extra Life & Health Option: 65 years Life & Health and Disability Option: 65 years Life & Disability Option: 65 years Life & Health & Disability Option: 65 years Extra Life & Health & Disability Option: 65 years	Minimum Premium: Rs.15,000 Maximum Premium: No limit

8. HDFC SL ProGrowth Maximiser - Single Premium ULIP Plan

This is a single pay ULIP, which helps individuals get the most out of their money through investments in equity.

Features and benefits of HDFC SL ProGrowth Maximiser:

• Unlike most ULIP plans, the SL ProGrowth Maximiser offers the benefit of a single premium.
• The premium paid will be invested in a fund of the policy buyer’s choice.
• Sum assured goes from 110% to 125% the premium paid.
• The policy offers a top-up facility, which again offers a minimum sum assured of 125% returns after the end of the tenure.
• Individuals can choose between four different funds to invest in based on their risk appetite.
• Payout offered under this policy is as follows:
  1. Maturity Benefit: Once the policy reaches its maturity, the payout will be based on the prevailing unit prices. A policyholder can also choose different settlement options — lump sum or monthly for a period of five years. However, if an individual choose the second option, it is worth mentioning that the same risk factors are involved as the original policy terms.
  2. Death Benefit: In case a person assured dies, the nominees will get the highest of: unit fund value, sum assured (excluding any prior withdrawals), and minimum death benefit (105% of total premiums paid). The sum assured, in this case, does not include the top-up fund value.
  3. Accidental Death Benefit: In case of accidental death, the nominees will receive an additional sum assured on top of the death benefit. Once the payout is confirmed, the policy will be terminated.
  4. Surrender Benefit: If the policy is discontinued within 5 years, the fund will be charged a penalty and the remaining amount will be put in a Discontinued Policy Fund (DPF). The interest generated by the DPF will be paid once the lock-in period is completed. On the other hand, if the policy is discontinued after five years, the fund value will be paid out based on the policy proceeds mentioned in the fineprint.

Plan Name	Entry Age (in years)	Maturity Age (in years)	Premium
HDFC SL ProGrowth Maximiser	14-65 years	75 years	Minimum Premium: Rs.50,000 Maximum Premium: No limit

9. HDFC Life Single Premium Life Super

This policy - as the name suggests, is a single premium plan which allows individuals to build sizeable savings to sustain their post-retirement life.

Features and benefits of HDFC Life Single Premium Life Super:

• This policy offers individuals to pay the premiums and also allows to top their investment up with an additional premium.
• Individuals will get guaranteed income during their retirement life once the vesting period is over. The amount they receive will depend on the premium and the sum assured he/she has applied for.
• The policy invests in a fund that has a medium risk and returns ratio.
• Benefits payable under this policy:
  1. Death Benefit: Upon death of the person assured, the nominees will receive the higher of either the fund value and 105% the total premium paid. This benefit can be taken out on an annuity or lump sum basis.
  2. Surrender Benefit: If a policyholder surrenders the policy before five years, the money will be moved to a “Discontinued Policy Fund” which will earn a minimum interest of 4% per annum based on IRDAI guidelines. This fund will be invested in market instruments and government securities and the money will be paid out at maturity. On the other hand, if the policy is surrendered after five years, they will receive the entire amount based on the prevailing value of the funds.
  3. Maturity Benefit: Once the policy reaches maturity, the amount a policyholder will receive will be the highest of these two variables: the fund value or assured payout of 101% of the total premiums paid, both single and top-up premiums included.

Plan Name	Entry Age (in years)	Maturity Age (in years)	Premium
HDFC Life Single Premium Life Super	40 - 75 years	50 - 85 years	Minimum Premium: Single: Rs.25,000 Top-up: Rs.10,000 Maximum Premium: Single: No limit Top-up: No limit

Why you should buy HDFC Life Unit Linked Insurance Plans?

Started in 2000, HDFC Life is one of the largest insurance providers in the country. Over the years the company has designed some of the best ULIPs to cater to the interests of a variety of investors. Here are some of the reasons why you should invest in HDFC ULIPs.

• Plans for everything and everyone: As mentioned earlier, HDFC has a ULIP plan for everyone from a fresher employee to experienced veterans on the verge of retirement. Besides, the company also offers several plans which are designed to serve a purpose. For instance, if an investor’s main aim is simply to invest, they can go with the HDFC Click2Invest online plan, which invests in equities and offers decent returns along with an insurance cover.

On the other hand, if an individual wants to save up for their retirement, they can go with Single Premium Life plan, which helps them save a corpus for their future. There are also specific plans for children, maximising wealth, etc., which not too many insurance providers offer at present.

• Easy signing up process: Nearly every ULIP offered by HDFC Life is available to be bought online, meaning people can save their trips to the nearest insurance office branch. Also, HDFC Life allows paying premiums through ECS, credit cards, net banking, which makes owning one of their policies to buy and maintain.
• Tax benefits: According to the Income Tax Act, premiums paid and death benefits are eligible for tax exemptions based on Section 80C, Section 80CC, and Section 10 (10D). This means that the money you spend and receive through a ULIP, will be available to you and your family without much tax deductions.
• Good fund management: ULIPs are primarily linked to the equities market, which means the company offering such plans need to have a group of talented trade analysts who can maximise profitability. HDFC Life has a number of talented and highly qualified fund management divisions, which invest money in various types of government and private funds to generate good returns.

Bottomline, ULIPs are the perfect investment option for people who are financially illiterate but want to invest in stocks and also receive insurance coverage at the same time.