What is the return rate for HDFC ProGrowth Plan ? Is it safe to Invest in Mutual Funds or SIP or ULIPS ?
HDFC ProGrowth Plus :
HDFC ProGrowth Plus is a Unit Linked Insurance Plans ( ULIP ) , so there is not any bonus as such, but it has a lot of great features. If you keep insurance returns and Bonus aside, and think of best insurance plan to invest for great returns and tax saving under Income Tax Act ( 80 C ), then you are at the right place.
In this HDFC ProGrowth Plus plan, customer needs to pay the premium till the end of the policy tenure. There are five ( 5 ) types of funds for investment, where the policyholder can choose his investment portfolio based on his own risk tolerance level.
The two variants of Plan includes :
- Life Cover Option - It's the basic version without any additional features.
- Extra Life Cover Option - Here, in this plan, an in-built Accident death benefit is added by default. so, if you are choosing this plan, the sum insured alongwith death benefits are given to the nominee.
In both the variants, the Fund value is paid to the policyholder as Maturity Benefits.
Benefits of HDFC Life ProGrowth Plus Insurance Policy :
Death Benefit - In case of death of the Policy Holder within the Policy Tenure, the nominee will get higher of Sum Assured or Fund Value as Death benefit before terminating the policy.
Maturity Benefit - The all fund value is paid as maturity benefit on the policy maturity or end of the term plan duration.
Income Tax Benefit ( big one ) - Life insurance premiums pad up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80 ( c ) subject to fulfilment of Terms and Conditions.
Eligibility Criteria and conditions in HDFC Life ProGrowth Plus Policy
Additional Features and Benefits of HDFC Life ProwGrowth Plus Plan
Investment Fund Options
There are five investment funds available in this plan which includes :
- Short Term Fund
- Income Fund
- Balanced Fund
- Blue Chip Fund
- Opportunities
Partial Withdrawl
Policy Holder is allowed to make partial withdrawals in this plan after completion of five years or the life assured is 18 years old, whichever is the case. The minimum amount of partial withdrawal is Rs. 10,000 and maximum withdrawal is allowed upto 300% of the regular premium amount.
FAQS related to HDFC Life ProGrowth Plans
What happens if :
you stop payment before 5 years - If the policy Holder stops paying the premium, the insurance cover will get terminated and the fund value net of any discontinuity charge will be taken by the autorized personal and then the amount invested plus benefits ( in 5 years ) will be paid back to the policy holder after the maturity of the plan. However , the policy can be revived within 2 years from the due date of the first unpaid premium.
you stop paying premium after 5 years or maturity -
If the policy holder wants to surrender the policy after maturity period, then the insurance cover will cease after that and your fund value will be paid immediately and policy will be terminated.
you want a loan against your policy - There is an option to apply for loan upto 40% if the surrender value provided the holder is above 18 years of age. The amount taken can be paid in emis or the amount will be adjusted during maturity.
Other ULIPS from HDFC Life Insurance
HDFC Life Crest Plan
HDFC Life Pro Growth Super II Plan
HDFC Life Pro Growth Maximiser Plan
HDFC Life Pro Growth Flexi Plan
HDFC Life Smart Woman Plan
HDFC Life Invest Wise Plan
Some ULIPS from Other Insurance Companies
ING Prospering Life Plan
LIC Endowment Plus Policy
Reliance Life Insurance Classic Plan
Birla sun Life 99 Tax Savings Plan
If you have any doubts or questions , please feel free to comment here.
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