HDFC SL ProGrowth Maximiser

The HDFC SL ProGrowth Maximiser Plan comes with a lot of attractive features. Listed below are main features of the plan:

1. Plan type: Unit Linked Insurance Plan (ULIP)
2. Premium type: Single premium (one-time payment)
3. Policy term: Fixed 10 years
4. Switching option: Allowed between different funds
5. Partial withdrawal: Allowed after the 5th policy year; minimum Rs. 10,000 per withdrawal
6. Free-look period: 15 days (manual purchase), 30 days (online purchase)
7. Single premium minimum: Rs. 50,000 (no maximum limit)
8. Single premium top-up: Allowed; minimum Rs. 10,000 (no maximum limit)
9. Grace period: 30 days for premium payment
10. Nomination: Accepted
11. Policy alterations: Not allowed (policy term and sum assured fixed)
12. Loans: Not allowed
13. Medical requirements: May be waived by filling a few medical questions

Benefits/Advantages of HDFC SL ProGrowth Maximiser Plan

The HDFC SL ProGrowth Maximizer plan comes with a number of benefits. Listed below are the key benefits offered by the plan:

1. Maturity Benefit: At the end of the 10-year policy term, the policyholder receives the accumulated fund value, which reflects investment growth over the term, helping to maximize savings.
2. Death Benefit: Provides financial security to your family or nominee in case of untimely demise of the life assured:
   1. If death occurs before the age of 60, the nominee receives the higher of the sum assured minus withdrawals made in the last two years, or the total fund value.
   2. If death occurs after 60 years, the nominee receives the sum assured minus withdrawals made after age 58, plus the full fund value.
   3. The policy guarantees a minimum death benefit of 105% of all annualized premiums paid, ensuring protection for your loved ones.
3. Surrender Benefit: If the policyholder chooses to surrender the policy after completing 5 years, they receive the fund value, offering liquidity and access to invested funds if needed.
4. Partial Withdrawal Facility: Enables policyholders to withdraw part of the fund value after the completion of 5 policy years, providing financial flexibility to meet unforeseen expenses, subject to minimum withdrawal criteria.
5. Fund Switching Flexibility: Policyholders can switch between different fund options (Income, Balanced, Blue Chip, Opportunities) based on their risk appetite and market outlook, allowing dynamic portfolio management to optimize returns.
6. Tax Benefits: Premiums paid under this policy are eligible for tax deductions under Section 80C of the Income Tax Act, and maturity/death proceeds are tax-exempt under Section 10(10D), subject to prevailing tax laws, offering significant tax savings.
7. Comprehensive Insurance Protection: Combines investment growth with life insurance, offering both savings growth and a safety net for beneficiaries, making it a well-rounded financial planning tool.
8. No Medicals in Most Cases: Medical examinations can be waived by answering a few medical questions, easing the application process, and allowing quick policy issuance.

Sum Assured 

1. Minimum sum assured:
   1. 125% of single premium for entry age below 45 years
   2. 110% of single premium for entry age 45 years and above
2. Maximum sum assured: Up to 10 times the single premium paid

Investment of Funds

With the HDFC SL ProGrowth Maximizer plan, a policyholder can invest his/her funds in the following asset classes:

Charges Involved in HDFC SL ProGrowth Maximiser Plan

1. Premium Allocation Charges:
   1. Single Premium: 2.5%
   2. Single Premium Top-up: 1%
2. Fund Management Charges: 1.35% per annum
3. Policy Administration Charges: 0.13% per month (minimum Rs. 500/month)
4. Mortality Charges: Based on age and cover level
5. Partial Withdrawal Charges: Rs. 250 per withdrawal (Rs. 25 online)
6. Switching Charges: Rs. 250 per request (Rs. 25 online)
7. Miscellaneous Charges: Rs. 250 per request
8. Discontinuation Charges: Nil

Premium Discontinuation & Grace Period in HDFC SL ProGrowth Maximiser Plan

1. A grace period of 30 days is provided for overdue premium payments.
2. Policy may lapse if premiums are not paid within the grace period.

How to Buy HDFC SL ProGrowth Maximiser Plan?

1. The HDFC SL ProGrowth Maximiser plan can be purchased online.
2. It requires filling out basic medical questions without mandatory medical exams.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017