HDFC Life ProGrowth Plus Plan

About HDFC Life ProGrowth Plus Plan

HDFC Life ProGrowth Plus is a regular-premium ULIP plan where a part of your premium provides life insurance and the remaining amount is invested in market-linked funds. This plan was designed to offer:

• Both investment and insurance benefits in one plan
• Multiple fund options based on your risk appetite
• Long-term wealth creation

Important Note: The HDFC Life ProGrowth Plus Plan has been discontinued from 31 May 2025. New investors cannot buy this investment plan; existing policyholders can continue their investment.

Key Features of HDFC ProGrowth Plus Plan

Following are the key features offered by the HDFC ProGrowth Plus Plan:

• Market-Linked Investment: Your premium is invested in 10 fund options, based on your risk appetite.
• Life Cover Options: You can choose between two life protection options:
• Life Option – gives a basic death benefit.
• Extra Life Option – additional benefit in case of accidental death.
• Partial Withdrawals: You can withdraw money after 5 years if you are 18 years or older.
• Flexible Premium Payments: You can pay monthly, quarterly, half-yearly, or yearly.
• Fund Switching: You can switch between funds anytime based on market conditions.
• Settlement Option: You can receive a maturity amount in instalments over 5 years.
• Tax Benefits: The premiums paid are eligible for tax deduction under Section 80C, and maturity amount is also tax-free under Section 10(10D), if conditions are met as per Income Tax Act, 1961.

Product Eligibility Criteria – HDFC Life ProGrowth Plus Plan

The following table summarizes the eligibility criteria for this plan:

Benefits of HDFC Life ProGrowth Plan

The key benefits offered by the HDFC ProGrowth ULIP Plan are as follows: 

1. Death Benefit

   On the policyholder’s death, the nominee receives the highest of:

   • The Sum Assured (after reducing withdrawals made in the last 2 years)
   • The Fund Value
   • 105% of total premiums paid (minimum guaranteed amount)

2. Accidental Death Benefit

   If you choose the Extra Life Option, the nominee also gets an additional sum assured in case of accidental death.

3. Lock-in Period

   The HDFC ProGrowth Plus Plan has a 5-year lock-in period. No surrender or partial withdrawal is allowed during this time.

4. Surrender Option

   After completing 5 policy years, you can surrender the HDFC Life ProGrowth Plus Plan and receive the fund value, as per applicable rules. However, if you want to surrender before 5 years:

   • Amount is moved to Discontinued Policy Fund
   • Earns minimum 4% interest per year
   • Paid after completion of 5 years

5. Flexible Maturity Payout

   At maturity, you can either tax the full amount as a lump sum or receive it in installments over 5 years.

HDFC Life ProGrowth Plus Policy Details

1. Grace Period: 

   You get a 15-day grace period for monthly premium payments and 30 days for all other modes.

2. Policy Termination or Surrender Benefit: 

   • You can surrender the policy after 5 years and get the full fund value without any charges.
   • If you surrender before 5 years, the fund value (after deducting charges) is moved to a Discontinued Policy Fund, which earns at least 4% per year.

3. Free Look Period: 

   You can cancel the policy within 15 days if you are not satisfied with the terms, as long as no claim has been made.

4. Inclusions

   • Partial Withdrawals: You can make partial withdrawals every year after the lock-in period of 5 years. The minimum withdrawal amount is ₹10,000.
   • Fund Switching: You can switch between different funds any time during the policy.
   • Premium Redirection: You can redirect your future premiums to another fund whenever you want.

5. Additional Features for Riders in HDFC Life ProGrowth Plus Plan

   • Flexible Premium Frequency: You can change your premium payment frequency as per your requirement.
   • Accidental Death Benefit Rider: The Extra Life Option includes an inbuilt Accidental Death Benefit, giving extra protection.

6. Exclusions in HDFC ProGrowth Plus Plan

   • Suicide Clause: If the life assured dies by suicide within 12 months of policy start or revival, the nominee will receive only the fund value on that date.
   • Rider Exclusions: Accidental benefit is not paid in cases of:
     • Self-inflicted injury
     • Alcohol or drug abuse
     • War or criminal activities
     • Dangerous or adventure activities
     • Death after 3 months of accident