HDFC SL ProGrowth Super II Plan

HDFC SL ProGrowth Super II is a ULIP plan providing investment option and life insurance coverage for complete protection and savings

HDFC SL ProGrowth Super II -Key Features

• It is a ULIP plan with Regular Pay option.
• Accidental Death benefit, Critical Illness benefit and Accidental Total & Permanent Disability (ATPD) benefit are inbuilt add-ons of the plan.
• There are 8 coverage options under the plan:
  • Life Option – Death Benefit
  • Extra Life Option – Death Benefit + Accidental Death Benefit
  • Life & Health Option – Death Benefit + Critical Illness Benefit
  • Extra Life & Health Option – Death Benefit + Critical Illness Benefit + Accidental Death Benefit
  • Life & Disability Option – Death Benefit + ATPD Benefit
  • Extra Life & Disability Option – Death Benefit + Accidental Death Benefit + Accidental Total and Permanent Disability Benefit
  • Life & Health & Disability Option – Death Benefit + Critical Illness Benefit + Accidental Total and Permanent Disability Benefit
  • Extra Life & Health & Disability Option – Death Benefit + Accidental Death Benefit + Critical Illness Benefit + ATPD Benefit 

•     The plan offers 4 funds options for investment-
  • Blue chip Fund
  • Opportunities Fund
  • Balanced Fund
  • Income Fund    

HDFC SL ProGrowth Super II - Benefits

• On maturity, the insured receives the total fund value as maturity benefits.    
• The policyholder can avail maturity proceeds in equal instalments through the settlement options over a period of 5 years.
• On demise of the policyholder, the total sum assured and fund value subject to a minimum of  105% of paid premiums is payable to the nominee.
• In case the policyholder is diagnosed with a Critical Illness, total of Sum Assured and Fund Value is paid under the Critical Illness Benefit.
• Under the Accidental Total and Permanent Disability benefit, 10% of the sum assured is paid every year for the benefit payout term which is lower of 10 years or term end of one year form the date of disability.
• An additional Accidental Death Benefit equal to the SA is payable if the policyholder is killed in an accident.
• The insured can avail tax benefit under section 80C and 10(10D) of Income Tax Act, on the premiums paid and the claim made respectively. 

HDFC SL ProGrowth Super II - Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	14 years	65 years
Maturity Age (Last Birthday)	-	75 years
Policy Term (PT) in years	10	30
Premium Paying Term (PPT) in years	Equal to policy term
Premium paying Frequency	Annual
Yearly Premium	15,000	No limit
Sum Assured	Higher of 10*annual premium or 0.5*term*annual premium for ages<45 yrs. Or Higher of 7*annual premium or 0.25*term*annual premium	40*annual premium

 

HDFC SL ProGrowth Super II - Policy Details 

Grace Period: A 30 days’ grace period is offered to the insured during which they can pay the premiums.

 If the policyholder failed to pay his/her premium on time, then he/she has to clear all his/her dues within the grace period.  If he/she again fails to pay before the grace period ends, the policy will lapse.    

Policy Termination or Surrender Benefit: After the completion of 5 years, the insured can surrender the policy. In case he/she surrenders it before 5 years, then discontinuation charges will be deducted from the total fund value and the remaining amount will be credited to the surrendered policy fund where a minimum of 4% per annum growth will be earned. After the completion of 5 years, the fund value in the discounted policy till that date will be paid out to the insured.  If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any additional charges. 

Free Look Period: A free look period is an option, provided to the policyholder, under which he/she can cancel the policy within 15 days of the policy issue date, if he/she does not like the terms and conditions of the policy. However, there should be no claim made during this period.   

Inclusions

• The insured is allowed to make partial withdrawal every year with a minimum value of Rs10,000/-.
•  For switching between funds, free switches are allowed every year
• Future premiums can be redirected to a new fund via the Premium Redirection option. 

Additional Features or Riders 

    The plan can be availed with minimal underwriting using a Short Medical Questionnaire. 

Exclusions

• Within 12 months of policy inception, if the insured commits suicide, then 80% of the total premium paid is provided to the beneficiary.      
• In case of Accidental Death Benefit, Critical Illness Benefit and ATPD benefit, following instances are excluded from the 0policy:
• Critical Illness or Accidental death due to intentional self-inflicted injury, alcohol abuse, war, aviation, criminal activities, or radiation or due to participating in hazardous activities etc. 

Documents Required 

While filling the application form, the policyholder has to submit a copy of accurate medical history along with the KYC documents. 

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Frequently Asked Questions

1.     What is the minimum and maximum entry age of the policy?

The minimum and maximum entry age of the policy is from 14 years to 65 years.

2.     What is the maximum maturity age of the policy?

The maximum maturity age of the policy is 75 years.

3.     What is the minimum and maximum tenure of the policy?

The minimum and maximum tenure of the policy is from 10 years to 30 years.

4.     What are the Coverage options available under the policy?

The eight coverage options under the plan are as follows:

• Life Option – Death Benefit
• Extra Life Option – Death Benefit + Accidental Death Benefit
• Life & Health Option – Death Benefit + Critical Illness Benefit
• Extra Life & Health Option – Death Benefit + Critical Illness Benefit + Accidental Death Benefit
• Life & Disability Option – Death Benefit + ATPD Benefit
• Extra Life & Disability Option – Death Benefit + Accidental Death Benefit + Accidental Total and Permanent Disability Benefit
• Life & Health & Disability Option – Death Benefit + Critical Illness Benefit + Accidental Total and Permanent Disability Benefit
• Extra Life & Health & Disability Option – Death Benefit + Accidental Death Benefit + Critical Illness Benefit + ATPD Benefit