HDFC Life Pro-Growth Plus is a ULIP plan where you are investing a premium in the capital market that can fetch you great returns. It is a type of non-traditional plan that comes without any kind of bonus facility.
As per the plan, premiums are required to be paid until the end of the policy term. Depending upon how much risk you can take, HDFC Life Pro-Growth offers five different types of funds for investments. Can you benefit from the HDFC Life Pro-Growth Plus? Yes, you can since the plan is comprehensively designed to make sure that the insured gets maximum benefits and the nominee as well. Two variants come under this plan
1. Life Option
This is regarded as the basic plan option that comes without any additional features.
2. Extra Life Option
This type of plan includes an inbuilt Accidental Death Benefit rider. This plan functions in a way to help the nominee to the policy to enjoy the extra benefits. In case, the life insured dies an untimely death due to an unfortunate event, the nominee will receive the Sum Assured along with the accidental death benefit.
How does the HDFC Life Pro-Growth Plus Perform?
The plan comes with several benefits to ensure that both the policyholder and the nominee of the policy benefit from the plan. The best part is that the policy offers the highest sum of Fund Value or Sum Assured to the nominee as a death benefit in case the policy terminates. To be precise, the fund value is paid as a Maturity Benefit.
If you are evaluating the performance of HDFC Life Pro-Growth Plus, you should be well aware of the fact that it comes with many benefits that assess its performance. The policy functions effectively to offer death benefits, maturity benefits, and income tax benefits.
1. Death Benefit
If the insured dies during the policy term, the nominee is entitled to receive a higher Fund Value or Sum Assured.
2. Maturity Benefit
Herein, the Fund Value is equivalent to the Maturity Benefit during the time of the policy maturing.
3. Income Tax Benefit
Did you know that buying this policy brings immense tax benefits? The insured is entitled to receive tax benefits on premiums paid up to Rs.1,00,000. This comes under Section 80C and even the Maturity Proceeds are free from tax under section 10 (10) D, which is subject to all terms and conditions.
4. Riders Benefit
This HDFC life insurance plan comes with no additional rider benefit.
The plan offers to give investment options:
- Income Fund
- Short-term fund
- Opportunities fund
- Balanced fund
- Blue-chip fund
The biggest plus point is that the HDFC Life Pro-Growth Plus offers free switching between the policies. Also, you can opt for partial withdrawal from the policy. However, withdrawals can be done after the completion of 5 years of the policy term or once the insured reaches 18 years, whichever is later. You can count on the optimal performance of the plan that allows you partial withdrawal which should be a minimum of Rs.10,000.
On the other hand, the maximum partial withdrawal is up to 300% of the Regular Premium, so that the Fund Value does not reduce below 105% of the original Regular Premium. You can avail loan under this policy that is up to 40% of the Surrender Value, but this is possible only if the policyholder is at least 18 years old.
Thus, HDFC Life Pro-Growth Plus functions in several ways to ensure that the insured and the nominee benefit the maximum. Therefore, based on the performance of the policy, customers can buy it to secure their future.