HDFC SL Pro Growth Super II
HDFC Pro Growth Super II Plan is a unit linked insurance plan (ULIP), such that if the Life Insured dies within the policy tenure, the nominee would receive both the Sum Assured and the Fund Value as Death Benefit. There are various options of combining the basic Death Benefit along with riders to increase protection.
Key Features
Benefits
In case of death of the Life Insured, the nominee would get the Sum Assured Plus the Fund Value.
On maturity, the Fund Value is paid to the policyholder.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
There are 3 riders available in this policy
Critical Illness Benefit rider
Accidental Death Benefit rider
Accidental Total and Permanent Disability Benefit rider
There are 5 Investment Funds available
Short Term Fund
Income Fund
Balanced Fund
Blue Chip Fund
Opportunities Fund
Not allowed in this plan
Free switching is allowed at anytime.
You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 10,000 subject at least 150% of original regular premium remaining in the Fund Value and the Maximum Partial Withdrawal allowed is upto 300% of the original regular premium
How it works
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
| Policy Year | Premium Allocation Charge |
| Year 1 to Year 7 | 4% |
| Year 8 onwards | 1% |
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
| Policy Year | Policy Administration Charge |
| Year 1 to Year 5 | NIL |
| Year 6 onwards | 0.25% of Premium p.m. inflating at 5% p.a. subject to a maximum of Rs 500 or 0.4% of Premium p.m., whichever is lower |
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
| Type | Charge |
| Short Term Fund | 1.35% |
| Income Fund | 1.35% |
| Balanced Fund | 1.35% |
| Blue Chip Fund | 1.35% |
| Opportunities Fund | 1.35% |
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.
| Year of Discontinuation | Annual Premium <= Rs 25,000 p.a. | Annual Premium > Rs 25,000 p.a. |
| 1st | Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000 | Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000 |
| 2nd | Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000 | Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000 |
| 3rd | Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500 |
Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000 |
| 4th |
Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000 |
.
Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000 |
| 5th onwards | NIL | NIL |
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
Service Tax would be applicable on the charges depending on the applicable rates.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 10 x AP | 40 x Annual Premium |
| Policy Term (in years) | 10 | 30 |
| Premium Payment Term (in years) | Equal to policy term | |
| Entry Age of Policyholder (in years) | 14 | 65 |
| Age at Maturity (in years) | NA | 75 |
| Single Premium (in Rs.) | NA | NA |
| Payment modes | Only Yearly |
Sample illustration of premium amount in HDFC Pro Growth Super II
Premium = Rs.25,000
Age = 30 years and 40 years
Policy Term = 15 years
Premium Paying Term = Regular Pay
Sum Assured = Rs 2,50,000
Total Investment = Rs 25,000 X 15 years = Rs 3,75,000
FAQs
What happens ifWhat happens if you stop paying the premium before 5 years ?If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
What happens if you stop paying the premium after 5 years ?If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
What happens if you want to surrender the policy ?If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
What happens if you want a loan against your policy ?There is no loan available under this plan.
