The HDFC Life ProGrowth Plus Plan is a unit-linked, non-participating insurance plan. This plan gives you the flexibility to invest in all or a combination of their eight investment funds to get the best-accumulated value at the end of policy term. This policy safeguards your loved one’s future as even in case of unforeseen situations like the death of the policyholder, the nominee gets the greater of sum assured or fund value.
This plan offers the option to choose from the 2 plan options at the inception of the policy.
1. Life Option – This option covers the death cover
2. Extra Life Option – This option covers the death cover and accidental death cover Both these plan options come with the below benefits:
In case of death of the life insured within the policy tenor, the nominee gets higher of sum assured or fund value as death cover.
In case of an event of unfortunate accidental death of the insured the nominee will be paid the additional sum assured along with the applicable death cover.
Note: In policy documents, accidental death cover is called ‘Extra Life Benefit&rsquo
The fund value is paid as maturity benefit on the policy maturity.
The insured individuals can return the policy within 15 days, if they are not satisfied with the policy terms and conditions
The policy has a lock-in period of 5 years. If surrendered within the lock-in period, funds move to Discontinuance Policy Fund and get paid after 5 years are complete. In case surrender is done after 5 years, the fund value is paid out immediately.
The insured gets tax benefits each year under section 80C and the maturity proceeds are tax-free under section 10(10)D, subject to fulfilment of terms and conditions.
|HDFC Life ProGrowth Plus Plan|
|Insurer Name||HDFC Life Insurance Company Limited|
|Policy term||10 years to 30 years#|
|Premium paying modes||Yearly, half-yearly, and monthly|
|Sum insured (minimum)||Age less than 45 years
Higher of 10 x annualised premium or
0.5 x policy term x annualised premium
|Entry age||Life Option – 14 years* and 65 years
Extra Life Option -18 years and 55 years
|Maturity Age (Maximum)||Life Option - 75 years
Extra Life Option – 70 years
|Rider Options||HDFC Life Income Benefit on Accidental Disability Rider
HDFC Life Critical Illness Plus Rider
The HDFC Life ProGrowth Plus Plan is a Unit Linked Insurance Plan (ULIP). The plans are available with premiums starting from Rs. 2500 including taxes.
Following are the investment funds available under this plan:
• Equity plus fund
• Diversified equity fund
• Blue chip fund
• Opportunities fund
• Balanced fund
• Income fund
• Bond fund
• Conservative fund
• Discovery Fund
•Equity Advantage Fund
◦ The policyholder has the option to switch between funds at any time.
◦ The insured can 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 and the maximum partial withdrawal allowed is up to 300% of the original regular premium amount such that the fund value does not fall below 150% of the original regular annualized Premium.
To apply for the HDFC Life ProGrowth Plus Plan, simply follow these steps:
The following mandatory documents will be needed to purchase the policy:
During times of uncertainty, get covered against unforeseen risks and complete your claim processing with these easy steps:
Documents needed to process cashless claim:
With the HDFC Life ProGrowth Plus Plan, you can avail the benefit of cashless treatment with the insurer’s network hospitals anywhere in the country. The procedure to file a claim is as follows:
Documents needed to process reimbursement claim
• In case of an emergency admission, you need to notify the insurer within 48 hours and pay the charges to the hospital directly unless a pre-authorization has been issued by us.
• Collection and submission of claim documents- send the list of the documents mentioned below within 15 days of discharge from the hospital.
• After reviewing the documents, the insurer will approve or reject the same as per the terms and policy.
• If the request is approved, the insurer will send the reimbursement amount via NEFT to your registered bank account.
• If the request is rejected, the same will be communicated to your registered contact phone number and email id.
Collect below mentioned relevant document in original from the hospital and submit them to the insurer:
• Claim form duly filled and signed by you / Life insured.
• Hospitalization discharge card / Summary.
• Hospital Invoice(s) (summary and itemized invoices) and corresponding payment receipts
• Surgical summary (in case the life assured has undergone surgery)
• All supporting diagnostic reports and prescriptions
• All pharmacy receipts and corresponding prescriptions
• Ambulance invoice if applicable
• Self-attested copies of the following documents:
◦ Health card or policy document
◦ ID proof (PAN Card, Aadhar Card, Passport, Driving License, Voter’s Identity card, Bank Passbook/Statement)
◦ In case of cashless claims, ID proof should contain the photograph of the ID card holder
• It would be preferable to provide NEFT details and supporting documents (cancelled cheque/bank passbook/statement) at the time of claim registration
The major exclusions for the policy are as follows:
BFL Helpline Number: 08698010101
HDFC Life Helpline Number: 18602679999
E-mail – firstname.lastname@example.org
Mailing address:Ground Floor, Bajaj Finserv Corporate Office, Off Pune-Ahmednagar Road, Viman Nagar, Pune – 411014.
Bajaj Finance Limited (BFL) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Co. Ltd, ACKO General Insurance Co. Ltd., Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101.
Please note that BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase an insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. This product provides insurance coverage under the product name HDFC Life ProGrowth Plus UIN: 101L081V05. Please refer to the insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance productHDFC Life Insurance Company Limited (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
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