HDFC Life – ProGrowth Plus with maturity benefits and life cover starting from Rs. 2,500*/month
Key features
Key features and benefits of this policy
-
Choice of two plans
Life Option - offers death benefit (higher of sum assured or fund value)
Extra Life Option - death benefit + additional sum assured as accidental death benefit.
-
Maturity benefit
At the time of maturity, the accumulated fund value is paid as a maturity benefit.
-
Partial withdrawals for emergencies
Partially withdraw funds to meet emergency requirements. Withdrawals can only be made after 5 policy years and when the life assured is minimum 18 years of age.
-
10 fund options with the flexibility to switch
Balance your level of risk and return with a choice of 10 different funds as per your risk appetite. You can also switch between funds anytime.
-
Free look period
The policy offers a free look period of 15 days (from the receipt of the policy documents), within which you can cancel the plan if you don’t wish to continue.
-
Multiple premium payment options
Pay premiums as regular pay (same as policy term) and limited pay (less than life cover duration).
Eligibility criteria and documents required
Anyone can apply for HDFC Life ProGrowth Plus plan as long as you meet these basic criteria mentioned below. If you meet all the eligibility criteria, we will need a set of documents to complete your application process.
Eligibility criteria
- Nationality: Indian
- Age (Life option): 30 days to 65 years
- Age (Extra Life option): 18 years to 55 years
Documents required
- Photograph of the proposer
- Age proof, such as PAN card, Passport, Voter’s ID, Birth Certificate.
- Address proof, such as telephone bill, electricity bill, Aadhar card, etc.
- Identity proof such as Aadhar card, Passport, PAN card, etc.
- Income proof such as Form-16, salary slips, employment certificate, etc.
Step-by-step guide to buy this policy
-
Step 1
Click on ‘Get Quote’ to open our online application form.
-
Step 2
Enter the required details – amount you want to invest, name, date of birth, and contact number.
-
Step 3
Choose your preferred plan from the list of products shown by clicking ‘Buy Now’.
-
Step 4
Our representative will call you back and explain the products available for you to take an informed decision.
Policy details
Here’s a quick look at the policy details of HDFC Life ProGrowth Plus plan:
- Life option
- Extra life option
| Parameters | Details |
|---|---|
| Policy type | Individual |
| Minimum premium (in Rs.) | 2,500*/month |
| Minimum sum assured (age less than 45 years) | Higher of the 10 x annualised premium, or 0.5 x policy term x annualised premium |
| Minimum sum assured (age equal to 45 years and above) | Higher of the 7 x annualised premium, or 0.25 x policy term x annualised premium |
| Policy term | 10 years to 30 years |
| Premium paying modes | Yearly, half-yearly, and monthly |
| Maturity age (maximum) | 75 years |
| Rider options | HDFC Life Income Benefit on Accidental Disability Rider HDFC Life Critical Illness Plus Rider |
| Coverage | Death cover |
| Parameters | Details |
|---|---|
| Policy type | Individual |
| Minimum premium (in Rs.) | 2,500*/month |
| Minimum sum assured (age less than 45 years) | Higher of the 10 x annualised premium, or 0.5 x policy term x annualised premium |
| Minimum sum assured (age equal to 45 years and above) | Higher of the 7 x annualised premium, or 0.25 x policy term x annualised premium |
| Policy term | 10 years to 30 years |
| Premium paying modes | Yearly, half-yearly, and monthly |
| Maturity age (maximum) | 70 years |
| Rider options | HDFC Life Income Benefit on Accidental Disability Rider HDFC Life Critical Illness Plus Rider |
| Coverage | Death cover and accidental death cover |
Key inclusions and exclusions
Here’s a quick look at the inclusions and exclusions under the HDFC Life ProGrowth Plus:
- Key inclusions
- Key exclusions
| Key inclusions | Description |
|---|---|
| Investment fund options | Choose from 10 fund options, such as Equity Plus, Diversified Equity, Blue Chip, Income Fund, Balanced Fund, and more |
| Maturity Benefit | At the end of the policy term, the accumulated fund value can be redeemed as maturity benefit |
| Death coverage | Nominee gets higher of the sum assured or fund value or 105% of all premiums paid as death cover |
| Surrender value benefit | In case of surrender before completing 5 years: The insurance cover will cease and the fund value, net of any discontinuance charge will be paid after the fifth anniversary of the policy In case of death of the Life Assured during this period, only the accumulated fund value is paid to the nominee In case surrender is done after 5 years: The insurance cover will cease, and the fund value will be paid out immediately |
| Key exclusions | Description |
|---|---|
| Suicide | Nominee shall be entitled to the fund value as available on the date of intimation of death |
| Accidental death | Not covered if the death occurs after 90 days from the date of the accident |
| Critical illness | Death within 30 days after critical illness is diagnosed |
Product information
For complete details on product benefits, features, terms and exclusions, please read the product brochure and policy wordings carefully before buying a policy.
How to claim
Follow these steps to raise claim requests for HDFC Life ProGrowth Plus plan.
-
Step 1 - Register your claim request
Register the claim request with the insurer through their website, e-mail or by calling their claim assistance contact number.
1. Contact No.: 1800 2201 02
2. Email at: service@hdfclife.com -
Step 2 - Submit the required documents
Submit the necessary documents along with the duly filled claim form online or to the nearest branch of the insurer.
-
Step 3 - Claim settlement
The claim request will be assessed, and the status will be informed to the claim initiator via e-mail and SMS. It can also be checked online on the insurer’s website.
Documents required for raising a death claim request
Here is the list of documents you need to raise a claim for HDFC Life ProGrowth Plus Plan.
- Original policy documents
- Attested copy of death certificate issued by local municipal authority
- Death claim intimation form
- NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook
- Nominee's photo identity and address proof such as copy of passport, voter identity card, aadhar (UID) card, etc.
- FIR copy or post-mortem report in case of an accidental/unnatural death
Documents required for raising a critical illness claim request
Here is the list of documents you need to raise a critical illness claim for HDFC Life ProGrowth Plus plan.
- Attested copies of medical records/ indoor papers of the hospital
- Critical illness claim form
- Hospital discharge summary Hospital bills
- NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook
- Claimant's photo identity & address proof such as copy of Passport, Voter identity card, Aadhar (UID) card, etc.
Frequently asked questions
In case of death of the policyholder, the highest of the following is paid to the nominee:
1. Sum Assured (less all withdrawals made during the two-year period immediately preceding the death of Life Assured)
2. Unit Fund Value
3. Minimum Death Benefit of 105% of the total premium(s) paid
An Accidental Death Benefit (in case of the Extra Life Cover option) is also payable, which is the sum assured plus the death benefit mentioned above.
There are 10 fund options to choose from in this plan:
1. Income Fund
2. Balanced Fund
3. Blue chip Fund
4. Opportunities Fund
5. Equity Plus Fund
6. Bond Fund
7. Diversified Equity Fund
8. Conservative Fund
9. Discovery Fund
10. Equity Advantage Fund
The minimum premium amounts for this policy are:
1. Annual: Rs. 24,000
2. Half Yearly: Rs. 10,000
3. Quarterly: Rs, 7,500
4. Monthly: Rs. 2,500
Get tax benefits on the premium and maturity proceeds under Section 80C and Section 10(10)D, subject to fulfilment of terms and conditions.
