HDFC Life Pro Growth Flexi Plan

HDFC Life Pro Growth Flexi Plan is a Unit Linked Insurance Plan (ULIP). Thus, it is a non-Traditional Insurance Plan without Bonus facility.

How it works – In this plan, premium needs to be paid till the end of the Policy Tenure. However, there is an option of Limited Premium Payment facility provided the first 5 years premiums have been paid.

There are 5 funds for investment purpose where the policyholder can choose his portfolio depending upon his risk appetite.

In this Plan, there are 2 variants:

• Life Option- This is the Basic version of the Plan without additional features
• Extra Life Option- In this variant of the plan, an inbuilt Accidental Death Benefit rider. Thus, if this variant is selected and the Life Insured suffers from an Accidental Death, then an additional Sum Assured is paid to the nominee as Accidental Death Benefit.

In this plan, if the Life Insured dies within the Policy Tenure, then higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit and the policy terminates. However, if the Life Insured meets with an accidental death and had opted for Extra Life Option, then he would an additional Sum Assured as Accidental Death Benefit.  
On maturity, the Fund Value is paid to the policyholder as Maturity Benefit.

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Key Features

1

It is a simple Unit Linked Insurance Policy without Bonus Facility

2

There are 2 variants of this plan

• Life Option- Only Death Benefit
• Extra Life Option- Death Benefit + Accidental Death Benefit

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3

Higher of Sum Assured or Fund Value is paid to the nominee as Death Benefit

4

If the Life Insured meets with an accidental death and had opted for Extra Life Option, then he would an additional Sum Assured as Accidental Death Benefit.

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5

There are 5 funds for investment purpose

6

The Fund Value is paid as Maturity Benefit

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7

There is an option of Limited Premium Payment provided at least 5 years premium has been paid

Benefits

1

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets higher of Sum Assured or Fund Value as Death Benefit and the policy terminates.

2

Maturity Benefit – The Fund Value is paid as Maturity Benefit on the policy maturity

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3

Income Tax Benefit – Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.