HDFC SL ProGrowth Flexi

8/7/2019 HDFC SL ProGrowth Flexi

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OVERVIEW

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BYTHE POLICYHOLDER.

HDFC SL Progrowth Flexi, has couple ofgood features which will help. Themain features which we find are :

1. Flexible premium payment options

2. Five investment funds

3. Flexibility to change premiumpaying term

This plan only comes with 2 options:

1. Life Option = Death Benefit

2. Extra Life Option = Death Benefit+ Accidental Death Benefit

This plan doesnt cover critical Illness,and there is no option for this aswell.

Maximum Maturity Age is 75 yrs

Premium Paying Terms is Flexi:

Pay Yearly : Rs 24000.00 (min)

Pay Half-Yearly : Rs 10000.00

Pay Monthly : Rs 2500.00*

*Monthly payment requires 3 monthadvance payment and ECStransaction.

Sum Assured is not as great, it is withthe standards of the market.

10 times Annual Premium if age isless than 45 yrs Or 0.5 x PolicyTerm * Annual Premium

7 times Annual Premium if > 45 yrsOR 0.25 x Policy Term x AnnualPremium

Eligibility Entry Age:Min Age : 14yrs for Life Option

18yrs for Extra LifeMax Age: 65 for Life Option

55 for Extra Life

Rs 250.00 is charged for servicerequest

Discontinuity of policy before 5yrscost more


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Details of the Plan


Flexible Options:

1. Switching between Investment options is FREE

2. Can maintain multiple Investment funds, meaning have certain amount allocated to one type ofFund, and make future payments to another fund .

Change Premium Paying Term:

1. Making changes to Premium term, this is a of a new kind, and the flexibility lies with the insurer.But if the policy term is changed, make a note of the minimum premium to be paid.

2. Policy for 10 years, minimum Premium Term is 5years

15+ years, premium paying term is 10 years

Withdrawal:

1. Minimum Withdrawal is Rs 10000.00. The life assured should be 18yrs of age or more.

2. Maximum amount withdrawn is 300% of the original premium paid.

Fund Options:

1. Short Term Fund : Risk of return is LOW.

2. Income Fund : Risk is Moderate

3. Balanced Fund : Risk is Moderate to High

4. Blue Chip Fund : Risk is High

5. Opportunities Fund : Risk is very high,compared to Blue Chip Fund, Blue Chip fund is abetter option.


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RECOMMENDATION


Should I Buy This ULIP plan : No, The premium is high. Minimum premium compared to other ULIP plan it is high.Monthly premium is also high. If only you are looking at changing your premium paying term later in the lie cycle ofthe policy, it is beneficial. Consult your agent. To Look out for Insurance agent Click Here

Note : This is authors view, and do not guarantee on any of the text published. Please visit HDFC Insurance for more details. We are not responsible for any Loss or Damage.

Thank You
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HDFC SL ProGrowth Flexi