Life insurance is a most commonly purchased insurance product as there are many options among these plans that offer savings cum protection plan. One such option is HDFC ProGrowth Super II Plan which is a ULIP plan by HDFC. This insurance plan focuses on providing you with comprehensive coverage along with the benefits of ULIP.
Plan Features
The basic features of this plan are:
- The additional benefit provision is highly flexible.
- The financial protection of the family members is assured by the company in case of untimely demise of the policyholder.
- The choice of funds is optional and can be selected by the policyholder. The amount of investment and premium is decided as per the wishes of the insured. The decided premium amount is invested in the selected funds in the proportions suggested by the policyholder. The accumulated funds will be disbursed to the policyholder at the end of this policy term.
In the case of the death of the policyholder during the policy term, the following benefits will be provided to his/her beneficiaries:
- Unit Fund Value
- Sum Assured Amount
Eligibility
| Min | Max | ||
| Premium | 15,000 | No Limit | |
| Sum Assured | Age less thann 45 years= Higher of 10* AP or 0.5*Policy term*AP
Age Equal to 45 years and above- Higher of 7* AP or 0.25*Policy term *Annualized Premium
|
40* Annualised Premium | |
| Entry Age | 10 | 30 | |
| Maturity Age | NA | 75 | |
| Term Period | 10 | 30 |
Types of Benefits Involved
The types of benefits that are covered in the plan options are:
Death Benefit: In this benefit, the total sum assured is paid to the nominees along with the Unit Fund Value. After these benefits are duly paid, the term of the policy will end and HDFC is no longer liable to offer any benefits thereafter.
Critical Illness Benefit: Under this benefit, if the insured is diagnosed with a critical illness, he or she will be paid off the unit fund value along with sum assured. Just like the death benefit, the term of the policy will end and HDFC is no longer liable to offer any benefits thereafter.
Accidental Death Benefit: Under this benefit, the nominees of the insured are paid the extra sum assured apart from the death benefit in case the insured passes away in an accident. After both the sums are settled HDFC is no longer liable to offer any benefits.
Accidental Total and Permanent Disability Benefit: Under this benefit, 10% of the sum assured is paid out to the insured and the nominees in case of a total and permanent accidental disability. The benefits are paid until the payout term specified in the policy documents. If any other claims related to critical illness or death is paid, then the dues are paid as a lump sum to the beneficiaries. After the settlements as per policy terms and conditions, the policy term expires, and the nominees or the insured is no longer eligible for any more benefits. The accidental damage that are considered under this plan for eligibility for accidental disability benefits are:
- The complete blindness in both eyes which is irreversible. The blindness is to be justified with the diagnosis by an Ophthalmologist.
- The accidental loss /amputation of two limbs or more. The loss has to be above the ankles or wrists.
- The losing of eyesight in one eye along with the loss of one limb. The loss in one eye has to be permanent, and the loss of limb has to be above ankles and wrists.
Plan Options offered in HDFC ProGrowth Super II Plan
The plan has 8 choices for the coverage, and they are as follows:
- In life option, the policyholder is offered the death benefit.
- In extra life option, there is death benefit and accidental death benefit.
- In life and health option, there is death benefit and critical illness benefit.
- In extra life and healthy option, there are death benefit, critical illness benefits, and accidental death benefit.
- In life and disability option, there is death benefit along with accidental total and permanent disability benefit.
- In extra life and disability option, there is death benefit, accidental death benefit along with accidental total and permanent disability benefit.
- In life and health and disability option, there is death benefit, critical illness benefits, and accidental total and permanent disability benefit.
- In extra life and health and disability option, there is death benefit, accidental death benefit, critical illness benefits, and accidental total and permanent disability benefit.
Terms and Conditions of the Plan in HDFC ProGrowth Super II Plan
There are many terms and conditions that govern the plan, and they are:
- This is a Unit Linked Plan that involves investments in the capital markets. The premiums you pay in HDFC ProGrowth Super II Plan will be invested in the capital market. HDFC is not responsible for market fluctuations.
- The unit prices are calculated as per the guidelines of IRDAI.
- The critical illness benefit only provides coverage for limited illnesses, and they are
- Stroke
- Organ Donation as the recipient
- Kidney failure
- Heart attack
- Coronary Artery By-Pass Graft Surgery (CABGS)
- Cancer
- Accidental total and permanent disability benefit are provided in case the insured is not capable of any employment due to the disability. The disability has to be declared permanent by a medical practitioner appointed by HDFC, and it should have continued for 6 months. Also, the insured has to be alive at the time of the claim.
- In case the appointed nominee is a minor, an adult has also to be nominated for receiving the money while the nominee is a minor.
- The nomination can be changed by providing the insurer with a written application for the same.
- There is an option of availing the maturity benefits in installments that can be disbursed over a term of 5 years.
- The funds offered in the plan are a blue-chip fund, income funds, balanced funds and opportunities funds
- The total sum assured is up to 105% of the paid premiums through the course of policy.
- There are tax benefits under act 80 C of the Income Tax Act on the premiums paid a premium for this plan.
- The grace period of 30 days is offered to pay the premiums. A policyholder is supposed to clear all the dues within the policy period, or the policy will be considered lapsed.
- The policyholder can discontinue the policy after a time period of 5 years has been completed. In case the policy is surrendered, the policyholder will be given the due amount after deduction of cancellation charges.
- The free look period is of 15 days in the policy, and the insured can cancel the policy for free within this time frame. The insured should not have made any claims during the free look period for the policy to be canceled
Exclusions under the Plan
In this plan, certain situations are excluded from the claims process, and they are:
- In case of an accidental death benefit claim, it is mandatory that there is no reason other than the accident itself or accidental injury for the death of the insured.
- The critical illnesses have to be of specific severity else no compensation is provided for the same. The severity levels are described in the policy document.
- The Accidental disability, on the other hand, should also be of specified severity, only then the policyholder is eligible for making claims. Other than that, the accidental total and permanent disability benefit cannot be availed.
FAQs
- What is the type of coverage options available under the HDFC ProGrowth Super II Plan?
There are 8 options for the coverage that can be opted under this plan and they are:
- Life Option
- Extra Life Option
- Life and Health Option
- Extra Life and Health Option
- Life and Disability Option
- Extra Life and Disability Option
- Life and Health and Disability Option
- Extra Life and Health and Disability Option
- What is the time range for which this plan can be availed?
The plan can be availed for a period of 10 to 30 years.
- What is the tenure of premium payment under this plan?
The tenure of premium payment is the same as policy term.
- What is the maximum age of maturity of the plan?
The maximum age of maturity in HDFC ProGrowth Super II Plan is 75 years.
- What is the age range of entrants for which the policy is available?
The age range for getting insured under this plan is 14-65 years.