HDFC Life ProGrowth Plus Plan

About HDFC Life ProGrowth Plus Plan

HDFC Life ProGrowth Plus is a regular-premium ULIP plan offered by HDFC Life. Under this plan, a part of your premium is allocated to life cover, and the rest is used to invest in funds of your choice. Over time, this helps you grow your savings by participating in market returns, while also keeping your family financially secure in case of your untimely demise.

• Important Note: According to HDFC Bank’s website, this investment plan has been discontinued as of 31 May 2025. 

Key Features of HDFC ProGrowth Plus Plan

Following are the key features offered by the HDFC ProGrowth Plus Plan:

• Market-Linked Investment: Your premium is invested in 10 fund options, based on how much risk you want to take.
• Life Cover Options: You can choose between two protection options:
  • Life Option – gives a basic death benefit.
  • Extra Life Option – gives extra money if death happens due to an accident.
• Partial Withdrawals: You can take out some money after 5 years, if you are 18 years or older.
• Flexible Premium Payments: You can pay premiums monthly, half-yearly, or yearly, as per your convenience.
• Fund Switching: You can switch between funds anytime or change where your future premiums are invested.
• Settlement Option: You can receive your maturity amount in installments over up to 5 years instead of a lump sum.
• Tax Benefits: Premiums qualify for Section 80C, and payouts may be tax-free under Section 10(10D).

Product Eligibility Criteria – HDFC Life ProGrowth Plus Plan

The following table summarizes the eligibility criteria for this plan:

Benefits of HDFC Life ProGrowth Plan

The key benefits offered by the HDFC ProGrowth ULIP Plan are as follows: 

1. Fund Options

   The plan offers 10 fund choices: Income Fund, Balanced Fund, Blue Chip Fund, Opportunities Fund, Equity Plus Fund, Bond Fund, Diversified Equity Fund, Conservative Fund, Discovery Fund, and Equity Advantage Fund.

2. Death Benefit

   On the policyholder’s death, the nominee receives the highest of:

   • The Sum Assured (after reducing withdrawals made in the last 2 years)
   • The Fund Value
   • 105% of total premiums paid (minimum guaranteed amount)

3. Accidental Death Benefit

   If you choose the Extra Life Option, the nominee also gets an additional sum assured in case of accidental death.

4. Lock-in Period

   There is a 5-year lock-in period. No surrender or partial withdrawal is allowed during this time.

5. Surrender Option

   After completing 5 policy years, you can surrender the plan and receive the fund value, as per applicable rules.

6. Flexible Maturity Payout

   At maturity, you can receive your money in installments over up to 5 years instead of taking it all at once.

HDFC Life ProGrowth Plus Policy Details

1. Grace Period: 

   You get a 15-day grace period for monthly premium payments and 30 days for all other modes.

2. Policy Termination or Surrender Benefit: 

   • You can surrender the policy after 5 years and get the full fund value without any charges.
   • If you surrender before 5 years, the fund value (after deducting charges) is moved to a Discontinued Policy Fund, which earns at least 4% per year.
   • After completing 5 years, the amount in the Discontinued Policy Fund is paid to you.

3. Free Look Period: 

   You can cancel the policy within 15 days if you are not satisfied with the terms, as long as no claim has been made.

4. Inclusions

   • Partial Withdrawals: You can make partial withdrawals every year. The minimum withdrawal amount is ₹10,000.
   • Fund Switching: You can switch between different funds any time during the policy.
   • Premium Redirection: You can redirect your future premiums to another fund whenever you want.

5. Additional Features for Riders in HDFC Life ProGrowth Plus Plan

   • Flexible Premium Frequency: You can change your premium payment frequency as per your requirement.
   • Accidental Death Benefit Rider: The Extra Life Option includes an inbuilt Accidental Death Benefit, giving extra protection.

6. Exclusions in HDFC ProGrowth Plus Plan

   • Suicide Clause: If the life assured dies by suicide within 12 months of policy start or revival, the nominee will receive only the fund value on that date.
   • Rider Exclusions: Accidental Death Benefit is not paid if death happens due to: Intentional self-injury, alcohol or drug abuse, war or war-like activities, aviation (other than a fare-paying passenger), criminal acts, hazardous or adventurous activities, or death occurring after 3 months of the accident.