HDFC Life, one of India's leading life insurance companies, launched ProGrowth Flexi, a smart Unit Linked Insurance Plan with minimum monthly premium of Rs. 2,500. A highly affordable product, HDFC SL ProGrowth Flexi comes with 30-day Free Look-in, flexible premium payment options, five investment funds, and the flexibility to change premium paying term.
Announcing the launch of HDFC SL ProGrowth Flexi, Amitabh Chaudhry, MD and CEO, HDFC Life, said, "We continue to listen to our customers and design products that are flexible to meet their needs. HDFC SL ProGrowth Flexi is targeted at those set of customers who are seeking a life insurance plan that is affordable and flexible and at the same time provides value.
The product offers several flexibilities to customers that can be chosen based on their needs and appetite. Apart from the normal life cover, HDFC SL ProGrowth Flexi also provides extra life cover with accidental death benefits option. "
"In line with our customer centric approach, for the first time in the industry, HDFC Life offers 30 day Free Look-in. As ULIPs are the under the new regulatory regime are different, we believe that the customers may need time to get familiar with the new generation of ULIPs and fully comprehend the benefits available under the policy," Chaudhry added.
Flexible features of HDFC SL ProGrowth Flexi
Premium Payment Option: Annually / Half-yearly / Monthly
Premiums and Level of Protection
Premiums and Levels of Protection Premium (Rs) Sum Assured Policy term Annual Half yearly monthly Age less than 45 yrs Age equal to 45 yrs & above Minimum 24,000 10,000 2,500 Higher of 10xannualised premium/0.5xpolicy term x annualised premium Higher of 7xannualised premium/0.25 X policy term X annualised premium 10 Maximum No Limit 40 x annualized premium 30
Lifeand Extra Life option
Cover Benefits Life Option Death Benefit Greater of Sum Assured/Fund Value/Mimimum death benefit of 105% of premiums paid Extra Life Option Death Benefit + Accidental Death Benefit Death benefit + an additional Sum Assured
Five Investment Funds
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Short Term Fund - a pure debt fund that aims to deliver stable returns by investing in the short end of the yield curve to limit the risk profile of the fund and assure safety of capital.
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Income Fund - aims to provide high potential returns through investment in high credit quality debt instruments while maintaining an optimal level of interest rate risk.
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Balanced Fund - aims to generate high returns through a dynamic allocation of investments in Debt and Equity Securities to combine stability of Debt instruments with long-term capital appreciation potential of Equities.
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Blue Chip Fund - aims to provide medium to long-term capital appreciation by investing in Large Cap equities.
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Opportunities Fund - aims to generate long-term capital appreciation by investing predominately in Mid Cap stocks.
Premium Paying Term
Offers flexibility to change premium paying term after successfully paying premium for the first 5 years.
Policy term Minimum premium paying term 10 years 5 years 15+ years 10 years
Others Features
Attractive Premium Allocation Rates of 92.5 for the first year and 100% from 6th year onwards
Entry and Maturity Age: Minimum age at entry is 14 years and maximum age is 65 years and maximum age at maturity is 75 years. If you choose the Accidental Death Benefits option, minimum age at entry is 18 years and maximum age is 55 years and maximum age at maturity is 70 years.
Tax Benefits: This plan is eligible for tax benefits under the Income Tax Act of 1961. Currently, Section 80C benefit is available for the premium paid into the plan subject to the limits in that section. Benefits received under Section 10 (10D) will be exempt from tax subject to the limits contained therein.
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