HDFC Life ProGrowth Plus Plan: Features & Benefits | PolicyX
Buy Now
Summarize with
ChatGPT Claude Perplexity
HDFC ULIP Plans HDFC ULIP Plans ★ 4.6

HDFC ProGrowth Plus

HDFC Life ProGrowth Plus is a unit-linked insurance and regular premiu ...Read More

🛡️ IRDAI Approved
⭐ 4.6/5 · 925 reviews
📊 70 years solvency ratio
✅ Minimum Age- 14 year% claim settlement ratio
🌐 Annual, half-yearly,+ pan-India

About HDFC ProGrowth Plus

A quick read on what this HDFC ULIP Plans term plan covers and why it might be a fit for you.

HDFC Life ProGrowth Plus is a unit-linked insurance and regular premium plan where the premium is invested in the market, providing good returns along with various benefits. This plan offers the flexibility to choose investment funds and regular premiums. The company invests your regular premium and a portion of the premium allocation charges in the selected fund, in the proper proportion as per the policyholder’s specifications. At the end of the policy term, an accumulated amount of funds will be received. In case of the unfortunate death of the life assured during the policy period, the nominee will be eligible to receive the fund amount or the greater sum assured.

In simple words, HDFC Life ProGrowth Plus is a savings-cum-insurance plan that allows policyholders to create their own investment strategies and provides a life cover.

The HDFC Life ProGrowth plan comes with a variety of features and benefits, designed to provide financial protection to the family members of the assured when they are no longer around. Continue reading to explore more about the plan.

HDFC Life ProGrowth Plus Plan offers a range of benefits including:

  • Choice of plan option
  • Switching
  • Redirection of Premium
  • Tax Benefits
  • Smooth and convenient premium paying process
  • Flexibility to plan your investment strategy

Eligibility Criteria for HDFC ProGrowth Plus

Entry age
Entry age
Minimum Age: 14 years, Maximum Age: 65 years
Maturity age
Maturity age
Maximum Maturity Age - 75 years
Policy term
Policy term
10 to 30 years
Sum assured
Sum assured
10 to 30 years
Policy loan
Policy loan
Annual, half-yearly, quarterly & monthly
Payment Modes
Payment Modes
Higher of 10 x annualized premium or 0.5 x policy term x annualized premium

Pros & cons

A quick honest summary — the strengths and the trade-offs.

Pros

  • Partial withdrawals
  • Redirection of Premium
  • Switching

Cons

  • No coverage for pre-existing conditions
  • Suicidal exclusion
  • No auto-cover continuance

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum entry age: 14 years
Maximum entry age: 65 years
Minimum sum assured: Rs 1
Maximum sum assured: Higher of 10 x annualized premium
Maximum policy term: 30 years

How Does the HDFC Life ProGrowth Plan Work?

Let's understand how the HDFC Life ProGrowth Plan works with a simple premium illustration.

Problem

Mr. Verma is looking for a ULIP plan that helps him create a lump sum amount to fulfill his financial needs.

Solution

His financial advisor advised him to buy the HDFC Life ProGrowth Plan. He visited PolicyX.com.

Let's understand how the HDFC Life ProGrowth Plan works for him with a premium illustration table.

Age of policyholderAnnual PremiumPolicy tenurePremium Payment TenureMaturity Benefits
25 yearsRs 25,00020 years20 yearsRs 5,90,539

Key Takeaways: At the end of the policy tenure, the maturity benefits of Rs 5,90,539 are paid to the policyholder.

Benefits of HDFC ProGrowth Plus

Choice of Plan Options

Flexibility to choose from Life and Extra Life options.

Convenient Premium Payment Option

Smooth and convenient premium paying process with access to multiple payment modes such as cheque, credit card, auto-debit, and net banking.

Choice of investment strategy

Based on your risk and return needs, the plan offers the flexibility to plan your investment strategy.

Death Benefits

In case of any unfortunate event such as the death of the life assured within the policy term, the nominee is provided with the higher of the sum assured or fund value as a death benefit.

Features of HDFC ProGrowth Plus

Key features that make HDFC ProGrowth Plus stand out.

Free Look Period

The plan comes with a free look period of 15 days. During this period, policyholders can cancel the plan in case of dissatisfaction with the terms and conditions of the policy.

Grace Period

If an insured fails to renew the policy on time, they will be offered a grace period during which the plan can be renewed. The grace period for this plan is 15 days for monthly frequency and 30 days for quarterly.

Partial withdrawals

The plan allows partial withdrawals to meet unplanned expenses.

Surrender Benefit

Policyholders can surrender the policy any time during the policy term. However, once the policy is surrendered, there will be no option to revive it.

Documents Required for HDFC ProGrowth Plus

Keep these documents handy when applying for HDFC ProGrowth Plus.

Photo ID Proof

Any one of the following: Passport, Aadhaar card, PAN card, Driving license.

Age Proof

Any one of the following: Passport, Aadhaar card, PAN card, Driving license.

Address Proof

Any one of the following: Utility bill, passport, voter ID, ration card.

Medical Records

Medical records of the policyholder, if requested.

Income Proof

Any one of the following: Bank statement, last three months' salary slips (if salaried).

Exclusions of the HDFC Life ProGrowth Plus Plan

  • In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.

Other Features of HDFC ProGrowth Plus

Here are the key features of the HDFC ProGrowth Plus.

Plan At a Glance

What’s Good HereWhat’s Missing
Choice of plan optionPremium Offset
Partial withdrawalsPremium continuance
Maturity BenefitAuto cover continuance
SwitchingTop-up premium

In a nutshell

If you are looking for a ULIP plan that offers you the flexibility to manage your policy with your own strategy and choice of funds, then you must choose HDFC Life ProGrowth Plus.

For more information related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.

Life Insurance Articles

FAQs: HDFC ProGrowth Plus

The 8 most-asked questions about HDFC ProGrowth Plus, answered.

In the event of any such unfortunate event, the highest of the following will be paid to the beneficiary: Sum Assured (less all withdrawals made during the two year period immediately preceding the death of Life Assured) Unit Fund Value Minimum Death Benefit of 105% of the total Premium(s) paid After then, the insurance will be terminated, and no further benefits will be paid. In addition to the Death Benefit, the company will pay the Accidental Death Benefit (if applicable), which is the Sum Assured. After then, your coverage will expire, and no more benefits will be paid.
Premium Allocation Charge Fund Management Charge Policy Administration Charge Mortality Charge Risk Benefit Charge
One has the option to pay their plan premium Annually, Half-yearly and Monthly
If the premium for the HDFC Life ProGrowth Plus plan has not been paid even after the grace period, you have the following options: You have two years from the date of discontinuation to renew your policy, or you can cancel it. However, cancelling the policy will cancel all the risk coverage or benefits. You can also make your policy a paid-up policy. However, this option is only accessible if your insurance lapses or is terminated after the 5-year policy term has expired. If the policy is terminated before the completion of 5 years, the Fund Value, minus the relevant costs, will be added to the (DPF) Discontinued Policy Fund. The Discontinued Policy Fund will be paid when the lock-in period is completed. In the event that the insurance is terminated after five years, the following applies: You will receive the whole Fund Value. You can also renew a terminated policy within two years after the policy’s discontinuance date, provided all premiums have been paid in full and the underwriting policy has not been violated.
After the completion of 5 years, the policyholder can make lump sum partial withdrawals from the funds, which is subject to: The life assured being at least 18 years of age The minimum amount of withdrawal being Rs.10,000 After withdrawal, the fund value does not go below 150% of the annualised premium The maximum amount withdrawn throughout the policy term being 300% of the annualised premium
HDFC Progrowth Plus is a Unit-Linked Non-Participating Life Insurance plan. It has some insurance and investment components that help generate high returns by investing in highly linked securities. This plan offers two categories- Life and Extra Life options.
HDFC Life ProGrowth Plus provides flexible premium payment options with monthly, half-yearly, and yearly modes. The ULIP plans enable policyholders to choose the frequency based on convenience.
HDFC Life ProGrowth Plus includes several charges, such as a premium allocation charge of around 2.5% in the first two years, policy administration charges based on policy year, fund management charge of 1.35% annually. Mortality charges apply depending on the sum assured and age, monthly.

Written and reviewed by

PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.

Written by Priya Singh — Health, Life & Term Insurance Reviewed by Raj Kumar — Health Insurance
Last updated: 7 Aug 2023 · Originally published: 27 Dec 2024

Compare life Insurance Plans

Select a company and plan for each side to see a detailed side-by-side comparison.

Share your Valuable Feedback

Rating Icon 4.6

Rated by 949 customers

Was the Information Helpful?

Select Your Rating

We would like to hear from you

Let us know about your experience or any feedback that might help us serve you better in future.

Reviews and Ratings

Do you have any thoughts you'd like to share?

📞 Call Free