HDFC SL ProGrowth Maximiser
HDFC SL ProGrowth Maximiser is a Unit Linked Insurance plan providing the dual benefit of capital appreciation through market participation and life insurance coverage. The plan is a single pay plan where premium once paid accumulates market returns.
It is a unit linked plan with Single Pay option of premium payment
Plan can be bought by filling a Simple Medical Questionnaire (SMQ) thereby removing the requirement of medical tests
The following 4 funds are available for investment
Blue chip Fund
Grace Period: no application of grace period in single pay plans
Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Partial withdrawals are allowed every year with a minimum value of Rs.10,000
Switches are allowed every year for switching between funds
Top-ups can be done through single premiums of a minimum of 10,000
The top-up will increase the Sum Assured where the top-up SA will be equal to the same minimum multiples as applied in calculation of basic SA
The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.