Annual Report FY 2023
Zero Charges on 28 Commonly Used Savings Account Services
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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Secure your family’s goals with flexible premium payment option
HDFC SL Progrowth Flexi
Secure your family’s goals with flexible premium payment option
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Valuable financial protection for your family
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Choose from 10 fund options
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Switch between funds any time with the Switching and Premium Redirection features
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Valuable financial protection for your family
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Choose from 10 fund options
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Switch between funds any time with the Switching and Premium Redirection features
HDFC SL Progrowth Flexi
Nothing should hold you back in life. Uncertainties of life can throw best laid plans and aspiration off gear. It's prudent to be prepared and life insurance solutions enable you to build your savings and enjoy life cover. With HDFC SL ProGrowth Flexi, you have a smart savings-cum-insurance plan that will enable you to simply provide the finest for your loved ones. In this plan you also enjoy life insurance coverage so that your loved ones financial future is secured even in your absence.
In this plan you can choose your premium and the investment fund(s). We will then invest your premium, net of premium allocation charges in your chosen fund(s) in the proportion you specify. At the end of the policy term, you will receive the accumulated value of your fund(s). $ In case of your unfortunate death during the policy term, your nominee will receive the greater of Sum Assured (less withdrawals) or fund value. The level of premium chosen by you cannot be altered anytime during the policy term.Read More
The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.Read Less
FEATURES
The HDFC SL ProGrowth Flexi gives:
Valuable financial protection to your family in case you are not around.
Flexible additional benefit options.
Opportunity to invest in a choice of funds.
PLAN OPTIONS/VARIANTS
- Equity Plus Fund: To generate long term capital appreciation in line or better than Nifty index returns
- Diversified Equity Fund: To generate long term capital appreciation by investing in high potential companies across the market cap spectrum
- Blue Chip Fund: Exposure to large –cap equities & equity related instruments
- Opportunities Fund: Exposure to mid –cap equities & equity related instruments
- Balanced Fund: Dynamic Equity exposure to enhance the returns while the Debt allocation reduces the volatility of returns
- Income Fund: Higher potential returns due to higher duration and credit exposure
- Bond Fund: Active allocation across all fixed income instruments
- Conservative Fund: To invest in high grade fixed income instruments and Government securities at the short end of the yield curve, to deliver stable returns
- Discovery Fund: Long term capital growth by investing predominantly in mid-cap companies.
- Equity Advantage Fund: Long term capital growth through diversified investments in companies across the market capitalisation spectrum
- Secure Managed Fund: Secure Managed fund invests 100% in Government Securities and Bonds issued by companies or other bodies with a high credit standing, however up to 25% of the fund may be invested in Public Deposits and Money Market Instrument to facilitate the day to-day running of the fund.
- Your policy matures at the end of the policy term you have chosen and all your risk covers cease. You may redeem your balance units at the then prevailing unit price and take the fund value.
- In case of the Life Assured’s unfortunate demise, we will pay the highest of the following to the nominee.
- 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 premiums paid.
3 EASY STEPS TO PURCHASE YOUR OWN PLAN
Step 1 Choose the plan options
Step 2 Choose your regular premium & level of protection.
Step 3 Choose the investment fund(s)
Plan Option:
Life Option - Cover: Death Benefit
Extra Life Option - Cover: Death Benefit + Accidental Death Benefit
Fund Options
Fund Options: There are 11 fund options to choose from
Maturity Benefit:
Death Benefit
The policy will terminate thereafter and no more benefit will be payable. We will also pay Accidental Death Benefit (if applicable) which is the Sum Assured in addition to the Death Benefit described above. Your policy will terminate thereafter and no more benefits will be payable.
- Charges:
- Premium Allocation Charge: This is a premium-based charge. After deducting this charge from your premiums, the remainder is invested to buy units. The remaining percentage of your premium that is invested to buy units is called the Premium Allocation Rate and depends on the year of allocation
- Fund Management Charge (FMC): The daily unit price already includes our fund management charge of only 1.35 % per annum charged daily, of the fund's value. The Fund Management Charge for Discontinued Policy Fund shall be 0.50% p.a.
- Policy Administration Charge: No policy administration charge will be charged in the initial 5 policy years. A Policy Administration Charge of 0.46% per month of the original annualized premium will be deducted monthly from th 5 policy anniversary, subject to a maximum charge ` 500, per month. This charge will be taken by cancelling units proportionately from each of the fund(s) you have chosen.
- Mortality Charges: Every month we levy a charge for providing you with the death cover in your policy. The amount of the charge taken each month depends on your age and level of cover. This charge will be taken by cancelling units proportionately from each of the fund(s) you have chosen.
- Miscellaneous Charge(s): may be charged for any Policy alteration request initiated by the Policyholder will attract a charge of Rs. 250 per request. Any administrative servicing that we may introduce at a later date would be chargeable subject to IRDAI’s approval. In addition, only if you request for partial withdrawal, fund switch and premium redirection following charges will be charged on such requests
- Partial withdrawal charge: A partial withdrawal request from the Policyholder will attract a charge of Rs. 250 per request. However, if the request is executed through the Company’s web portal the Policyholder will be charged Rs. 25 per request. This will be levied on the unit fund at the time of part withdrawal of the fund during the contract period.
- Switching charge: A fund switch request from the Policyholder will attract a charge of Rs.250 per request. However, if the request is executed through the Company’s web portal the Policyholder will be charged Rs.25 per request. This charge will be levied on switching of monies from one fund to another available fund within the product. The charge per each switch will be levied at the time of effecting the switch.
- Premium Redirection: A premium redirection request initiated by the Policyholder will attract a charge of Rs.250 per request. However, if the request is executed through the Company’s web portal the Policyholder will be charged Rs. 25 per request. *Statutory Charges - Taxes and Levies on the applicable charges is payable at the current rate for all unit linked products.
- Discontinuance Charge: This charge depends on year of discontinuance and your premium. There is no charge after 5 policy year.
- Changing Fund Choices: You can change your investment fund choices in two ways:
- Switching: You can move your accumulated funds from one fund to another anytime
- Premium Redirection: You can pay your future premiums into a different selection of funds, as per your need.
- Changing Premium Paying Term:
- It is always advisable to pay regular premiums for the full policy term in order to enjoy full benefits of the plan. However we understand that you may want to pay premiums for lesser duration due to certain exigencies. We offer you flexibility of changing your premium paying term; subject to Minimum Premium Paying Term limits as mentioned below. This flexibility is available to you only after you have paid all your premiums, as and when due, for the first 5 years of your policy. For the balance period of the premium paying term after this alteration, the level of the annualized premium has to be the same as that at the time of inception.
Disclaimer
# In your policy document Accidental Death Benefit is stated as “Extra Life Benefit”.
^ Policy terms & Premium payment terms of 11 years to 14 years is not offered.
1 Annualized Premium means the premium amount payable in a year excluding the taxes, rider premiums and underwriting extra premium on riders, if any.
2 For all ages, risk commences from the date of inception of the contract. In cases where Life Assured is a minor, the policy will automatically vest on him or her on attaining age 18 years.Read More
As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender/withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year. For more details on risk factors, associated terms and conditions and exclusions, please read sales brochure carefully before concluding a sale. HDFC SL Progrowth Flexi - ULIP (UIN: 101L072V05) is the name of the Unit linked, Non-Participating, Life Insurance plan.
Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. HDFC Life Insurance Company Limited is only the name of the Insurance Company, HDFC Life is only the name of the brand & HDFC SL Progrowth Flexi - ULIP (UIN: 101L072V05)is only the name of the unit linked life insurance contract. The name of the company, name of the brand and name of the contract does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
IDFC FIRST Bank Limited having its registered office at KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai – 600031, is authorized by the Insurance Regulatory and Development Authority of India to act as a Corporate Agent of HDFC Life Insurance Company Ltd for procuring or soliciting life insurance business under license number CA0106. The purchase of Insurance products by IDFC FIRST Bank’s customers is purely on voluntary and not linked to availing of any other services from the bank. Tel: 1800 419 4332.
"HDFC Life Insurance Company Limited (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101. Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: service@hdfclife.com, Tel. No: 1860 267 9999 (Mon-Sat 10 am to 7 pm) Local charges apply. Do NOT prefix any country code. e.g. +91 or 00. Website: www.hdfclife.com. The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. HDFC SL Progrowth Flexi (UIN: 101L072V05) is a unit-linked, non-participating protection plan. For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.Read Less
FREQUENTLY ASKED QUESTIONS
Why is this plan good for me?
HDFC SL ProGrowth Flexi, a savings-cum-insurance unit-linked plan (ULIP) that enables you to provide financial security to your loved ones.
The HDFC SL ProGrowth Flexi gives:
· Valuable financial protection to your family in case you are not around.
· Flexible additional benefit options.
· Opportunity to invest in a choice of Funds.
In this plan you can choose your premium and the investment fund(s). We will then invest your premium, net of premium allocation Charges in your chosen fund(s) in the proportion you specify. At the end of the policy term, you will receive the accumulated value of your fund(s).
In case of your unfortunate death during the policy term, your Nominee will receive the greater of Sum Assured (less withdrawals) or fund value1.
1. For the complete details regarding Death Benefit, please read the product brochure.
What will my family receive in case of my unfortunate demise?
In case of your unfortunate death during the policy term, your Nominee will receive the highest of the following:
· Sum Assured (less all withdrawals made during the two year period immediately preceding the death of Life Assured)
· Unit Fund Value.
· The minimum Death Benefit of 105% of the total Premium(s) paid.
The policy will terminate thereafter and no more benefit will be payable.
What are the various fund options in this plan?
There are 10 fund options to choose from in this plan
1. Income Fund
2. Balanced Fund
3. BlueChip Fund
4. Opportunities Fund
5. Equity Plus Fund
6. Bond Fund
7. Diversified Equity Fund
8. Conservative Fund
9. Discovery Fund
10. Equity Advantage Fund
What is the minimum premium that needs to be paid?
Minimum premium amounts for various premium payment frequencies are as follows:
1. Annual: ₹ 24,000
2. Half Yearly: ₹ 10,000
3. Monthly: ₹ 2,500
What is the frequency in which I can invest my money?
Annual, Half-yearly and Monthly*
*It is mandatory for policies with monthly frequency to be taken with ECS/SI & to pay first 3 months Premium(s) in advance.
Can I save tax by investing in this policy?
Tax Benefits* under Section 80C and Sec 10(10D) of Income Tax Act 1961.
* Subject to provisions as per Income Tax Act, 1961. Tax Laws are subject to change.