Growth plan

Life insurers are constantly coming up with innovative plans to woo customers. Now, it's the turn of HDFC Life, which has launched ProGrowth Maximiser, a 10-year Ulip.

Pritam P Hans        Print Edition: December 2010

Life insurers are constantly coming up with innovative plans to woo customers. Now, it's the turn of HDFC Life, which has launched ProGrowth Maximiser, a 10-year unit-linked insurance plan (Ulip).

It offers three investment options-highest NAV guarantee, capital guarantee and free asset allocation. It's a single premium plan with a 30-day free look period, which means that if you don't like the policy, you can cancel it within 30 days.

Policy Snapshot
Policy tenure: 10 years
Minimum single premium: Rs 50,000
Additional top-ups: Rs 10,000
Age at entry: 14-65 years
Sum assured: 1.25 times the single premium
If you opt for the highest NAV guarantee fund, the amount you get at maturity will be calculated on a minimum NAV of Rs 15 or the highest NAV that has been recorded daily during the first seven years of the fund.

The capital guarantee fund will ensure that the unit price on maturity of the policy is at least equal to the price at the time of buying the policy.

The final option, free asset allocation, gives you the flexibility to invest in five different nonguaranteed funds, which vary from ultra-conservative to very aggressive. You can opt to invest only in debt instruments, bluechip stocks, mid-cap stocks or a mix of these.

The minimum premium for the policy is Rs 50,000, while you can invest additional, single premium top-ups of a minimum of Rs 10,000 at any time. The premium paid is eligible for tax benefits under Section 80 C and 10 (10 D).

The minimum age for entry is 14 years and the maximum is 65 years. The sum assured is 1.25 times the single premium. If the policyholder dies, the higher value of either the sum assured or the fund value will be paid.

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