HDFC Life ULIP Plans

HDFC Life ULIP Plans

by Editor

HDFC Life Insurance Company, earlier known with the name of HDFC Standard Life Insurance Company is a venture of HDFC Life and Standard Life Aberdeen. It was established in the year 2000. The company caters to a large section of insurance like Pension, Health, Protection, Investment and Savings. It has around 34 individual as well as 11 group products with 8 rider benefits (optional). Along with that, it has around 413 branches and additional tie-ups of distribution and consultants.

HDFC ULIP Plans

HDFC ULIP plans are the protection plans with investment. These investments have the risk involved. There are different types of HDFC ULIP plans with different risk-taking ability and

PlanPolicy TermEntry Age (Min-Max)Maturity AgeSum Assured (Min-Max)
HDFC Life Click2Invest ULIP5 to 20 years30 days to 65  years75 years125% of Single Premium,

10 x annualized premium,

7 x annualized premium

HDFC LIFE SL Crest10 years14 to 55 years65 years7 x annualized premium to 20 x  annualized premium
HDFC Click 2 retire10 to 35 years18 to 65 years75 yearsFund Value
HDFC SL Youngstar Super Premium10 to 20 years18 to 65 years75 years7 x annualized premium to 40 x  annualized premium
HDFC Life Pro Growth Plus10 to 30 years14 to 65 years75 years7 x annualized premium to 40 x  annualized premium
HDFC SL Pro Growth Flexi10 to 30 years14 to 65 years75 years7 x annualized premium to 40 x  annualized premium
HDFC SL Pro Growth Super II10 to 30 years14 to 65 years75 years7 x annualized premium to 40 x  annualized premium
HDFC SL Pro Growth Maximiser5 to 10 years14 to 65 years75 years110% x Single Premium to  10 times the Single

Premium

could be taken for different goals like marriage, retirement, investment, education or others.

Fund Options

There are 8 different funds available in HDFC ULIP plans wherein the policyholders can make their investments. Furthermore, there are 3 types of funds allocation according to which the amount is invested and the risk factor is calculated.

Equity Plus fund

These funds help to get an appreciation of investment in the long term and better than NIFTY returns. Though it provides good returns, the risk factor is also very high in these funds. Around 80 per cent or more of the amount is invested in Equity funds.

Diversified Equity fund

The investments under this fund is basically done in the companies that have the high potential in the spectrum of a market. The return is very high along with a high-risk factor.

Blue Chip Fund

In this type of fund, the investment is made in equities with large cap and instruments related to equity. This generally gives a very high return but also have very high risk involved.

Opportunities Fund

In these funds, the investment is made in equities with mid-cap and instruments related to equity. This generally gives a very high return but also have very high risk involved.

Balanced fund

In these types of funds, investments are made in two funds. On one hand, the equity funds give good exposure to the market and good returns; whereas, on the other hand, debt funds give security but not good returns. The risk of the fund is from moderate to high.

Income fund

In these funds, the return is higher due to longer time and exposure. The risk is moderate and does not give huge returns.

Bond fund

In these funds, investment is made in all the instruments with fixed income. The risk is at a moderate level.

Conservative fund

The investment is done on fixed income instruments and the securities of government. The risk and return both are low.

HDFC Life Click2Invest ULIP

HDFC Life Click 2 Invest is a ULIP plan which is linked to the market returns and also provides protection to the family financially. There are 8 different plans in which the money is invested and accordingly determine the sum assured.

Fund Options

In this, all the 8 fund options are given and from which the user can invest as per their requirements. The funds can be changed anytime but only the first four changes are free of cost and rest will cost.

Maturity Benefit

On the maturity of the policy, the policyholder will get the benefit as per the fund value available. It will be calculated on the basis of unit price which is prevalent at that time with the units available.

Death Benefit

If the life assured meets with an unfortunate event, the nominee will get the sum assured.

Partial Withdrawal

If the life assured has completed 5 years into the policy and the age of the Life Assured is of 18 years, the amount can be withdrawn partially.

HDFC SL CREST

In this HDFC ULIP plan, the policyholder will be able to protect the family with insurance and also get a good return allowing him to get the maximum benefit.

Fund Options

In this HDFC ULIP plan, the policyholder has the option of choosing between 4 types of funds:

  • Income fund
  • Balanced fund
  • Blue chip fund
  • Opportunities fund

Maturity Benefit

When the policy gets matured, the policyholder will get the value equivalent to their units. Upon maturity, there is an option of Settlement in which the policyholder can take the value of the fund in equal instalments of 5 years. But the amount may go up or down as per the market prevalent value at the time of withdrawal.

Death Benefit

In case, the life assured meets with an unexpected event before attaining the age of 60 years, the sum assured will be paid after deducting any withdrawals with fund value. If the life assured dies after the age of 60 years, the sum assured will be given after deducting withdrawals.

Partial withdrawals

Partial withdrawals can be done only after completing 5 years of policy and should be at least Rs 10,000/-. Withdrawal charges will also be applied to it. The life assured must have attained the age of 18 years.

Charges of Premium and discontinuation allocation

There is a premium allocation charge applied for the first 5 years of policy and the rest of the money is invested into the HDFC ULIP.  If the policy discontinued, there will be no charges after completing 5 years.

HDFC Click 2 Retire

Those policyholders who want to invest their money and want at the time of retirement.

Fund Options

In this HDFC ULIP plan, the policyholder has the option of choosing between 3 types of funds:

  • Pension Equity Plus fund
  • Pension Income Fund
  • Pension Conservative Fund

The amount invested in the fund will be distributed among Equity Plus fund and Income fund based on the age of the policyholder. After this, the total fund value is transferred to the Conservative Fund.

Premium

The policyholder can pay the premium in different modes from monthly to annually. If the policyholder is not able to pay the premium on the due date, they will get grace period of 15 days for the monthly premium-payment mode. If other modes are chosen, the grace period will be of 30 days.

Vesting Benefit

The policyholder will get the maturity benefit of fund value or assured vesting benefit (whichever is higher).

Death Benefit

If the life assured meets with an unexpected event, the nominee will get either the fund value or the premium 105 per cent paid till date.

HDFC SL Youngstar Super Premium

To protect the future of a child, this policy can be really helpful as it will protect the immediate requirements of the child and her/his future, too. There are two plan options available in this HDFC ULIP plan

  1. Life optionIn this option, the nominee will get the death benefit only.
  2. Life and Health OptionIn this option, the nominee will get the death benefit and the policyholder will get the Critical Illness benefit.

Reference Benefit of Payment

Save Benefit

If the policyholder meets with unexpected events, the nominee will get a lump sum value of sum assured. All the future premium will be waived off. If the policyholder survives, the value of a fund will be given to her/him by the company.

Save Gain Benefit

In case of any mishappening, the nominee will get the sum assured. No premium needs to be paid thereafter. If the policyholder survives then fund value will be given to them.

In this plan, the policyholder can choose any of the payment benefits.

Fund Options

In this HDFC ULIP plan, the policyholder has the option of choosing between 4 types of funds:

  • Income fund
  • Balanced fund
  • Blue chip fund
  • Opportunities fund

Maturity Benefit

When the policy gets matured, the policyholder will get the value equivalent to their units. Upon maturity, there is an option of Settlement in which the policyholder can take the value of the fund in equal instalments of 5 years. But, the amount may go up or down as per the market prevalent value at the time of withdrawal.

Death Benefit

In case the death of the life assured, the policyholder will get the benefit as per the Benefit Payment reference and if any critical illness cover is there, it will be terminated. The nominee can choose to get the partial sum assured or in full or can also choose other available options. The fund value will also be given to the nominee as the policy term ends.

Critical Illness

If the life assured is diagnosed with the critical illness, the benefits will be paid as per the Benefit Payment reference. The nominee can choose to get the partial sum assured or in full or can also choose other available options. The fund value will also be given to the nominee as the policy term ends and the death benefit will get ceased.

Partial withdrawals

The partial withdrawals can be done only after completing 5 years of policy and should be of at least Rs 10,000/-. Withdrawal charges will be applied to it.

Charges of Premium and discontinuation allocation

There is a premium allocation charge applied to the policy and rest of the money gets invested. It will be charged for the whole policy term.  If the policy is discontinued after 5 years, there will be no charges applicable.

HDFC Life Pro Growth Plus

This is an HDFC ULIP plan with the regular premium payment option. The regular premium is invested in the funds chosen by the policyholder. This will provide the security to the family when policyholder or life assured is not around. The investment factor makes the person have a good amount at maturity. There are two plan options available –

  1. Life option – Only Death benefit will be available
  2. Extra Life Option – Death benefit with the Death Accidental benefit

Death Benefit

If the policyholder dies, the nominee will get the one which is greater from the fund value of the investment or sum assured. After the payment of the benefit, no benefit will be paid and policy will be ceased.

In case, death happens due to an accident, an additional amount will be paid to the nominee.

In case the life assured meets with an unexpected event before attaining the age of 60 years, the highest amount from the following will be paid:

  • Sum assured after deducting all the withdrawals made in the last two years
  • Or total fund value
  • Or 105 per cent of the paid premium

If the life assured dies after the age of 60 years, the highest amount from either sum assured after deducting withdrawals after attaining an age of 58 years or fund value or 105 per cent of the paid premium will be paid to the nominee.

Choice of fund

In this HDFC ULIP plan, 8 different fund options are given to the policyholder. From all these funds, 4 funds have a higher risk factor. The investment can be changed in the following two ways –

  • It can be switched anytime from one to another.
  • Pay the future premiums from different funds as per the policyholder requirements.

Maturity Benefit

When the policy gets matured then the policyholder can withdraw the units of the policy and policy will get ceased. In the maturity, there is an option of Settlement in which the policyholder can take the value of the fund in equal instalments of 5 years. But the amount may go up or down as per the market prevalent value at the time of withdrawal.

The policyholder can take the amount in equal instalments such as monthly, quarterly, half yearly or annually with a span of 5 years.

Partial withdrawals

The partial withdrawals can be done only after completing 5 years of policy and should be at least Rs 10,000/-. The life assured needs to be 18 years or above. Withdrawal charges will be applied to it.

Charges of Premium and discontinuation allocation

There is a premium allocation charges applied to the policy and rest of the money gets invested. It will be charged for the whole policy term.  If the policy gets discontinued then there will be no charges only after completing 5 years.

HDFC SL Pro Growth Flexi

This policy will help the policyholder to have the security for a family in case of any mishappening or a good amount at maturity. With this, it also provides the flexibility to choose the premium paying term for the policy. There are two options of the plan from which a policyholder can choose from–

  1. Life option – Only Death benefit will be available
  2. Extra Life Option – Death benefit with the Death Accidental benefit

Death Benefit

In case of unfortunate and untimely death of the policyholder, the nominee will receive the sum assured as whichever is greater:

  • Fund value of the investment
  • Or sum assured

After the payment of the sum assured, no other benefit will be paid and the policy will be ceased.

In case, the death of the life assured happens due to an accident, an additional amount will be paid to the nominee.

In case, the life assured meets with an unexpected event before attaining the age of 60 years, the highest amount from the following will be paid:

  • The sum assured after deducting all the withdrawals made in the last two years;
  • Or total fund value;
  • Or 105 per cent of the paid premium

If the life assured dies after the age of 60 years, the highest amount from either like sum assured after deducting withdrawals after attaining an age of 58 years or fund value or 105 per cent of the paid premium.

Choice of fund

In this HDFC ULIP plan, 8 different fund options are given, from which the user can invest as per their requirements. The policyholder can choose either all the funds or a combination of them as per her/his ability to take the risk. The investment can be changed in the following two ways.

  • The funds can be switched anytime from one to another.
  • Pay the future premiums from different funds as per the policyholder

Premium Flexibility

There are some of the exigencies in which it would not be possible to pay the premium. So under this HDFC ULIP plan, there is flexibility to change the premium paying term. But, the policyholder needs to pay a premium for the minimum term.  If the policy term is of 10 years, the minimum term to pay premium is of 5 years and if it’s 15+ years, it minimum term to pay premium is of 10 years.

Maturity Benefit

When the policy gets matured, the policyholder can withdraw the units of the policy and policy will be ceased. Upon maturity, there is an option of Settlement in which the policyholder can take the value of the fund in equal instalments of 5 years. But, the amount may go up or down as per the market prevalent value at the time of withdrawal.

The policyholder can take the amount in equal instalments such as monthly, quarterly, half yearly or annual span with a span of 5 years.

Partial withdrawals

Partial withdrawals can be done only after completing 5 years of policy and should be of at least Rs 10,000/-. The life assured needs to be 18 years or above. Withdrawal charges will be applicable.

Charges of Premium and discontinuation allocation

There is a premium allocation charge applied to the policy and rest of the money gets invested. It will be charged for the whole policy term.  If the policy gets discontinued, there will be no charges after completing 5 years into the policy term.

HDFC SL Pro Growth Super II

HDFC SL Pro Growth Super II will provide the financial security for a family with many other benefits which can help the policyholder to secure the family. With that, it also provides a good return on maturity if policyholder survives. There are different plan options, in this HDFC ULIP plan.

  1. Life option – Only Death benefit will be available
  2. Extra Life Option – Death benefit with the Death Accidental benefit
  3. Life and Health Option – Death benefit with the Critical Illness benefit.
  4. Extra Life and Health Option – Death benefit along with the Critical Illness benefit and Death Accidental Benefit.
  5. Life and Disability Option – Death benefit with Total and Permanent disability through Accident.
  6. Extra Life and Disability Option – Death benefit with Total and Permanent disability through Accident and Death Accidental Benefit.
  7. Life and Health and Disability Option – Death benefit with Critical Illness and Total and Permanent disability through Accident.
  8. Extra Life and Health and Disability Option – Death benefit with Critical Illness, Total and Permanent disability through Accident and Death Accidental Benefit.

Benefits

Death Benefit

In case of any mishappening, the nominee will receive a value of fund and sum assured. After the payment policy will be terminated.

Critical Illness Benefit

If the policyholder is diagnosed with a critical s/he or her/his or nominee will get the sum assured and value of the fund.

Death benefit due to an accident

In case the life assured dies due to an accident, the policyholder will get an additional amount of sum assured.

Accidental total and permanent disability

10 per cent of the sum assured amount will be paid every year. In case of death or the critical illness claim, the rest of the amount will be paid as a lump sum to the life assured or nominee. After this, all the benefits of policy will be ceased. 

Choice of fund

In this HDFC ULIP plan, all the 8 fund options are given in which the user can invest as per her/his requirements. The policyholder can choose either all the funds or a combination of them as per the ability to take the risk. The investment can be changed in the following two ways.

  • The funds can be switched anytime from one to another.
  • Pay the future premiums from different funds as per the policyholder

Maturity Benefit

When the policy gets matured, the policyholder can withdraw the units of the policy and policy will be ceased. Upon maturity, there is an option of Settlement in which the policyholder can take the value of the fund in equal instalments of 5 years. But, the amount may go up or down as per the market prevalent value at the time of withdrawal.

Death Benefit

If the life assured has some mishappening, the nominee will get both the sum assured and value of a fund. The minimum benefit which will be given on death is at least 105 per cent of the paid premium. If the policyholder has opted for the accidental death benefit, an additional amount will be paid for that.

If the policyholder has been diagnosed with a critical illness, s/he will get the sum assured and value of a fund. In case, the life assured meets with an accident and suffers from total and permanent disability, about 10 per cent of sum assured will be paid every year.

Partial withdrawals

Partial withdrawals can be done only after completing 5 years of policy and should be of at least Rs 10,000/-. The life assured needs to be of 18 years or above. Withdrawal charges will be applicable.

Charges of Premium and discontinuation allocation

There is a premium allocation charge applied to the policy and rest of the money gets invested. It will be charged for the whole policy term.  If the policy gets discontinued, there will be no charges only after completing 5 years.

HDFC SL Pro Growth Maximiser

HDFC SL Pro Growth Maximiser protects the family from any mishappening. It has the benefit of having the single premium as well as single top-up payment. Upon maturity, the policyholder will get the value of the funds.

Fund Options

In this, the policyholder has the option of choosing between 4 types of funds:

  • Income fund
  • Balanced fund
  • Blue chip fund
  • Opportunities fund

The policyholder can invest into any or all of the four funds.

Maturity Benefit

When the policy gets matured, the policyholder can withdraw the units of the policy and policy will get ceased. In the maturity, there is an option of Settlement in which the policyholder can take the value of the fund in equal instalments of 5 years. But, the amount may go up or down as per the market prevalent value at the time of withdrawal.

Death Benefit

In case of unfortunate death of the policyholder, the nominee will get greater of the:

  • Fund value of the investment;
  • Or the sum assured

After the payment, no benefit will be paid and the policy will be ceased.

In case, the life assured meets with an unexpected event before attaining the age of 60 years, the highest amount from the following will be paid from:

  • Sum assured after deducting all the withdrawal made in last two years;
  • Or a total value of the fund.

If the life assured dies after attaining the age of 60 years, the highest amount from sum assured after deducting withdrawals or a total value of the fund.

Partial withdrawals

The partial withdrawals can be done only after completing 5 years of policy and should be at least Rs 10,000/-. The life assured needs to be 18 years or above. Withdrawal charges will be applied to it.

Charges of Premium

There is a premium allocation charges applied to the policy and rest of the money gets invested.

Common features of HDFC ULIP Plans

There are some of the features which are there in all the policies such as –

Premium

For monthly payment mode, the life assured has 15 days grace period and for other modes, the period of grace is of 30 days.

Revival of policy

If due to any reason, the policyholder is not able to pay the premium on the due date and the policy gets lapsed, s/he can revive the policy within a span of 2 years from the last missed premium. However, the policyholder needs to pay all the missed premium and due premiums till date.

Surrender

If the policyholder surrenders the policy, all the cover of risk will be ceased and benefits will be paid. In case the policy has not completed 5 years, the amount will be held in the lease in the Policy fund of the discontinued policy. After the lock-in period, it will be paid off. If the policy had completed 5 years, the value of the units will be given to the policyholder and it will be discontinued then.

Tax Benefits

These plans are eligible for the Income-tax rebate under Section 80C.

Things to Know Before Buying HDFC Life ULIP Plans

Lock in Period

There is a lock-in period in HDFC ULIP plans. Therefore, this plan is a better option for the individuals who can stay invested for a longer period of time.

Dual Advantage

Along with the investment factor, it also offers the insurance factor to investors and their families. In addition to that, it also provides an income tax benefit.

Flexible

The user can switch to different options in a year. Usually, switching between these fund options is available at no extra cost.

Documents Required to Buy HDFC Life ULIP Plans

Below-enlisted are the different documents that are required for HDFC ULIP plans.

Proof of Identity

Any government-approved identity proof which has the applicant’s photograph on it:

  1. Passport
  2. Driving License
  3. Aadhaar Card
  4. Driving license

Proof of Residence

Any identity proof, which has the applicant’s address on it

  1. Two months old (any) utility bill
  2. Accommodation letter or allotment letter gave through the employer
  3. Statement of post office account or bank account.
  4. Letter by the foreign embassy or Mission in India.

Photograph

Passport size photograph

In case the investor wants to make a partial withdrawal from an HDFC ULIP plan, following documents are required –

  1. Policy documents of the particular ULIP from which the investor wants to make the withdrawal.
  2. Proof of Identity
  3. Policyholder cancelled cheque
  4. Form of payout
  5. In case of NRE account, current bank statements to show premiums are paid.
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