HDFC Life ProGrowth Flexi

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ProGrowth Flexi from HDFC Life is a unit-linked insurance plan (Ulip) with the flexibility to change the premium-paying term. The policy offers a free-look period of 30 days (in normal cases, the free-look period is for 15 days) keeping in mind that the customers might need some extra time to understand the Ulip guidelines, which have been recently changed.

Features. On maturity, the plan offers an option to take the fund value in periodic instalments over five years. But, during this extended period, no life cover is offered to the policyholder. The policy also offers an option to take the additional sum assured for accidental death (known as extra-life option).

Death benefits. This is a Type I policy, which pays the greater of sum assured or fund value. Moreover, to protect the downside, the insurance regulator has, recently, made it mandatory that the death benefit should not be less than 105 per cent of the premium paid in all cases.

Partial Withdrawals and Loans. You are allowed to make partial withdrawals after five years, provided your fund is left with a minimum balance not less than 150 per cent of your original annual premium. While the minimum withdrawal limit is Rs 10,000, the maximum withdrawal allowed is 300 per cent of the original annual premium throughout the term of the policy. Moreover, the life assured should be at least 18 years of age to make the withdrawal.

Cost. For a 35-year-old male paying annual premiums of Rs 50,000 for 15 years for a sum assured of Rs 10 lakh (20 times the premium), the policy will pay Rs 9,86,416 and Rs 13,87,849 at an assumed growth rate of 6 per cent and 10 per cent, respectively. The net yield comes to 3.35 per cent and 7.37 per cent, respectively.

Comparison. For similar plans such as Aviva Freedom Life Advantage and IndiaFirst Smart Save Plan (considering the same parameters), which are Type I policies, the net yield comes to 7.81 per cent and 7.17 per cent, respectively, at an assumed growth rate of 10 per cent.

Conclusion. Invest if you are a long-term investor with a minimum horizon of at least 10 years. Moreover, to cash in on the long-term returns from equity markets, we recommend you to either invest in the Blue-Chip Fund or the Opportunities Fund, depending on your risk profile.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

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Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

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