HDFC Standard HDFC SL ProGrowth Flexi Review
Plan Summary
Simple ULIP Plan with Higher Charges as compared to other ULIP Plans
Official Overview
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 you’re loved ones financial future is secured even in your absence.
Advantages
This plan provides valuable protection to your family in case you are not around. In case of your unfortunate demise during the policy term, we will pay the greater of the Sum Assured or your total fund value to your nominee.
- You can choose any of the following 2 plan options as per your requirement.
- Life Option = Death Benefit
- Extra Life Option = Death Benefit + Accidental Death Benefit
- On maturity, you can take the Fund Value at the prevailing unit prices as lump sum or you can opt for settlement option.
- You have flexibility of
- 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
- Tax benefits are offered under section 80C and 10(10D) of the Income Tax Act, 1961.
Editor’s Review
HDFC SL ProGrowth Flexi is a very simple ULIP PLan with no Loyalty Additions or extra features. Infact, the plan is so simple there is nothing much to write about. It can be said as a sister plan to ProGrowth Super II with only one major difference, in this plan the death benefit is higher of Sum Assured or Fund Value whereas in ProGrowth Super it is Sum Assured + Fund Value.
The Yield Net of Charges of this plan is 7.84% which is on the lower side compared to other ULIP Plans available in the market.
The only saving grace of this plan is that the Opportunities Fund of HDFC is generating a moderate return of around 13-14% over short term period of over a year. However, its bluechip Fund is having a very low returns of around 4% since inception of January, 2010.
All in all, there is nothing new or exciting in this plan as compared to ULIP offerings of other companies.
Key Features
- Option of taking Accidental Death Benefit rider
- Simple ULIP Plan
Benefits
- Good Performance of Opportunities Fund since its inception in January, 2010
Negatives
- Bad Performance of Bluechip Fund
- Higher Charges as compared to other ULIP Plans
- Lower Yield Net of Charges
Our Recommendation
The plan has nothing to recommend about in its features, charges etc. except average performance of its Opportunities Fund which may or may not continue in future. The Charges in the plan is also on the higher side. Therefore, all in all the plan is 50:50 considering the performance of its Opportunities Fund, otherwise, the plan has nothing for us to recommend.
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