Complete Comparison of ULIP Plans
To this end, you should have a better understanding of the various features, benefits, and other terms related to the 3 plans mentioned above. The following table compare ULIP plans offered by HDFC Life:
Criterion | Click2Invest | Pension Super Plus | ProGrowth Flexi |
---|---|---|---|
Minimum Entry Age |
30 days | 35 years | 14 years |
Maximum Entry Age |
65 years | 65 years | 65 years |
Maximum Maturity Age |
18 years | 55 years | |
Maximum Maturity Age |
75 years | 75 years | 75 years |
Sum Assured |
125% of Single Premium 10 X annualized premium (entry age < 55 years) 7 X annualized premium (entry age > 55years) |
Higher of 10 X annualized premium or 0.5 X policy term X annualized premium (entry age < 45 years) Higher of 7 X annualized premium or 0.25 X policy term X annualized premium (entry age > 45 years) |
|
Minimum Annualized Premium |
Single - INR 24,000 Annual - INR 12,000 |
Annual - INR 24,000 Top-up Premium - INR 10,000 | Annual - INR 24,000 |
Policy Terms |
5 to 20 years | 10, 15, and 20 years | 10 to 30 years |
Premium Paying Options |
Single Limited - 5, 7, and 10 years Regular - 5 to 20 years | Minimum 5 years (policy term 10 years) Minimum 10 years (policy term > 15 years) | |
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
Annual, half-yearly, quarterly, monthly |
Annual, half-yearly, quarterly, monthly |
Advantages of ULIP Plans
Affordable
The various fees and charges associated with the above-mentioned ULIPs are affordable. This ensures only a small amount of your premium is not invested and used towards fees like premium allocation, fund management charges, policy administration, and mortality charges. It is important for you to compare ULIP plans and understand the associated expenses before making a decision.Flexibility
The ULIP plan comparison depicted above clearly shows that each of these insurance plans offers flexibility to buyers. These plans offer different policy terms, premium paying options, and premium payment frequencies. All of these features can be customized while availing the plan, to ensure it best suits all your personal needs.Tax Benefits
Investments made under these ULIPs enjoy tax exemptions as outlined in Section 80 C and Section 10 (10D) of the Income Tax Act.No Medicals and Simple
Individuals who meet the criteria outlined by the insurance company can avail either of these plans without undergoing any medical tests. The entire procedure to avail these policies is simple and efficient. Buyers can also choose to buy the ULIPs online, through the website, to enjoy additional benefits offered on this platform.
ULIPs are a kind of life insurance product that offer risk cover along with investment options to policyholders. Investments can be made in different instruments, such as bonds, equities, or mutual funds. Because the investments are related to market fluctuations, it is important for you to assess your risk appetite and undertake a detailed ULIP comparison before you make an investment decision.
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