Overview
HDFC Life Insurance is one of the leading life insurance companies in India, offering a range of insurance products and investment solutions to meet the diverse financial needs of individuals. HDFC Life ULIP Plan is a combination of protection and investment plans, combining the benefits of life insurance coverage with investment opportunities. HDFC Life Insurance offers more than 10 ULIP Plans with good returns to cater to individual needs.
Table of ContentWhat are ULIP Plans?
ULIPs are unique-linked insurance products that allow policyholders to invest a portion of their premium in different investment funds, such as equity, debt, or balanced funds, based on their risk appetite and financial goals. These plans provide the dual advantage of protection and wealth creation, making them popular among individuals seeking insurance coverage and growing their savings over the long term.
Key Features of HDFC Life Ulip Plans
HDFC ULIP plans to combine investment and insurance, making it a better buying option. By investing in ULIPs, you can enjoy the benefits of the stock market without significant risk, giving your family a life insurance safety net. Here are some of the advantages of HDFC ULIP plans:
Investment Options
HDFC Life ULIP plans offer various investment options to meet risk profiles and preferences. These options typically include equity funds for potentially higher returns, debt funds for stability, and sometimes speciality funds targeting specific sectors or themes. Policyholders can choose the investment funds that align with their financial goals and risk tolerance.
Flexibility
ULIP plans from HDFC Life Insurance offer flexibility in premium payment frequencies such as monthly, quarterly, half-yearly or annually, allowing policyholders to choose what suits their financial situation. Additionally, many plans allow switching between different investment funds based on changing market conditions or personal investment preferences.
Life Insurance Coverage
Along with the investment component, HDFC Life offers life insurance coverage to protect policyholders and their families against unforeseen events. The insurance component ensures that in the unfortunate event of the policyholder's demise during the policy term, the named beneficiaries receive the death benefit, which is usually higher than the sum assured.
Wealth Creation Potential
ULIP plans aim to provide long-term wealth creation opportunities by investing in the financial markets. Since investment funds are subject to market fluctuations, the returns from ULIPs are linked to the performance of these funds. Over the long term, if the funds perform well, policyholders have the potential to earn higher returns than traditional life insurance plans.
Tax Benefits
ULIP plans offer tax benefits under the Income Tax Act of India. Premiums paid towards ULIPs are eligible for tax deductions under Section 80C of the Income Tax Act, subject to specified limits. Additionally, the maturity proceeds and death benefits received from ULIPs are generally tax-free under Section 10(10D) of the Income Tax Act, subject to certain conditions.
Withdrawal Benefit
ULIP allows the partial withdrawal of funds to investors in case of any emergencies. An investor can withdraw funds up to a specific limit to meet their fund requirements arising from an emergency.
How Does A ULIP Plan Work?
HDFC Life ULIP (Unit Linked Insurance Plan) works similarly to other ULIPs. The premium you pay is divided into two components: one part is used to provide life insurance coverage, and the other is invested in various funds of your choice. You pay regular premiums for the HDFC Life ULIP plan. These premiums can be paid monthly, quarterly, half-yearly or annually as per your choice and the policy terms. In addition, HDFC Life ULIPs usually offer the facility to switch or redirect your investments between different funds. This allows you to align your investments with changing market conditions or your evolving investment strategy. However, certain limits on the number of accessible switches or redirections may apply, depending on the specific ULIP plan. HDFC fund managers will help you invest in funds, but the last fund choice will be yours.
ULIP Plans Offered by HDFC Life Insurance
HDFC ULIP plans offer the flexibility to invest in various equity or debt funds. It also provides the benefit of insurance coverage. Below we have mentioned the list of ULIP plans and their unique features offered by HDFC Life Insurance:
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HDFC Life Smart Protect Plan |
Key Features
- Assured Benefit on Maturity
- Tax Benefits
- Return of Fund Management Charge
Eligibility Criteria
Entry Age: 30 Days to 60 Years
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HDFC Life Sampoorna Nivesh |
Key Features
- Loyalty Benefits
- Partial Withdrawal
- Available Fund Choices
Eligibility Criteria
Entry Age: 30 Days to 65 Years
|
HDFC Life Pro Growth Plus Plan |
Key Features
- Accidental Death Benefit
- Maturity Benefits
- 10 Fund Options
Eligibility Criteria
Entry Age: 30 days to 65 Years
|
HDFC Life Click 2 Wealth Plan |
Key Features
- Unlimited Free Switch Options
- 11 Fund Options
- 1% Annualized Premium
Eligibility Criteria
Entry Age: 30 days to 60 Years
|
HDFC Life Click 2 Invest ULIP |
Key Features
- 11 Fund Options
- Death Benefits
- Tax Benefits
Eligibility Criteria
Entry Age: 30 Days to 65 Years
|
HDFC SL ProGrowth Super II |
Key Features
- Critical Illness
- 8 funds Available
- Partial Withdrawal
Eligibility Criteria
Entry Age: 14 Years to 65 Years
|
HDFC SL Crest Plan |
Key Features
- 10 Fund Options
- 20 Times Sum Assured
- 5-Year Premium Term
Eligibility Criteria
Entry Age: 14 Years to No Limit
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HDFC SL ProGrowth Flexi Plan |
Key Features
- Maturity Benefits
- Accidental Death Benefits
- Tax Benefits
Eligibility Criteria
Entry Age: 14 Years to 65 Years
|
HDFC Life Smart Woman Plan |
Key Features
- 4 Fund Options
- 40 time Sum Assured
- Death Benefit
Eligibility Criteria
Entry Age: 14 Years to No Limit
|
HDFC Life Classic One Plan |
Key Features
- Death Benefit
- Attractive Additional Riders
- Unlimited Free Switching Option
Eligibility Criteria
Entry Age: 18 Years to 80 Years
|
HDFC Life Capital Shield Plan |
Key Features
- Maturity Benefits
- Loyalty Benefits
- 2 Funds Option
Eligibility Criteria
Entry Age: 8 Years to 60 Years
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HDFC Life Wealth Builder Plan |
Key Features
- Maturity Benefits
- Death Benefits
- 8 Fund Options
Eligibility Criteria
Entry Age: 13 Years to 65 Years
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HDFC Life Wealth Elite |
Key Features
- Maturity Benefits
- Comprehensive Death Benefit
- Tax Benefits
Eligibility Criteria
Entry Age: No Minimum Age Limit to 65 Years
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HDFC Life Wealth Maxima |
Key Features
- Loyalty Benefit
- 6 Funds Option
- Top Up Benefit
Eligibility Criteria
Entry Age: No Minimum Age Limit to 65 Years
Benefits of HDFC Ulip Plans
HDFC ULIP (Unit Linked Insurance Plan) plans offer several benefits to policyholders. Here are some key benefits of HDFC ULIP plans:
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Life Insurance Coverage
HDFC ULIP plans to provide life insurance coverage, ensuring financial protection for your family in the unfortunate event of your demise during the policy term. The sum assured is paid to the beneficiaries, offering financial security to your loved ones.
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Investment and Wealth Creation
HDFC ULIP plans allow you to invest a portion of your premium in various investment funds offered by HDFC Life. These funds allow you to grow wealth over the long term through potential returns from equity, debt, or balanced market-linked investments.
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Flexibility and Control
HDFC ULIPs offer flexibility and control over your investments. You can choose from various investment funds that align with your risk appetite and investment goals. Additionally, you can switch or redirect your investments between different funds based on changing market conditions or your evolving investment strategy.
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Tax Benefits
HDFC ULIP plans to provide tax benefits under the Income Tax Act 1961 provisions. The premiums paid towards the policy are eligible for tax deductions under Section 80C, subject to the overall limit. Additionally, the maturity proceeds and death benefit received from the ULIP are generally tax-free under Section 10(10D), subject to certain conditions.
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Goal-based Planning
HDFC ULIPs allow you to align your investments with specific financial goals such as education, retirement, or purchasing a house. You can choose the appropriate ULIP variant or customize your investment strategy to meet these goals, combining insurance protection with long-term wealth creation.
HDFC Ulip Plan Buying Process
You can buy HDFC Ulip plans through two platforms, i.e., from the official website of HDFC Life Insurance or RenewBuy.com. Below we have explained both the buying process in detail:
Buy from the Official Website of HDFC Life Insurance
- Visit the “HDFC Life Insurance” official website.
- Be prepared for any aspect of wealth or health emergency.
- Click on the “Life Insurance Plans” section from the header menu.
- Then, click on the “Ulip Plans” section from the drop-down.
- Select the desired Ulip Plan and click the “Buy Now” button.
- Fill in the required details and click on the “Calculate” button.
- Select the cover option you want and make your payment.
Buy from RenewBuy.com
- Visit the official website of “RenewBuy”.
- Click on the “Life Insurance” tab.
- Go to the “Life Insurance Companies” section.
- Select “HDFC Life Insurance” company from the list.
- Scroll down and select the “Ulip Plan” section
- Click on the “Buy Now” button
- A pop-up will show you the plan details and the additional rider information.
- Click on the “Proceed to Buy” button.
- Make the online payment, and the policy documents will be sent to your registered email address.
Conclusion
Before investing in any ULIP plan, assessing your financial goals, risk appetite, and investment horizon is crucial. It's recommended to carefully read the policy terms and conditions and understand the fund options, historical performance, and associated charges. Consulting with a financial advisor or an insurance professional can help you make an informed decision based on your specific financial circumstances.