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In Unit Linked policies, the investment risk in investment portfolio is borne by the policyholder. ...Read More
new fund launch
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What is New Fund Launch?
New Fund Launch, in the context of life insurance, refers to the option to invest in a new fund as part of the investment component of a Unit Linked Life Insurance Policy. Policyholders who choose a Unit Linked Insurance Plan (ULIP) get life insurance coverage along with the opportunity to allocate premiums to market-linked fund options, subject to the product terms and conditions.
The Top 500 Smart Value 50 Fund is a Unit Linked fund option that aims to provide long-term capital appreciation by investing in a diversified portfolio of equity and equity related securities aligned to the BSE 500 Enhanced Value 50 Index, subject to regulatory requirements. The fund may use derivative instruments and other equity instruments, as permitted under applicable regulations, to calibrate risks in the portfolio.
Understanding the Basics
What is the objective of the Top 500 Smart Value 50 Fund (ULIF08801/06/26SmtVal50Fd101)?
The Fund aims to generate long-term capital appreciation by investing in a diversified portfolio of equity and equity related securities that are aligned to the BSE 500 Enhanced Value 50 Index, subject to regulatory requirements. The fund is suitable for policyholders who understand market-linked risks and have a long-term investment horizon.
What will be the benchmark? What does the benchmark signify?
The performance benchmark for Top 500 Smart Value 50 Fund is BSE 500 Enhanced Value 50 Index, with 100% benchmark allocation. This is a customized benchmark as per the fund mandate.
The benchmark is designed around the value factor. It selects companies from the BSE 500 universe based on value parameters such as Book-to-Price, Earnings-to-Price and Sales-to-Price ratios. These ratios are commonly used to identify companies that may appear relatively attractive on valuation parameters compared with their market price.
As per the April 2026 BSE Indices factsheet^, the BSE 500 Enhanced Value 50 (Special Capping) Index is a specially capped variant of the BSE 500 Enhanced Value 50 Index. It follows a capped weighting method based on float-adjusted market capitalisation and value score, and is reconstituted quarterly in March, June, September and December.
What is the investment philosophy behind launching this fund?
The investment philosophy behind the Top 500 Smart Value 50 Fund is based on value investing. Value investing focuses on identifying companies whose market price appears reasonable or relatively attractive when compared with underlying business fundamentals. A value strategy may consider parameters such as earnings, book value, sales, cash flows, leverage and business quality.
The Fund follows a passive investment approach and seeks to remain aligned to the benchmark, subject to regulatory requirements, portfolio execution, liquidity, expenses and other applicable factors. Since this is an equity-oriented fund, the fund value may fluctuate based on equity market movements, sector performance, stock-level movement and broader economic factors.
Highlights of Top 500 Smart Value 50 Fund
Particulars |
Details |
Fund Name |
Top 500 Smart Value 50 Fund |
SFIN |
ULIF08801/06/26SmtVal50Fd101 |
Fund Type |
Unit Linked Equity Fund Option |
Investment Approach |
Passive investment approach aligned to BSE 500 Enhanced Value 50 Index, subject to regulatory requirements |
Benchmark Index |
BSE 500 Enhanced Value 50 Index |
Benchmark Allocation |
100% |
Risk Level |
Very High |
Investment Objective |
To generate long-term capital appreciation by investing in a diversified portfolio of equity and equity related securities aligned to the benchmark |
Reconstitution Frequency of Index |
Quarterly in March, June, September and December |
Investment Universe and Asset Class Limits
Asset Allocation |
Range |
Equity and equity related securities |
80% - 100% |
Money Market and Liquid Mutual Funds |
0% - 20% |
Government and Corporate Bonds |
0% - 20% |
The fund may use derivative instruments and other equity instruments as permitted under applicable regulations to calibrate portfolio risks. The actual asset allocation may vary within the above ranges subject to market conditions, regulatory requirements and fund management considerations.
Top 500 Smart Value 50 Fund is available with the following products
HDFC Life Smart Protect Plus (UIN: 101L187V03)
HDFC Life Sampoorn Nivesh Plus (UIN: 101L180V01)
HDFC Life Click 2 Wealth (UIN: 101L133V03)
HDFC Life Click 2 Invest Plus (UIN: 101L178V01)
What are the Key Features?
Value-based market exposure
The fund provides exposure to a value-oriented equity strategy aligned to the BSE 500 Enhanced Value 50 Index. The underlying value strategy considers companies selected from the BSE 500 universe based on valuation parameters such as Book-to-Price, Earnings-to-Price and Sales-to-Price ratios.
Diversified equity portfolio
The fund aims to invest in a diversified portfolio of equity and equity related securities. Diversification may help reduce dependence on a single stock or sector; however, it does not eliminate market risk or guarantee returns.
Passive fund structure
The fund follows a passive approach and seeks to remain aligned to the benchmark, subject to applicable regulatory and portfolio management considerations. The fund performance may differ from the benchmark due to expenses, timing of portfolio changes, cash holdings, liquidity and other operational factors.
Benchmark return data
As per the April 2026 BSE Indices factsheet, the BSE 500 Enhanced Value 50 (Special Capping) Index has the following return data. Past performance is not indicative of future performance. The returns mentioned below are benchmark/index returns and are not indicative returns of Top 500 Smart Value 50 Fund (SFIN: ULIF08801/06/26SmtVal50Fd101).
Period |
BSE 500 Enhanced Value 50 (Special Capping) Index - Total Returns |
1 Year |
17.22% |
3 Years |
33.15% |
5 Years |
30.84% |
Data as of 30th April’ 2026: https://www.bseindices.com/Downloads/Factsheet/Factsheet_BSE500EnhancedValue50SpecialCapping_Apr2026.pdf
Benchmark Index Snapshot
Particulars |
Details as per April 2026 Factsheet |
Index Name |
BSE 500 Enhanced Value 50 (Special Capping) Index |
First Value Date |
23 March 2015 |
Base Value |
1000 |
Number of Constituents |
100 |
Weighting Method |
Capped - Float Adjusted Market Cap & Value Score |
Index Universe |
BSE 500 |
Calculation Currency |
INR |
Reconstitution Frequency |
Quarterly in March, June, September and December |
Benchmark Sector Allocation
As per the April 2026 BSE Indices factsheet^, the key sector weights available for the BSE 500 Enhanced Value 50 (Special Capping) Index are as follows. Sector allocation may change after reconstitution and should be verified with the latest Product/Investment team-approved data before publication.
Sector |
Weight |
Energy |
31.93% |
Commodities |
15.19% |
Consumer Discretionary |
7.71% |
Services |
3.93% |
Fast Moving Consumer Goods |
3.01% |
Industrials |
1.90% |
Utilities |
1.60% |
Top Constituents of the Benchmark
The following constituents are as per the April 2026 BSE Indices factsheet for BSE 500 Enhanced Value 50 (Special Capping) Index. Constituents and weights are subject to change during periodic reconstitution.
Company |
Weight |
Oil and Natural Gas Corporation Ltd. |
6.93% |
Hindalco Industries Ltd. |
6.78% |
Coal India Ltd. |
6.73% |
Tata Motors Passenger Vehicles Ltd. |
6.39% |
State Bank of India |
5.69% |
Steel Authority of India Ltd. |
4.31% |
Power Finance Corporation Ltd. |
4.27% |
Bharat Petroleum Corporation Ltd. |
4.12% |
Indian Oil Corporation Ltd. |
3.95% |
GAIL (India) Ltd. |
3.69% |
Who may consider this fund?
This fund may be considered by policyholders who understand the risks of market-linked Unit Linked Insurance funds and are looking for exposure to a value-oriented equity strategy as part of their ULIP fund allocation. The fund may be more suitable for policyholders with a long-term horizon, higher risk appetite and a need for life insurance coverage through the underlying ULIP product.
Policyholders should consider their financial goals, risk appetite, investment horizon, liquidity needs, charges and life insurance requirements before selecting this fund option. This fund is not suitable for policyholders seeking guaranteed returns or short-term liquidity.
Key Risks
Market risk: Equity markets may fluctuate due to economic, political, global, sector-specific or company-specific factors.
Value-factor risk: Value-oriented strategies may underperform during certain market phases, especially when growth or momentum-led strategies dominate.
Value trap risk: A stock may appear attractively valued because of underlying business challenges, weak growth prospects or sector headwinds.
Sector concentration risk: Even with capping rules, the benchmark may have higher exposure to certain sectors during a particular period.
Tracking risk: The fund may not replicate benchmark returns exactly due to expenses, cash allocation, portfolio execution, liquidity and regulatory requirements.
Liquidity and lock-in risk: Linked insurance products do not offer liquidity during the first five years of the contract.
Frequently Asked Questions
We’ll tell you everything you need to know about HDFC Life Click 2 Invest
What is Top 500 Smart Value 50 Fund?
Top 500 Smart Value 50 Fund is a Unit Linked fund option that aims to generate long-term capital appreciation by investing in a diversified portfolio of equity and equity related securities aligned to the BSE 500 Enhanced Value 50 Index, subject to IRDAI regulatory requirements.
What is the benchmark of the fund?
The benchmark of the fund is BSE 500 Enhanced Value 50 Index, with 100% benchmark allocation. This is a customized benchmark as per the fund mandate.
Is life insurance coverage available with this fund?
The fund is available as a fund option under select Unit Linked Insurance Products. Life insurance coverage is available under the respective ULIP product, subject to product terms and conditions.
Are returns guaranteed under this fund?
No. This is a market-linked fund option and does not provide guaranteed returns. The value of units may go up or down based on market movements and fund performance.
Can policyholders withdraw money from the fund during the first five years?
No. Linked insurance products do not offer liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw monies invested in linked insurance products completely or partially till the end of the fifth year.
^https://www.bseindices.com/Downloads/Factsheet/Factsheet_BSE500EnhancedValue50SpecialCapping_Apr2026.pdf
In unit linked policies, the investment risk in the investment portfolio is borne by the policyholder. The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender/withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year. The name of the company, name of the brand and name of the contract does not in any way indicate the quality of the contract, its future prospects or returns.
Unit Linked Funds are subject to market risks and there is no assurance or guarantee that the objective of the investment fund will be achieved.
Unit Linked Insurance Products (ULIPS) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
HDFC Life Smart Protect Plus (UIN: 101L187V03) is a Unit Linked Non-Participating Individual Life Insurance Savings Plan. Life Insurance Coverage is available in this product.
HDFC Life Sampoorn Nivesh Plus (UIN: 101L180V01) is a Unit Linked Non-Participating Individual Life Insurance Savings Plan. Life Insurance Coverage is available in this product.
HDFC Life Click 2 Wealth (UIN: 101L133V03) is a Unit Linked Non-Participating Individual Life Insurance Savings Plan. Life Insurance Coverage is available in this product.
HDFC Life Click 2 Invest Plus (UIN: 101L178V01) is a Unit Linked Non-Participating Individual Life Insurance Savings Plan. Life Insurance Coverage is available in this product.
Top 500 Smart Value 50 Fund (SFIN: ULIF08801/06/26SmtVal50Fd101) is benchmarked to BSE 500 Enhanced Value 50 Index. The benchmark return data mentioned in this material is index/benchmark data and is not indicative of returns of Top 500 Smart Value 50 Fund.
Tax benefits may be available as per prevailing tax laws. Tax laws are subject to change from time to time. Please consult your tax advisor for details on tax applicability, exemptions and implications.
Past performance is not necessarily indicative of future performance. Any historical return data, index performance or back-tested data mentioned above is for information purposes only and should not be construed as a guarantee or assurance of future returns.
We recommend that you read and understand the product brochure, customised benefit illustration and policy document, including the risks involved, before purchasing the policy or selecting any fund option.
ARN: ED/05/26/34143
