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  • HDFC Life Child Insurance Plans

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Education has become an expensive affair, and getting one from a top school is out of reach for many. Financially planning for the child’s future needs can help them achieve their dreams. HDFC Life offers child insurance plans that help parents start planning at the right age so that their child benefits from it when they need. In case something were to happen to the parents, the child plan will ensure that the child is taken care of financially.

    Benefits of HDFC Life Children's Plans

    HDFC Life offers a variety of insurance plans to cater to the varied needs of customers. There are two Children's Plans on offer: HDFC SL YoungStar Super Premium and HDFC Life YoungStar Udaan - Child Plan. You can benefit from the following when you opt for one of these plans:

    • The plans are available for purchase online.
    • You can calculate your premium online before you make your decision.
    • Flexible options of payout of the plan.
    • Limited premium payment terms.
    • Flexible policy tenures.
    • Accrued bonuses and guaranteed additions.
    • Tax benefits as per the prevailing laws

    Children's Plans Offered by HDFC Life

    HDFC SL YoungStar Super Premium:

    If you want to start investing early in your child’s education, car, house or marriage, then this insurance plan can help you achieve your goals. The YoungStar Super Premium Plan is a unit-linked insurance plan which is designed to help policyholders build a corpus for their child. In the event that something were to happen to the policyholder, the child will still have financial support from the insurance plan.

    Four Fund Options - You can choose to invest your money between 4 different funds based on your risk appetite. You can also switch across different funds and direct future premiums into a different fund option.

    Fund name Details
    Income Fund Credit exposure with high duration for higher potential returns
    Balanced Fund Dynamic equities with debt allocation
    Blue Chip Fund Large-cap equities
    Opportunities Fund Mid-cap equities

    Flexible Tenures - This plan is highly customisable and can be tailored to suit your needs. Choose from 10 years, 15 years or 20 years.

    Flexible Premiums - There is no cap on the maximum premium amount. You have the choice to select your premium amount. Furthermore, you can pay your premiums through convenient modes such as auto debit facility, cheque, internet banking and credit card.

    Flexible Sums Assured - Your sum assured will be determined by the choice of premium amount.

    Tax Benefits - Tax benefits are available under Section 80C and 10(10D) of the Income Tax Act 1961.

    Plan Options - There are two plan options available under this plan:

    • Life Option - Death benefit
    • Life and Health Option - Death benefit + critical illness benefit.

    Under both plans, the policyholder can select the benefit payment preference from the following two options:

    Save Benefit - If the policyholder/parent dies or is diagnosed with a critical illness, then the following is payable:

    • Sum assured (payable to the child).
    • All future premiums will be waived. HDFC Life will contribute 100% of the future premiums.
    • Upon maturity of the plan, the fund value will be paid to the child.

    Save-n-Gain Benefit - If the policyholder/parent dies or is diagnosed with a critical illness, then the following is payable:

    • Sum assured (payable to the child).
    • All future premiums will be waived. HDFC Life will contribute 50% of the future premiums towards the policy. The remaining 50% will be paid to the child on each premium due date.
    • Upon maturity of the plan, the fund value will be paid to the child.
      Plan Name   Plan Option   Entry Age   Maturity Age   Premium
    HDFC SL YoungStar Super Premium Life Option 18 years to 65 years 75 years Depends on the sum assured
    Life and Health Option 18 years to 55 years 65 years Depends on the sum assured

    HDFC SL YoungStar Udaan - Child Plan:

    The YoungStar Udaan - Child Plan is designed for parents who wish to make financial provisions for the future of their child when it comes to specific goals such as education, marriage and so on. This plan is eligible to participate in the profits of HDFC Life and therefore can be a more fruitful investment. The policy only requires filling up a short medical questionnaire.

    Flexible Tenures - This plan is highly customisable and can be tailored to suit your needs. Choose your policy term between 15 years or 25 years.

    Guaranteed Additions - For the first 5 policy years, the plan is entitled to guaranteed additions, if any.

    Bonuses - The plan is eligible to accrue bonuses through the policy term. The bonuses accumulated will be payable upon maturity.

    Tax Benefits - Tax benefits are available under Section 80C and 10(10D) of the Income Tax Act 1961.

    Survival Benefits - This plan has a series of endowment payments that is applicable at the end of each year for a fully paid-up policy or a premium-paying policy.

    Payout Year Academia Career Aspiration
    5th year before maturity 30% of sum assured 15% of sum assured  
    4th year before maturity 15% of sum assured 15% of sum assured  
    3rd year before maturity 15% of sum assured 15% of sum assured  
    2nd year before maturity 15% of sum assured 15% of sum assured  
    1st year before maturity 15% of sum assured 15% of sum assured  
    Upon maturity 15% of sum assured + Guaranteed Additions + Accrued Bonuses 40% of sum assured + Guaranteed Additions + Accrued Bonuses 100% of sum assured + Guaranteed Additions + Accrued Bonuses
    Total 105% of sum assured + Guaranteed Additions + Accrued Bonuses 115% of sum assured + Guaranteed Additions + Accrued Bonuses 100% of sum assured + Guaranteed Additions + Accrued Bonuses

    Death Benefit - In the event the policyholder dies, the following benefits are payable

    Death Benefit Options Death Benefits
    Classic Basic Death benefit + Accrued Guaranteed Additions + Accrued Bonuses, if any
    Classic Waiver Basic Death benefit + Premium Waiver

    The basic death benefit is payable as the higher of:

    • Sum assured upon death i.e., the higher of sum assured on maturity or 10 times the annualised premium. If the person’s entry age is above 50 years, then it is 7 times the annualised premium.
    • 105% of all premiums paid
      Plan Name   Plan Option   Entry Age   Maturity Age   Premium
    HDFC SL YoungStar Udaan - Child Plan Classic Option 1 - Aspiration 0 to 60 years 18 to 75 years Depends on the sum assured
    Classic Option 2 - Academia 8 to 60 years 23 to 75 years Depends on the sum assured
    Classic Option 3 - Career 8 to 60 years 23 to 75 years Depends on the sum assured
    Classic Waiver - All Options 18 to 55years 33 to 75 years Depends on the sum assured

    Why Should You Buy a Children's Plan From HDFC Life?

    With a child insurance plan, you will have peace of mind knowing that you have wisely invested in a plan for your child’s future. With skyrocketing expenses and education being costly, a child plan will help cover the costs, or at least offset a major portion of it. These plans provide financial protection with flexible options to choose your premium and tenures. Furthermore, tax benefits can be availed for the premiums paid as well as the benefits received from these plans. Ensure your child doesn’t miss out on their dreams for the want of finance.