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