The SL YoungStar Super Premium plan is a unit linked insurance plan from HDFC Life that comes with life insurance cover to secure the future of your children. In case of the demise of the policyholder, the family of the individual will receive annual payments. There are two insurance cover options available to choose from, and customers can create their own personalised plans based on the level of protection their child requires. Customers who purchase the HDFC Life SL YoungStar Super Premium plan have the option to select from four funds with different debt and equity exposures. Tax benefits can also be availed under Section 10(10D) and Section 80C of the Income Tax Act, 1961.
Premium payments towards the HDFC Life SL YoungStar Super Premium plan start at Rs.15,000, and customers will have the option to choose their benefit payment preference from the Save Benefit and Save-n-Gain Benefit.
To be eligible to purchase a HDFC Life SL YoungStar Super Premium plan, individuals must be of a certain age when purchasing the policy and also at the time of maturity. Following are the criteria you must meet if you wish to purchase a HDFC Life SL YoungStar Super Premium plan:
|Minimum Entry Age||18 years completed|
|Maximum Entry Age||65 years completed in case of Life Option and 55 years completed in case of Life and Health Option|
|Maximum Maturity Age||75 years completed in case of Life Option and 65 years completed in case of Life and Health Option|
The premium payment made towards your HDFC Life SL YoungStar Super Premium plan will determine the benefits you will receive through the policy. Since this is a single premium paying plan, customers will have to pay their premium just once to avail benefits from the plan. Following are some of the features of the HDFC Life SL YoungStar Super Premium plan:
|Minimum Sum Assured||In case the entry age is less than 45 years, the sum assured will be 10 X Annualised Premium. In case the entry age is equal to or more than 45 years, the minimum sum assured will be 7 X Annualised Premium.|
|Maximum Sum Assured||40 X Annualised Premium|
|Maximum Premium||No limit, subject to underwriting|
|Premium Payment Frequency||Annual|
|Premium Payment Term||Equal to policy term|
|Policy Term||10 years to 20 years. 11 years to 14 years policy term is not available.|
*Premiums may vary based on age, location, plan term and other factors.
|Maturity Benefit||When the policy term comes to an end, the risk cover will cease the policyholder will be eligible to redeem his/her balance units at the then prevailing unit price and take the fund value. Settlement Option: Customers have the option to take their fund value in periodical instalments over a period of time not exceeding five years. The risk cover will cease during the settlement period, and fund management charges will be deducted periodically.|
|Death Benefit||In case of the death of the policyholder during the policy term, the benefit payment preference (Save Benefit or Save-n-Gain Benefit) selected by the customer will determine the benefits payable to the nominee. The minimum death benefit payable to the nominee will be at least 105% of the premiums paid by the policyholder until the date of death. Following are the benefits paid under the two death benefit options available to you: Save Benefit: Under the Save Benefit option, the sum assured will be paid to the nominee. The family of the policyholder will not be required to pay any further premiums, and the company will pay 100% of all the future regular premiums, at the original level, towards your HDFC Life SL YoungStar Super Premium plan and all risk covers will cease. Save-n-Gain Benefit: Under the Save-n-Gain Benefit option, the sum assured will be paid to the nominee. The family of the policyholder will not be required to pay any further premiums as 50% of all the future premiums towards your HDFC Life SL YoungStar Super Premium plan will be paid by the company, and the remaining 50% of the premiums will be paid to the nominee when due, on an annual basis, and risk cover will cease. The fund value will be paid to the nominee on maturity.|
|Critical Illness Benefit||In case the policyholder is diagnosed with any of the critical illnesses covered by the plan before the end of the policy term, he/she will be eligible for a critical illness benefit based on the benefit payment preference selected. Once a payment has been made against the critical illness benefit, the death benefit cover will terminate immediately. The critical illnesses covered under the HDFC Life SL YoungStar Super Premium plan include cancer, heart attack, coronary artery bypass graft surgery, stroke, major organ transplant and kidney failure.|
|Partial Withdrawal||The facility of partial withdrawal allows customers to withdraw money from their funds after five years from the date on which the first premium was paid. The minimum amount that can be partially withdrawn is Rs.10,000, and the maximum amount that can be withdrawn throughout the policy term is 300% of the original regular premium. Once the withdrawal has been made and applicable charges have been deducted, the fund value cannot be less than 150% of your original regular premium.|
|Surrender||In case the policy is surrendered prior to the completion of five years starting from the date on which the policy commenced, the fund value will be transferred to the Discontinued Policy Fund after discontinuance charges have been deducted. The amount transferred to the Discontinued Policy Fund, plus accrued interest, will be paid out after the lock-in period has expired. In case of the untimely demise of the policyholder prior to the payment of the surrender benefit, the amount in the Discontinued Policy Fund will be paid out immediately. In case the policy is surrendered after the completion of five years starting from the date on which the policy commenced, the fund value will be paid out immediately. Once the payment of this benefit has been made, the policy will terminate and the policyholder will not be eligible for any further benefits.|
|Investment Funds||Customers have the option to invest their money in any of the following four investment funds: Income Fund: The Income Fund offers higher potential returns as it is exposed to higher duration and credit. Balanced Fund: The Balanced Fund offers exposure to dynamic equity in order to increase the returns. At the same time, the volatility of returns is reduced by debt allocation. Blue Chip Fund: The Blue Chip Fund is exposed to large-cap equities and equity related securities. Opportunities Fund: The Opportunities Fund is exposed to mid-cap equities and equity related securities.|
The HDFC Life SL YoungStar Super Premium plan has certain exclusions which are as follow:
Following are some of the other key features of the HDFC Life SL YoungStar Super Premium plan:
|Free Look Period||Customers who are not satisfied with the terms and conditions of the HDFC Life SL YoungStar Super Premium plan have the option of returning the policy to the company within 15 days from the date on which they receive the policy. In case the policy was purchased via distance marketing mode, the free look period applicable will be 30 days. Once the policy is cancelled during the free look period, the company will refund the value of units allocated to the customer on the date on which the request to return the policy was made. The unallocated part of the premium plus charges levied by cancellation of units will be added to the refund amount, but the proportionate risk premium for the period of cover, stamp duty charges, and other expenses incurred by the company on medical examination, if any, will be deducted. Once the payment has been made, the policy and all benefits under it shall terminate.|
|Grace Period||Customers who fail to make their premium payment on the due date will receive a grace period of 30 days to do the same.|
|Discontinuance / Reinstatement||In case a customer discontinues his/her HDFC Life SL YoungStar Super Premium plan before the completion of the first five policy years, i.e. if premium payments remain due after the expiry of the grace period, customers have the option of reviving the policy within a period of two years from the date on which the policy was discontinued. After the policy is discontinued, the risk cover will terminate and the fund value, as on the date of discontinuance, will be transferred to the Discontinued Policy Fund after the applicable Discontinuance Charge has been deducted. The minimum guaranteed interest rate applicable to the Discontinued Policy Fund is 4% per annum at the moment, but is subject to change based on revisions made by the IRDAI. Asset allocation for the Discontinued Policy Fund is currently 0% to 40% for money market instruments and 60% to 100% for government securities.|
|Switch||A request for a fund switch initiated by the policyholder will be charged at Rs.250 per request, but if the request is executed through the company’s web portal, the charge will be Rs.25 per request.|
|Premium Redirection||A request for premium redirection initiated by the policyholder will be charged at Rs.250 per request, but if the request is executed through the company’s web portal, the charge will be Rs.25 per request.|
The benefits received through the HDFC Life SL YoungStar Super Premium plan are eligible for tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961.
HDFC Life is among India’s leading life insurance companies that offer a wide variety of individual as well as group insurance solutions that have been designed to cater to an expansive customer base. The company offers protection plans, pension schemes, savings and investment plans, health insurance policies as well as women’s and children’s plans. The company has received several accolades over the years thanks to its exceptional customer service. With the variety of options on offer in addition to a customer service team that promises effective solutions, purchasing the HDFC Life SL YoungStar Super Premium plan can only turn out to be a good decision.
A. The daily unit price already includes the company’s fund management charge of 1.35% per annum, charged daily, of the fund’s value.
A. Yes, when you pay the premium towards the HDFC Life SL YoungStar Super Premium plan, a small charge will be deducted from your premium and the remainder of the premium will be invested to purchase units. The remainder of your premium that is used to invest in securities is called the premium allocation rate. The premium allocation charge is guaranteed for the entire duration of the policy.
A. Yes, the charge levied will be 0.13% per month of the total premiums paid (including any single premium top-ups). Every month, a charge will be deducted, subject to a maximum of Rs.500 per month.
A. Yes. In case the policyholder wishes to make alterations to the policy, each request will attract a charge of Rs.250.
A. In case of the death of the life assured, you must notify HDFC Life immediately. The filed up claims must then be submitted to the company along with all the required documents as mentioned in the policy document. The claim will be processed after the company has conducted the necessary verification to ascertain the authenticity of your claim.
A. No, this policy has no facility that allows customers to borrow money against it.
A. Switches will be charged at Rs.250 per request. However, executing a request through HDFC Life’s web portal will cost you only Rs.25 per request.
A. A request for partial withdrawal will cost Rs.250 per request. However, executing a request for partial withdrawal through the company’s portal will cost you only Rs.25 per request.
A. Premium redirections will be charged at Rs.250 per request. However, executing a request through HDFC Life’s web portal will cost you only Rs.25 per request.
A. Yes, service tax and other statutory levies will be applicable as per the prevailing tax laws.