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HDFC Life SL YoungStar Udaan Plan

A traditional participating insurance plan, the SL YoungStar Udaan by HDFC Life focuses on helping parents realise their dreams for their children. With the rise in prices, dreaming big might not seem a very feasible option, however, through this insurance policy, dreaming big and beyond is possible. The SL YoungStar Udaan policy by HDFC Life is a traditional participating insurance plan that is perfect for parents who wish to make provisions for their children’s academic expenses. Other financial goals such as fees for college, marriage related expenses and other miscellaneous expenses can also be met.

This participating endowment and money back plan comes with 3 different maturity benefit options. These are -

  • Aspiration
  • Academia
  • Career

Parents can also opt to waive future premiums so that their children’s dreams are fulfilled even in the event of their unfortunate demise. Customers can choose between various premium payment terms and frequencies based on their convenience. Tax benefits can also be availed on the HDFC Life SL YoungStar Udaan plan.

Eligibility - Who is the HDFC Life SL YoungStar Udaan Plan for?

The eligibility for the HDFC Life SL YoungStar Udaan plan is based on the age and income of the potential customer. This criteria is as follows -

Eligibility Criteria Death Benefit Options Maturity Benefit Options Minimum Maximum
Age at Entry Classic Aspiration 0 years (30 days) 60 years
Academia 8 years
Career
Classic Waiver All Options 18 years 55 years
Age at Maturity Classic Aspiration 18 years 75 years
Academia 23 years
Career
Classic Waiver All Options 33 years 75 years

All ages that have been mentioned are as per the last date.

Sum Assured and Premium Range - What you Get and What it Costs?

Sum Assured:

Sum Assured that can be availed by the customer on unfortunate death of Life Assured or maturity of policy is the absolute benefit amount that is guaranteed to be payable as Survival Benefit or Death benefit during the term of policy based on the terms and conditions of the policy.

The Sum Assured that can be procured is based on the Maturity Benefit option that has been chosen by the customer.

Premium:

Customers can choose the premium for their HDFC Life SL YoungStar Udaan based on their requirements. Individuals can choose between four options regarding their premium payment and these are mentioned below -

Frequency Minimum Installment Premium Maximum Installment Premium
Yearly Rs.24,000 There are no limits on the maximum installment premium
Half-Yearly Rs.12,000
Quarterly Rs.6,000
Monthly Rs.2,000

Policy Term and Premium Payment Terms:

Individuals have the option to choose between a number of premium payment terms based on their convenience and economic requirements. The options available are as follows -

Minimum Policy Term Maximum Policy Term Premium Payment Terms
15 years 25 years 7 years
10 years
Policy Term minus 5 years

Customers should note that premiums vary based on age, location, plan term and other factors.

Plan Coverage - What the HDFC Life SL YoungStar Udaan Plan Covers?

The HDFC Life SL YoungStar Udaan is a boon for parents looking to give the best in life with respect to their education and marriage. Expenses are one of the biggest worries of every parent as prices of everything keep increasing. In order to minimise this worry, HDFC Life through its SL YoungStar Udaan Plan offers a number of unique benefits to parents.

  • Maturity Benefit:

Customers have the unique benefit of choosing between three options at policy commencement based on the financial goals for their child.

  • Endowment Option - In this option, the lump sum is paid during maturity and is termed as ‘Aspiration’. This option acts as a support for all the larger responsibilities of life.
Aspiration
Year of Payout Amount How can these payouts be used? Guaranteed payout amount for Rs.5 lakh of Sum Assured upon maturity
Lump sum paid during maturity 100% of Sum Assured + Guaranteed Addition which is 25% of Sum Assured A lump sum can be used for marriage expenses or to finance a start-up venture Rs.6,25,000
Total 125% of Sum Assured Rs.6,25,000
Bonuses, in addition to the guaranteed payouts mentioned above, will be payable at maturity
  • Moneyback Option - This option has two further sub-choices which are ‘Academia’ and ‘Career’. These options are based on payouts that are offered in the last 5 years prior to maturity of policy.
Academia
Year of payout How much? How can these payouts be used? Guaranteed payout amount for Rs.5 lakh of Sum Assured on maturity
5th year prior to Maturity 30% of Sum Assured To join professional courses Rs.1,50,000
4th year prior to Maturity 15% of Sum Assured Course fee for the upcoming four years or even for expenses related to hostel. Rs.75,000
3rd year prior to Maturity 15% of Sum Assured Rs.75,000
2nd year prior to Maturity 15% of Sum Assured Rs.75,000
1st year prior to Maturity 15% of Sum Assured Rs.75,000
At Maturity 15% of Sum Assured + Guaranteed Additions including 25% of Sum Assured Further education or add-on courses Rs.2,00,000
Total 130% of Sum Assured   Rs.6,50,000
Along with guaranteed payouts as shown above, bonuses will also be paid at maturity
Career
Year of payout How much? How can these payouts be used? Guaranteed payout amount for Rs.5 lakh of Sum Assured on maturity
5th year prior to Maturity 15% of Sum Assured Higher secondary or junior college Rs.75,000
4th year prior to Maturity 15% of Sum Assured
3rd year prior to Maturity 15% of Sum Assured Graduation Rs.75,000
2nd year prior to Maturity 15% of Sum Assured
1st year prior to Maturity 15% of Sum Assured
At Maturity 40% of Sum Assured + Guaranteed Additions including 25% of Sum Assured Higher postgraduate studies or education oversees or can also be used to fund expenses related to marriage Rs.3,25,000
Total 130% of Sum Assured   Rs.7,00,000
Along with guaranteed payouts as shown above, bonuses will also be paid at maturity

The Life Assured will also have the choice of receiving survival benefits (other than final payout which is payable at maturity) in installments every month. In case customers opt for this, their survival benefit every month would be -

  • 8.5% of the yearly survival payout
  • Payable over a period of 1 year or 12 months
  • With the 1st installment being paid on the anniversary of the policy on which annual survival payout falls due

For a paid up policy that is reduced, the money back payouts will be based on the Paid Up Sum Assured upon maturity. The Paid-Up Sum Assured on Maturity will be calculated by multiplying the Sum Assured on Maturity by the ratio of all premiums that have been paid to the premiums that are payable, under this policy.

Maturity Benefit payable will be an aggregate of the below payouts below -

  • Last Guaranteed payout for Moneyback options or the Sum Assured on Maturity for the Endowment Option.
  • Accrued Guaranteed Additions (if it is applicable)
  • Reversionary bonus, terminal bonus and interim bonus, if applicable

When the maturity benefit has been paid, the policy will cease to exist and no other benefits will be paid. In cases when the Life Assured is a minor, the policy will vest automatically on him/her attaining 18 years of age.

  • Death Benefit:

Based on the requirements of the customer, death benefit can be chosen and enhance the protection cover of their policy.

On unfortunate demise of the Life Assured on or prior to policy maturity the following benefits will be payable as long as all due premiums have been paid -

  • Classic Death Benefit Option - Death benefit will be a higher of -
    • Sum Assured on Death
    • 105% of all premiums that have been paid

In addition to the above, guaranteed additions, reversionary bonuses that have been accrued and interim bonus along with terminal bonus, if any will be payable.

In such cases Sum Assured on Death will be the higher of -

  • Sum Assured on Maturity
  • 10 times the annualised premium for age of entry up to 50 years and 7X the annualised premium for age of entry above 50 years.

The policy will terminate after this and no further benefits will be paid.

  • Classic Waiver Death Benefit option - Death benefit will be a higher of -
    • Sum Assured on death of policyholder
    • 105% of all premiums that have been paid

In such cases Sum Assured on Death will be the higher of -

  • Sum Assured on Maturity
  • 10 times the annualised premium for age of entry up to 50 years and 7X the annualised premium for age of entry above 50 years.

The policy will terminate after this and no further benefits will be paid.

In addition to the above, future premium payments that are outstanding would be waived and paid by HDFC as and when it is due. This policy will continue with scheduled payouts. Policy will also continue to participate in profits even after demise of policyholder.

In case of policyholder’s demise after commencement of survival benefits under Career and Academia plans maturity benefit options, payable Death Benefit will not be reduced by survival benefits that would have already been paid.

Add-On Plans – Additional Coverage under the HDFC Life SL YoungStar Udaan Plan:

This is not applicable for the plan.

Exclusions - What the HDFC Life SL YoungStar Udaan Plan doesn’t Cover?

Exclusions under the HDFC Life SL YoungStar Udaan Plan is as follows -

In case of death of policyholder due to suicide within a period of 12 months -

  • From the date of commencement of policy, the nominee of the Life Assured will receive 80% of all premiums that have been paid, as long as the policy is still in force.
  • From the date of policy revival, the nominee will receive an amount that is a higher of 80% of the premiums that have been paid until the date of death of surrender value as is available on date of death.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

  • Grace Period:

This refers to the time that is provided after premium due date during which the policy is still considered to be in-force with relevant risk cover. The HDFC Life SL YoungStar Udaan has a grace period of 30 days for frequencies that are annual, semi-annual and quarter from the due date of the premium. For monthly frequency, the grace period is 15 days from the premium due date.

In case a valid claim arises during the grace period but prior to payment of the premium, it will be honoured. However, the due unpaid premium will be deducted from the benefit that is payable.

  • Lapsation:

In case of nonpayment of premium due under the policy within grace period, the policy will lapse if it has not acquired a guaranteed surrender value. The risk cover will stop and no benefits will be paid in case of lapsed policies. A lapsed policy can be revived within a period of 2 years from the date of first unpaid premium amount.

  • Paid-Up:

In case a policyholder has stopped paying premiums after the policy has acquired a Guaranteed Surrender Value (if all due premiums have been paid for 2 or 3 years), policy will be made paid-up by the end of the grace period. Once a policy is paid-up -

  • The Sum Assured on Death or Maturity will be decreased by multiplying the Sum Assured on Death or Maturity by the ratio of all premiums to be paid to the premiums payable under policy. This decreased Sum Assured on Death or Maturity is referred to as Paid-Up Sum Assured on Death or Maturity.
  • Simple Reversionary Bonus and Guaranteed Additions that have been accrued to the policy on the date that the policy has been made up will be attached, but the paid-up policy will not qualify for addition of bonuses in the future and Guaranteed Additions.
  • Benefits will be based on Paid-Up Sum Assured on Death or Maturity.
  • Death Benefit for a decreased paid-up policy is as given below -
    • Classic Death Benefit Option - Higher of Paid-Up Sum Assured on Death along with 105% of total premiums that have been paid. Bonuses and Guaranteed additions that have accrued till the policy has become paid-up will be payable on death.
    • Classic Waiver Death Benefit Option - Higher of Paid-Up Sum Assured on Death along with 105% of total premiums that have been paid. Additionally, policy will continue with payouts as per schedule as % of PAid-Up Sum Assured on Maturity. Bonuses and Guaranteed additions that have accrued till the policy has become paid-up will be payable on maturity.
  • Revival:

In case policyholders wish to revive their paid-up or lapsed policy, they can do so within the revival period of 2 years from the date of the first unpaid premium, subject to terms and conditions, In order to revive policy, all outstanding premiums and interest on these outstanding premiums will have to be paid along with applicable taxes. For processing the revival, a charge of Rs.250 will be levied.

Customers should note that the revival period may vary based on rules and regulations. After the policy has been revived, all contractual benefits can be received.

  • Surrender:

The HDFC Life SL YoungStar Udaan will acquire a GSV or Guaranteed Surrender Value as long as 2 years’ premium has been paid for premium payment term of below 10 years and 3 years’ full premium payment have been paid for a payment tenure of 10 years and above. GSV is a percentage of total premiums that have been paid.

Additionally, the following is also payable -

  • GSV of all bonuses, which is a percentage of bonuses that have accrued.
  • GSV of Guaranteed additions. This is a percentage of guaranteed additions that have accrued.

Tax Benefits - How can you save with HDFC Life SL YoungStar Udaan?

Tax Benefits applicable for the HDFC Life SL YoungStar Udaan is subject to the prevailing tax laws (Section 80C and Section 10 (10D)) of the Income Tax Act, 1961. Customers will have to note that tax benefits may vary if tax laws are changed. Hence, customers are advised to confirm the same with their tax consultants.

Other Benefits - How can you save with the HDFC Life SL YoungStar Udaan?

HDFC Life is one of the premier providers of insurance in the country. This company also has one of the highest claim settlement ratios in the country. There are a number of unique benefits that customers can avail when they purchase the SL YoungStar Udaan by HDFC Life.

Customers also have the option of procuring their plans through Distance Marketing. This is when the said insurance policy is sold via telephone or internet or other methods that do not involve selling the policy face-to-face.

Policyholders can also avail Guaranteed Additions which accrue at the end of every policy year.

Why should you Buy the SL YoungStar Udaan from HDFC Life?

One of the premier providers of life insurance policies within the country, HDFC Life allows customers to procure some of the most sought-after plans in the insurance sector. HDFC Life has a network of around 39 offices spread across 9,000 touch points across India for easy access. This company also has a robust financial consultancy wing in India and abroad while providing some of the most successful insurance plans for a wide variety of clientele. Cutting edge technology is also employed resulting in HDFC having one of the best claim settlement records in the company as compared to other insurance providers.

HDFC Life SL YoungStar Udaan Plan FAQs:

Q. Are cancellations allowed during the free-look period?

A. In case individuals do not find the HDFC Life SL YoungStar Udaan Plan to their liking, they can return the policy stating the relevant reasons, within a period of 15 days from the date of receipt of policy. This free-look period for policies that have been purchased through distance marketing methods is 30 days.

Q. Can individuals avail alterations to their HDFC Life SL YoungStar Udaan policy?

A. Customers can avail alterations with regard to their premium frequency and is subject to terms and conditions.

Q. What are the rebates offered on the policy?

A. Rebates are offered on policies as long as the Sum Assured on maturity is Rs.4 lakh or above.

Sum Assured on Maturity Discount on premium rate
Rs.4,00,000 to Rs.9,99,999 0.5 per 1000 Sum Assured on Maturity
Rs.10,00,000 or over 1 per 1000 Sum Assured on Maturity

Q. Can policyholders avail bonuses on their HDFC Life SL YoungStar Udaan policy?

A. At the end of every financial year, a simple Reversionary bonus will be declared. This will be expressed as a percent of Sum Assured on maturity. Once this is added to the policy, bonus is will be paid either on death or on maturity, whichever is earlier for Classic death Benefit Option and on maturity for Classic Waiver Death Benefit Option, as long as all premiums have been paid.

The amount paid as Reversionary Bonus would be based on the actual experience with respect to the investment return, mortality rate, expenses and so on. In case of death or surrender during inter-valuation period the policy will be eligible to procure the interim bonus based on the rates that have been declared by the company.

Terminal Bonus may also be added to the policy and allows the company to pay a fair share of the surplus at the end, based on the actual experience over the policy tenure with allowance for reversionary bonuses that would have already been attached.

Q. What are the applicable Guaranteed Additions on the HDFC Life SL YoungStar Udaan policy?

A. Additional boosters in the form of Guaranteed additions is also provided. These additions will be paid at maturity and will accrue at the end of each policy year.

Policy Term Guaranteed Additions
<= 19 years 3% per annum for first 5 years of policy and none thereafter
>= 20 years 5% per annum for first 5 years of policy and none thereafter

Q. Are service taxes applicable ?

A. Service Tax is applicable on life insurance premium and other charges as per Service Tax Laws.

Q. Can policyholders avail the benefit of assignment?

A. In accordance to Section 38 of the Insurance Act, customers can assign this policy by an endorsement upon the Policy by itself or by a separate instrument.

Q. Can customers avail the benefit of nomination?

A. Customers can nominate an individual to receive the benefits of this policy as per Section 39 of the Insurance Act. If the nominee is a minor then the policyholder will have to name an appointee other than himself/herself for the minor nominee.

Q. What the Guaranteed Surrender Value factors with respect to HDFC Life SL YoungStar Udaan policy?

A. Guaranteed Surrender Value Factors are based on percentage of premiums that have been paid.

  GSV Factors (percentage of cumulative premiums)
Policy Year Age at Entry <= 50 years Age at Entry >= 51 years
1 0% 0%
2-3 30% 30%
4-7 50% 50%
8-11 55% 55%
12-15 65% 60%
16-19 75% 65%
20 and above 80% 70.00%

Q. What is conversion factor applicable to the HDFC Life SL YoungStar Udaan policy?

A. The installment premium for the premium payment frequencies other than for the yearly mode is derived by multiplying the annual premium by conversion factors given below -

Premium Frequency Yearly Half-Yearly Quarterly Monthly
Conversion Factor 1.00 0.51 0.26 0.0875