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HDFC Life offers wide range of individual and group life insurance plans that cater to the different needs of customers. Such products include child plans, protection plans, pension plans, health, savings, investment plans, among others. HDFC Life has come out with child plans that can assist you to plan the financial future of your child.
HDFC Child Education plan is one of the best ways to save earnings with regular investments for your child's future to fulfill the requirements like higher education which can be costly.The plan has financial protection features that ensure your child gets all the facilities in the future even in your absence.
HDFC Child Plans comes with 4 plans that offer you a wide range of options to choose from as per your and your child's future needs and requirements:
Plans | Why should you buy it? |
HDFC Life SL YoungStar Udaan | The plan is ideal for parents who want to make provision for: - Academic expenses before college education - College fees or expenses on marriage - All other expenses that occur during school or college time. |
HDFC Life SL Young Star Premium | The plan can fulfill your child's immediate and future requirements by offering valuable financial protection. |
HDFC Life Cancer Care | It provides lump-sum benefits on the diagnosis of cancer. This protects your savings. |
HDFC Life Easy Health | Best health insurance plan for senior citizens, single individuals, and married couples. |
Let's discuss the above-mentioned plans in detail.
HDFC Life YoungStar Udaan is a traditional participating insurance plan. This is an ideal plan for parents who wish to save for their child's academic expenses, specific goals, or any other miscellaneous expenses during school/college.
Key Features:
Maturity Benefit Option: The plan comes out with three maturity benefit options to choose from. These are Aspiration (Endowment benefit), Academia (Moneyback benefit), and Career (Moneyback benefit).
Death Benefit Options: It offers two death benefit options (Classic and Classic waiver) to choose from.
Guaranteed Additions: The plan provides guaranteed additions in the initial 5 years, if applicable.
Flexibility: A variety of premium payment and policy tenure options offers flexibility to plan.
Other Benefits:
Eligibility
Entry Age | Minimum - 30 days Maximum - 60 years |
Maturity Age | Minimum - 18 years Maximum - 75 years |
Minimum Policy Term | 15 years |
Maximum Policy Term | 25 years |
Premium Payment Terms | 7, 10 or Policy Term minus 5 years |
Let's understand this plan with the help of an example.
Rahul, who is a 35-year old software engineer working with an MNC has a 3-year-old son Shivank. Rahul wants Shivank to become an engineer when he grows up. To achieve his dream and to ensure his child's dreams are fulfilled, Rahul has purchased the HDFC Life Youngstar Udaan - Career maturity benefit along with an option of Classic waiver death benefit with a term of 15 years by paying premiums for 10 years and sum assured maturity of Rs. 5 Lakhs.
Now, when Shivank turns 13, he will start getting 15% of the sum assured on maturity every year. This will further help Shivank to cover coaching costs so that he can get the best coaching for competitive exams. These payouts continue till Shivank turns 18. Rahul also gets a lump sum payout of 40% of the sum assured on maturity along with other guaranteed additions and bonuses that will help Rahul pay the college fees of Shivank.
However, anything can happen at any time. Rahul died in an accident at the age of 40 years but HDFC Life Youngstar Udaan ensured that Shivank's dream does not get interrupted because of an unforeseen event. After Rahul's death, future premiums are not required to be paid and the payouts for the education of Shivank continued as per the planning. Additionally, the family has also received a lump sum payout in the death benefits form.
It is a unit-linked insurance plan (ULIP), which is designed to help you save for your child's future even in your absence.
Key Features:
Eligibility
Eligibility | Life Option | Life & Health Option |
Minimum Entry Age | 18 years | |
Maximum Entry Age | 65 years | 55 years |
Maximum Maturity Age | 75 years | 65 years |
Minimum Policy Term | 10 years | |
Maximum Policy Term | 20 years |
Sample Premium Illustrations
Illustration 1 | Illustration 2 | ||
Age (in years) | 30 | 35 | |
Policy Term (in years) | 15 | 15 | |
Premium Payment (in Rs.) | 25,000 Annual Premium | ||
Sum Assured (in Rs.) | 2,50,000 Sum Assured | ||
What you might get back? | Rate of return at 4 % p a. | 3,99,846 | 3,94,624 |
Rate of return at 8 % p a. | 5,57,296 | 5,50,723 |
HDFC Life Cancer Care offers lump sum benefits upon diagnosis of the disease. The policyholder can use this benefit to cover expenses related to the treatment.
Plan Options and their Benefits:
Silver Option: This offers you a lump sum, which is 25% of the applicable sum insured if diagnosed at an early stage or Carcinoma-in-situ (CIS), and 100% less early-stage cancer or CIS Claims when diagnosed with Major Cancer.
Gold Option: Apart from the benefits available under the Silver option, this option gives Increased Benefit, where the sum insured increases by 10% of the initial sum insured each year. This starts from the very first policy anniversary and stops either when the increased sum insured becomes 200% of the initial sum assured or at the time of claim, whichever comes first.
Platinum Option: Along with the benefits offered under the Gold option, the Platinum option offers a monthly income. It is 1% of the applicable sum insured for 5 years, which is paid out on diagnosis of listed Major Cancer. It also offers a premium discount for the sum assured above Rs. 10 Lakhs.
Eligibility
Parameters | Minimum | Maximum |
Entry Age (in years) | 5 | 65 |
Maturity Age (in years) | 15 | 85 |
Policy Term (in years) | 3 | 85 - Entry Age |
Premium Payment Frequency | Annual, Half-yearly, Quarterly, Monthly | |
Sum Insured (in Rs) | 10,00,000 | 50,00,000 |
Due to lifestyle changes, it has become even more important to take care of our health. This can impose an extra financial burden on the family and this insurance product can help you repair your financial security no matter how critical your illness is.
Plan Options and their Benefits:
Eligibility
Parameters | Minimum | Maximum |
Entry Age (in years) | 18 | 65 |
Maturity Age (in years) | 23 | 70 |
Policy Term (in years) | 5 | |
Premium Payment Mode | One Time Payment (single premium) Annual (Regular Premium) | |
Sum Assured (in Rs) | 25,000 | 5,00,000 |
HDFC Child Plans allows potential buyers to buy their HDFC Life child plan online without facing any hassles. There are two ways through which you can invest in HDFC Child Plans- via PolicyX.com and the official website of the company. Let's discuss the steps further.
Buying through PolicyX.com
Buying through HDFC Life's official website
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For a smooth and hassle-free claim experience, follow the below steps:
After receiving all the documents, the company will verify the details as per their norms. On successful completion, the claim will be settled and the amount will be transferred to the nominee/claimant's bank account and the same will be communicated to him/her over call or email.
Submit the necessary documents requested by the company to process the claim.
In the case of natural death:
In the case of un-natural Death (Accidental death/Murder/Suicide):
If you are a registered user, you can easily check the policy status online. For the same, you have to simply log in to the e-portal with the customer ID and password. You can also check the status via the SMS facility (SMS Life to 56161) only if you are a registered user.
You can renew your HDFC Child Plan online. Below are the steps that you have to follow.
You can also renew your HDFC child plan from PolicyX.com. Contact our customer service for more details.
The insured should submit all the policy documents, along with a duly signed surrender form at any branch of the company (within the city). Within 72 hours, the company will make a refund to the registered bank account after deducting all cancellation charges, stamp duty, and medical test charges (if any).
Usually, it is not allowed as the selected mode cannot be changed. In exceptional cases, if the plan allows you to change the premium payment term, the insurance company will request you to provide a written request before it can act on your request.
(Showing latest 5 reviews only)
September 21, 2021
Sukhi Singh
AllahabadSeptember 20, 2021
Kanak Deol
Chandigarhhad a good discussion with one the agents at policyx,com! i mean the person was deeply knowlegeable and it was very helpful! Will recommned going forward!
September 20, 2021
Surbhi Verma
MysoreI bought the click 2 protect plan to secure myslef...I think policyx did a fab job piking the right plan for me! got a decent bunch of benefits
September 17, 2021
Kanak Goel
MumbaiThis is the second term plan that I m buying from policyx.com. I want to make sure my family has enough after my death so I figured HDFC was a safe bet
September 16, 2021
Kinshuk Chabra
Bhopalwith corona and my brother s death due to it, our entire family was in shock. but I went to personally claim the policy after hs death ...it was policyx which guided me and made sure that process was smooth
Last updated on August, 2021
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very decent customer support at policyx.com! my benefits and features of click 2 retire was detailed and i have no confusion