HDFC Life SL YoungStar Udaan
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.
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.
- Insurance coverage is provided throughout the policy tenure by paying a premium for a limited time.
- The plan also offers Short Medical Questionnaire (SMQ) based underwriting.
|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.
HDFC Life Cancer Care
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.
|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|