HDFC Child Plan

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.

Key Features of HDFC Child Plans

• Offers long-term investment options such as equity funds
• Insurance coverage throughout the entire policy term.
• Maturity options are available that helps achieve a child's dreams
• In case the policyholder dies before the ending of the policy term, all premiums till that date will be paid by the insurer.
• Tax Benefits as per Income Tax Act 1961

Types of HDFC Child Plans

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:

Let's discuss the above-mentioned plans in detail.

1. 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.

   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:

   • 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.

   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.

2. HDFC SL Youngstar Super Premium

   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:

   • The plan offers yearly payment to your family in case of an unforeseen event.
   • The plan gives an option to invest in a choice of funds.
   • Flexible Benefit Payment Preferences: Save Benefit and Save-n-Gain Benefit
   • Save benefit will pay out the sum assured to the child, waive off further premiums and release fund value upon maturity in case of the untimely demise of the parent or critical illness.
   • Save-n-Gain benefit pays out the sum assured to the child upon the untimely death of the parent. HDFC Life waives off the premiums and pays 50% of the future premiums towards the policy and 50% of the premiums to the child on the premium due date. Upon maturity, the fund value will be credited to the beneficiary.

   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

3. 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.

   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

4. HDFC Life Easy Health

   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:

   • Daily Hospital Cash Benefit will give 1% and 2% of the sum insured as allowance per day in case of Hospitalization on admission in a Non-ICU room and ICU room respectively.
   • Surgical Benefit will give a lump sum payout of up to 100% of the Sum Insured against 138 surgeries. This is applicable based on the severity of the surgery.
   • Critical Illness Benefit will give a 100% of the sum insured paid out upon diagnosis of any of the 18 specified Critical Illnesses.

   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

Buying Process Of HDFC Child Plans

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.