HDFC Child Plan
HDFC Child Plan
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HDFC Child Plans

HDFC Life is one of the leading life insurance companies in India. The company offers a wide range of individual and group life insurance plans that cater to different needs of customers. Such products include child plans, protection plans, pension plans, health, savings, investment plans, among others. Talking about child plans, HDFC Life has come out with a bunch of useful plans that can assist you to plan the financial future of your child.

Types of HDFC Child Plans

The company offers 3 effective child insurance plans for your perusal. Let's discuss them in detail.

1. HDFC Life Click 2 Wealth

HDFC Life Click 2 Wealth is a unit-linked non-participating life insurance plan that provides market-linked returns to the insured, along with helpful financial protection to the entire family. The plan effectively safeguards your wealth so that you can fulfil all your desired goals.

Key features

Plan options: It comes out with three plan options. Policyholders can choose the desired one as per their convenience.

Premium waiver benefit: The plan provides a premium waiver benefit that waives off the premium (in case of your unfortunate demise) so that your family can live without the financial burden.

Return of Mortality charges: The plan offers a return of mortality charges at the time of maturity. In the case of the premium waiver option, mortality charges related to the insured would be refunded.

Partial withdrawal: Under this plan, the insured has the option to make partial withdrawals after 5 policy years. For the same, the insured should be at least 18 years of age.

Eligibility

Entry age

Proposer: 18 to 65 years

Life assured: 0 to 60 years

Premium payment term

Limited: 5, 7 and 10 years

Regular: 10 to 40 years

Maturity 

18 to 99 years

Policy term 

10 to 40 years or 99 minus entry age

Table Data updated on 05-11-2020

The values may change as per the chosen plan option

2. HDFC Life 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. They 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.

Eligibility

Entry age

0 to 60 years

Maturity age 

18 years to 75 years

Policy term

15 years to 25 years

Premium payment term

7, 10 or Policy Term minus 5 years

Table Data updated on 05-11-2020

3. HDFC Life Click2Invest - ULIP

HDFC Life Click2Invest is an online ULIP plan that provides market-linked returns and valuable financial protection to meet your investment requirements.

Key features

Fund options: The plan offers 11 fund options to choose from as per your convenience and investment style.

Death benefits: In the case of the life assured's unfortunate demise, the plan pays the highest of sum assured, fund value, or 105% of the premium(s) paid.

Maturity benefits: On survival till the end of the policy tenure, the insured gets fund value as maturity benefit.

Tax benefits: The plan offers tax benefits under Section 80C and Sec 10(10D) of Income Tax Act, 1961.

Eligibility

Entry age

0 to 65 years

Maturity age 

18 years to 75 years

Sum assured

125% of single premium

Premium Paying Term

Regular, limited and single

Table Data updated on 05-11-2020

How to apply for HDFC Child Plans?

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

  • Scroll up to 'Free Quotes From Top Companies' given at the top-right corner of this page.
  • Submit basic details such as DOB, annual income, gender, etc.
  • Tap on 'Continue'.
  • Provide your phone number, name, and city. Tap on 'Proceed'.
  • Check the available quotes from the top insurance companies in India.
  • Choose the desired HDFC Child plan and tap on ''Invest' at the right corner of the chosen plan.
  • Click on the tab 'Proceed to Buy'.
  • Enter your 'Email id' and click on the tab 'Submit'.
  • It will take you to the company's official website.
  • Make the payment using available payment options.
  • You will receive a confirmation along with the policy documents on your registered email address.

Buying through HDFC Life's official website

  • Visit the official website of HDFC Life Insurance Company.
  • Take your cursor to the tab 'Plans'.
  • Click on the tab 'Children's Plans'.
  • Scroll down to the plan section.
  • Select the plan that you want to buy and click on the tab 'Buy Online' under the chosen plan.
  • Fill the required details.
  • Confirm the details and click on the tab ' Calculate'.
  • Analyze the plan details.
  • Confirm the details and click on the tab 'Buy Now'.
  • Choose the desired option 'Fill the form first and then pay'.
  • Now you need to complete the application form, which requires you to answer some questions about your personal and professional life and your health details.
  • Review your form once and make the payment.
  • The company will share the policy documents on your registered email address.

How to file a claim under the HDFC child plan?

  • Visit the official website of HDFC Life Insurance Company.
  • Take your cursor to the tab 'Customer Service'.
  • Click on 'Policy Servicing'.
  • Click on the tab 'Make a claim' present at the menu bar. 
  • Slightly scroll down to initiate the claim.
  • Click on the tab' Click here' under 'How to make a claim category'.
  • Click on the tab 'Request a Claim'.
  • Fill the details and click on the tab 'Submit'.
  • Submit the required documents.

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 in the nominee/claimant's bank account and the same will be communicated to him/her over call or email.

Documents Required

Submit the necessary documents requested by the company to process the claim.

In the case of natural death-

  • Claim form
  • Death certificate
  • Original Policy Documents
  • Claimant's Identity & Residence Proof
  • Medical records at the time of death & past illnesses
  • Account details of the nominee/claimant

In the case of un-natural Death (Accidental death/Murder/Suicide)-

  • Claim form
  • Death certificate
  • Original Policy Documents
  • Claimant's Identity & Residence Proof
  • FIR, Police Inquest Report & Panchanama
  • Post Mortem Report
  • Account details of the nominee/claimant

FAQs

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 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.

  • Log in with you Customer ID and Password on the official website of the company.
  • Select the HDFC Child Plan that is due for renewal payment.
  • Click on 'Renewal Premium Now'.
  • Choose the desired option and make the payment.
  • Print the payment receipt.

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.

Last updated on 05-11-2020