HDFC Life YoungStar Udaan

life insurance
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HDFC Life YoungStar Udaan

HDFC Life YoungStar Udaan is a non-linked participating endowment and money-back plan which is specially designed to help you secure your child’s future. The plan comes with 3 maturity benefit options to enable you customise the plan as per your investment goal. The plan helps you appreciate your investment corpus by making guaranteed additions to it during the first 5 years of the policy. The plan may also provide for reversionary bonus, interim bonus, and a terminal bonus to further boost your savings.

The plan offers a Classic Waiver Option under its death benefit which waives off all the future instalment premiums in case of an unfortunate death of the life assured. Moreover, the plan allows you to avail loans of up to 80% of the surrender value at an interest rate of 14% p.a. You can further enhance the plan’s coverage by opting for an optional Critical Illness Plus rider which covers 19 critical illnesses.

Best Features of HDFC Life YoungStar Udaan

 

The best features of HDFC Life YoungStar Udaan are as follows -

  • Death Benefit Options- The plan comes with 2 death benefit options namely classic option and classic waiver option.
  • Maturity Benefit Options- The plan offers 3 maturity benefit payout options namely Aspiration, Academia, and Career to match your financial goal for your child.
  • Guaranteed Additions- The plan provides additional boosters in the form of guaranteed additions equivalent to 3%-5% of the sum assured on maturity during the first 5 policy years.
  • Bonuses- The plan may declare simple reversionary bonuses at the end of each financial year, interim bonuses, and a terminal bonus at the end of the policy term. 
  • High Sum Assured Rebate- The plan provides a rebate of 0.5-1 per INR 1,000 sum assured depending on the amount for policies featuring a sum assured INR 4 Lakh and above.
  • Policy Loans- You can avail up to 80% of the surrender value as loan, provided the policyholder is at least 18 years of age. Currently, these loans are available at an interest rate of 14% p.a.
  • Reduced Paid-Up Benefit- If you fail to pay the premium after the payment of the first 2 years’ premiums, then the policy will get converted into a reduced paid-up policy with reduced benefits. 

Benefits of HDFC Life YoungStar Udaan

HDFC Life YoungStar Udaan provides the following benefits to its policyholders - 

     1.Death Benefit

In case of an unfortunate demise of the life assured, a death benefit is payable to the nominee which is equivalent to the highest of the following - 

  • Sum assured on maturity 
  • 10 times of the annualised policy premium for entry age up to 50 years and 7 times of the annualised policy premium for entry age greater than 50 years

The amount of death benefit is subject to a minimum of 105% of the total paid premiums till the date of the death.

In addition to the above, the following benefit is payable in accordance with the death benefit option chosen at the time of policy inception - 

        A. Classic Death Benefit Option

  • Accrued guaranteed additions plus
  • Accrued reversionary bonuses plus
  • Interim bonuses plus
  • A terminal bonus 

The payment of bonuses is subject to declaration of the same by HDFC Life Insurance.

        B. Classic Waiver Death Benefit Option

  • No future premiums will be required to be paid and the policy will continue with the scheduled payouts.
  • The policy will continue to participate in the profits even after the death of the life assured
  • No paid survival benefits shall be deducted from the death benefit.

     2.Maturity Benefit

In case of the survival of the life assured till end of the policy term, a maturity benefit is payable as an aggregate of the following -

  1. Last guaranteed payout for moneyback options namely Academia and Career OR sum assured on maturity for endowment Option namely Aspiration
  2. Accrued guaranteed additions (if applicable)
  3. Reversionary bonuses, interim bonuses, and a terminal bonus (if declared)

The maturity benefit is payable as a lump sum under the Aspiration option and in instalments starting from 5 years before the plan maturity till the plan maturity under the Academia and Career options.

HDFC Life YoungStar Udaan Eligibility 

HDFC Life YoungStar Udaan comes with the following eligibility conditions - 

Eligibility Criteria For HDFC Life YoungStar Udaan

Classic Death Benefit Option

Classic Waiver Death Benefit Option

Minimum Age at Entry


 

Maturity Benefit Option

Minimum Entry Age 

Aspiration

30 days

Academia

8 years

Career

18 years


 






 

18 years

Maximum Age at Entry

60 years

65 years

Minimum Age at Maturity


 

Maturity Benefit Option

Minimum Entry Age 

Aspiration

18 years

Academia


 

23 years

Career


 




 

33 years

Maximum Age at Maturity

    75 years

Policy Term 

15-25 years

Premium Payment Term (PPT)

7 years / 10 years / Policy term minus 5 years

Premium Payment Frequency

Yearly, Half-yearly, Quarterly, and Monthly

Minimum Premium Amount 

Yearly- INR 24,000 

Half-Yearly- INR 12,000 

Quarterly- INR 6,000

 Monthly- INR 2,000

Maximum  Premium Amount

No limit,subject to underwriting

*The plan requires you to fill a Short Medical Questionnaire (SMQ) based underwriting.

HDFC Life YoungStar Udaan Review

HDFC Life YoungStar Udaan is a child insurance plan which helps you to systematically plan for your child’s future expenses such as primary education, college education expenses, marriage expenses etc. The plan provides 2 death benefit and 3 maturity benefit options to help you customise the plan as per your investment objective and requirements. HDFC Life YoungStar Udaan is a considerable pick for individuals looking for an endowment or a money back plan to secure the future of their child with flexible payouts and guaranteed additions.

HDFC Life YoungStar Udaan FAQs
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