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HDFC Life YoungStar Udaan
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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. This life insurance 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 -
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.
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 -
- Last guaranteed payout for moneyback options namely Academia and Career OR sum assured on maturity for endowment Option namely Aspiration
- Accrued guaranteed additions (if applicable)
- 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
|Maximum Age at Entry||60 years||65 years|
|Minimum Age at Maturity|
Maturity Benefit Option
Minimum Entry Age
|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
1. Is there any benefit payable if I surrender the policy in between the policy term?
Yes, a surrender benefit is payable if you surrender the policy anytime during the policy time but after the payment of at least 2 years’ premiums. The surrender benefit shall be equivalent to the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV). After the payment of the surrender benefit, the policy will stand terminated.
2. How much high sum assured rebate is available under the policy?
The rebate is provided on the basis of the basic sum assured in the following manner -
Sum Assured on Maturity Discount on the premium rate INR 4 Lakh – INR 9,99,999 0.5 per 1,000 Sum Assured on Maturity INR 10 Lakh or more 1 per 1,000 Sum Assured on Maturity
3. What is the policy revival period under the plan?
A lapsed or paid-up policy can be revived within 5 years starting from the date of the first unpaid premium. A charge of INR 250 is levied for processing the revival. For policy revival, all outstanding premiums shall be payable with an interest rate which currently stands at 9.5% p.a.
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