Insurance Plans April 16, 2020

When it comes to the wellbeing and protection of your children, you never want to make any compromises, correct? You always look for the best ways in which you can keep them protected. Buying a child plan is always a good idea. However, the scope of coverage in a child plan may not be too high and this may demotivate you from getting it. But when you find a plan that is a combination of a ULIP and a child plan, all your problems get solved. The HDFC SL Youngstar Super Premium Plan is one such plan that offers protection in an accelerated manner. The plan has many other beneficial features. Take a look at this article to know more.

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Advantages of the HDFC SL Youngstar Super Premium Plan

Take a look at some of the most promising advantages of the HDFC SL Youngstar Super Premium Plan:

ULIP helps the money grow

A ULIP, or a unit-linked insurance plan, is a type of life insurance cover where a part of the premium is invested in the financial markets while another part is safely put away in a life fund. The ULIP helps your money to grow and wonderfully combines the elements of insurance and investment. This is a big benefit of buying a ULIP. The HDFC SL Youngstar Super Premium Plan is a ULIP so the money you invest for your child’s future keeps growing, while another part safely stays put in a life fund.

Child plan offers protection to child and parent

However, buying a ULIP alone for securing your child’s wellbeing may not be enough. You need the benefits of a child insurance plan to ensure your child is never left in a lurch even if something were to happen to you. For this, you need the benefits of a child plan along with the ULIP. The HDFC SL Youngstar Super Premium Plan is a wonderful child plan that offers all the benefits of child insurance. From regular payouts to the waiver of premium upon the parent’s death, your child will get all the advantages of a standard child protection plan when you invest in the HDFC SL Youngstar Super Premium Plan.

The plan can be customised

You can customise the HDFC SL Youngstar Super Premium Plan in various ways. This is a massive advantage you get when you buy this policy. You can choose the coverage amount and also the premium payment. You can choose a combination that suits your needs and your financial capabilities as well. This is very helpful as you can get a child plan that suits your family and not blindly take something an insurance company offers you.

Choice in the type of fund

Since the HDFC SL Youngstar Super Premium Plan is primarily a ULIP, you get the option of selecting the fund the money will be invested in. When you buy a ULIP, the insurer gives you four different fund options. These range from safe, risk-free options such as cash funds to riskier but higher-yielding options such as equity funds. Choose the fund very carefully depending on your risk-taking abilities and also after assessing your financial goals. The fund type you choose will determine the success of your ULIP so complete this step with a lot of care and evaluation.

Flexible premium payments

You can choose the volume of the premium you pay. You can also choose the intervals at which the premium will be paid. You can pay it yearly, semi-yearly, quarterly or monthly. This is the best part about having this plan as you never feel financially burdened by it. It is also important to remember here that you should choose a cover that you can afford. If the coverage amount is too high, your premium will be too high as well. You will then find it difficult to pay the premiums on time and the plan will become a liability for you. So do the required calculations and then choose the life cover carefully.

Tax benefits

The HDFC SL Youngstar Super Premium Plan is a life insurance plan. As per the laws of the Indian Income Tax Act, the premium paid towards a life insurance plan is tax-deductible. So the premium you pay in a year, up to a maximum amount of Rs 1.5 lacs, qualifies for an income tax discount. The amount is deducted from your taxable income and you stand to make some hefty profits in this manner.

Death benefit and maturity benefit available

The plan offers the dual benefits of a death benefit and a maturity benefit. If the policyholder, who is the parent, dies before the policy matures, the child, who is the beneficiary, receives a death benefit. The plan however continues to stay in force and the maturity benefit is also paid out at the end of the policy period. This apart, the policyholder also gets a survival benefit if he outlives the policy term. 

Very simple documentation

To make it simple and less complicated of the proposers and their children, the HDFC SL Youngstar Super Premium Plan has a very simple documentation process. You just need to produce some basic KYC documents such as your ID and address proof. Along with that, you need to give your bank statements and your IT return documents. Once these papers are submitted, along with the duly filled application form, the SL Youngstar Super Premium Plan will be issued to you. If you are a smoker or there is any other health risk associated with you, the insurer may ask you to undergo a medical test and you will need to submit those documents as well.

Available online

You can buy this life insurance plan online in a very quick and easy manner. The plan is available on HDFC Life’s official website. You do not need an insurance agent’s help to get the plan. Go online, calculate the premium, read the clauses of the life insurance plan and get it instantly while sitting at home.

Minimal exclusions

Since the HDFC SL Youngstar Super Premium Plan has been designed to aid children, the exclusions in this plan are quite minimal. There are some basic exclusions, such as the policyholder’s suicide. Those apart, the claim will be settled provided you are honest with your declarations and you pay the premiums regularly and on time. Be mindful of these factors and get all the benefits of this excellent life insurance plan.

These are the main benefits you get when you invest in the HDFC SL Youngstar Super Premium Plan. As you can see, the benefits are very logical and are of great use as well. The plan offers a comprehensive life cover at a very affordable rate. So if you are looking for a good child protection plan for your beloved children, do consider getting the HDFC SL Youngstar Super Premium Plan.

In conclusion

HDFC Life is an old and reputed Indian life insurance company. It has won many awards and accolades over the years for its excellent life insurance products. The company is known for its good products as well as excellent service. You can call in anytime with your doubts and they will solve it quickly. The company also has a high claim settlement ratio of over 99% and this goes on to prove the insurer’s efficiency. Buy the Youngstar Super Premium Plan from HDFC Life and get a good cover for your child. See your money grow and have all the protection you need for your beloved children.

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