Investment Plans 224 views January 5, 2021

Every individual wants to protect his or her child’s future. The reason being you would want your child to meet milestones such as higher education and marriage without any hassles. With the right Child Insurance Plan, you can ensure that there is no hindrance in the path of your children’s dream. Several insurance companies provide different Life Insurance Plans for your children of which the two most popular ones are HDFC SL Youngstar Super Premium and Aditya Birla Sun Life Vision Star Plan. Both of these plans can help individuals secure their child’s future.

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But you cannot choose any plan without having proper information about it. That’s why we will be comparing HDFC SL Youngstar Super Premium and Aditya Birla Sun Life Vision Star Plan so that you can choose the right one for your child. Want to know more? Read on!

Let’s Compare HDFC SL Youngstar Super Premium vs. Aditya Birla Sun Life Vision Star Plan

HDFC SL Youngstar Super Premium Plan is a Unit Linked Insurance Plan (ULIP) with which you can be assured that your child can meet different milestones even when you are not around. On the other hand, Birla Sun Life Vision Star Plan is a traditional participating insurance plan that protects your child’s future with ease. With this plan, you can also grow your savings.

In the next section, we will be comparing HDFC SL Youngstar Super Premium and Aditya Birla Sun Life Vision Star Plan on account of several important factors such as benefits, policy term, premium amount, entry age, premium payment term, etc. Do check to know more!

Benefits That You Can Enjoy

It’s important to know the benefits that your Life Insurance Policy will provide. We are showing the same for both the plans below that you can check!

Life Insurance PlanBenefits
HDFC SL Youngstar Super Premium Plan

  1. Sum Assured of 7x to 40x Annualized Premium (depending on the age of the insured person)

  2. Different investment fund options to choose from

  3. Benefit Payment Preference Options

  4. Death Benefits, Maturity Benefits and Critical Illness Benefit

Birla Sun Life Vision Star Plan

  1. Minimum Sum Assured of INR 1,00,000

  2. Regular Bonuses in the form of Simple Reversionary Bonus & Terminal Bonus

  3. Assured Payout Options

  4. Death Benefit & Maturity Benefit

  5. Premium Payment Frequency Options

Convenience to Choose from Different Plan Options

When you choose either HDFC SL Youngstar Super Premium or Aditya Birla Sun Life Vision Star Plan, you can choose from different plan options according to your convenience. When we talk about HDFC SL Youngstar Super Premium Plan, individuals can opt for two plan options that are Life Option and Life & Health Option. With the Life Option, individuals will receive the Death Benefit while with the Life & Health Option, you will receive Death Benefit and Critical Illness Benefit.  Other than this, you can also choose different benefit payout options – Save Benefit and Save-n-gain Benefit. Both these options will have different benefits.

On the other hand, on choosing Aditya Birla Sun Life Vision Star Plan, you can choose your Sum Assured Payout Options from Option A and Option B with which you can get 4 Biannual Payouts or 5 Annual Payouts. These assured payouts will start 5 years after the premium payment term.

For How Many Years Will Your Policy Cover?

Before choosing a Life Insurance Plan for your children, you should always check for how many years your policy will cover. These years are known as the Policy Term. For HDFC SL Youngstar Super Premium Plan, you can choose from a policy term that can be as low as 10 years and can be a maximum of 20 years. You should remember that a policy term of 11 to 14 years is not available.

On the other hand, in the Aditya Birla Sun Life Vision Star Plan, the policy term will vary according to the plan option. For Option A, the policy term can range from 16 to 23 years while if you are choosing Option B, the policy term can range from 14 years to a maximum of 21 years.

Let’s Know the Premium Amount and Premium Paying Term

Every individual has to pay a fixed premium for his or her Life Insurance Policy. For HDFC SL Youngstar Super Premium Life Insurance Plan, the premium amount can be as low as INR 15,000 while there is no maximum limit. There is one thing you need to keep in mind that this plan only offers Annual Mode and the level of premium cannot change any time during the policy.

When you choose Aditya Birla Sun Life Vision Star Plan, you will need to pay the premium amount for 5-12 years. However, this plan from Aditya Birla Capital allows you to choose the premium payment modes of Annual, Semi-annual, Quarterly, and Monthly. The premium amount will vary according to different factors such as the Sum Assured Option, Policy Term, Plan Option, and Premium Paying Term.

Eligibility Parameters That You Should Know

One of the crucial factors to understand when choosing a Life Insurance Plan is the eligibility parameter of your plan. In the case of HDFC SL Youngstar Super Premium, the minimum entry age for both Life and Life & Health Option stands at 18 years. But in the case of maximum entry age, it stands at 65 years and 55 years for Life and Life & Health Option, respectively.

On the other hand, when you are choosing Aditya Birla Sun Life Vision Star Plan, the entry age ranges from 18 to 55 years for all policyholders while the maximum age at maturity can be 75 years.

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