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Investment Plans 645 views April 14, 2020
HDFC Life YoungStar Udaan is a traditional participating life insurance plan for children which ensure guaranteed returns in the form of pay-outs at the insured’s child key milestones. It is an ideal life insurance plan for the child of those parents who want to ensure provision for academic cost and expenses that may occur prior to the college education of the child, to ensure specific goals in the child’s life such as college fees and expenses and marriage expenses as well as all the miscellaneous cost and expenditure that occurs during the phase of schooling or college.
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YoungStar Udaan is participating money back and endowment insurance plan with wide options. The key features offered byHDFC Life YoungStar Udaan plan are as follows:
It is necessary to fulfil the eligibility conditions before buying the insurance plan. Based on the death and maturity benefit options offered under the plan you can easily assess your eligibility for buying this policy. The eligibility criteria ofHDFC Life YoungStar Udaan plan are as follows:
Parameters | Minimum | Maximum |
---|---|---|
Entry Age | Classic- 0 years for Aspiration option and 8 years for Academic and Career option Classic Waiver- 18 years for all the three options of Aspiration, Academic and Career option. | Classic- 60 years Classic Waiver- 55 years |
Age at Maturity | Classic- 18 years for Aspiration option and 23 years for Academic and Career option Classic Waiver- 33 years for all the three options of Aspiration, Academic and Career option. | Classic- 75 years Classic Waiver- 75 years |
Term of the policy | 15 years | 25 years |
Premium Paying Terms | 7 years or 10 years or policy term minus 5 years | |
Premium Amount | Annually- Rs 24,000 Half-yearly- Rs 12,000 Quarterly- Rs 6,000 Monthly- Rs 2,000 | No maximum limit |
Premium Paying Frequency | Annually or Half-yearly or Quarterly or Monthly |
Benefits offered byHDFC Life YoungStar Udaan are as follows:
There are two options maturity benefit offered in the plan to be selected at the inception of the plan based on the financial goals of your child. These options offered are of two kinds which include Endowment option and Money back option.
Maturity benefit is paid to the policyholder on the maturity of the term of the plan. The maturity benefits under the three options are different.
Money back benefit is paid before the last 5 years of the policy term. The money-back benefits are paid under the Academic and Career option.
On the death of the life assured during the term of the plan, the death benefit is paid to the nominee of the plan. The death benefit will be higher of the sum assured on death or 105% of the premiums paid for the policy. However, under the classic death benefit option, accrued guaranteed additions, interim bonus (if any) and accrued simple reversionary bonuses would also be payable. The sum assured on the death will be higher of the sum assured or 10 times (for entry age up to 50 years) /7 times (for entry age greater than 50 years) of annualised premium paid for the plan.
Additional boosters are offered in form of guaranteed additions for policies with 10 years or more premium payment term. The guaranteed additions accrue at the end of each policy year and are paid at the maturity of the insurance plan. For premium paying term less than or equal to 19 years, guaranteed addition of 3% per annum of sum assured on the maturity is offered for the first five years of the policy. For premium paying term of 20 years or more, guaranteed addition of 5% per annum of sum assured on the maturity is offered for the first five years of the policy.
Rebates on the rates of premium are also offered to the policyholder on the higher sum assured on the maturity of Rs 4 Lakhs and above.
30 days grace period for annual, half-yearly and quarterly premium paying frequency and 15 days grace period for monthly premium paying frequency is offered to pay all the due premium of the policy after which the policy will lapse if the due premiums are not paid.
You have the option to revive your lapsed policy within 2 years of its first unpaid premium date.
HDFC Life YoungStar Udaan Plan is an ideal insurance plan for those who are looking forward to securing their child’s future and ensure financial stability. This insurance policy ensures reliability and flexibility to the policyholder with its money back benefits and wide options of maturity benefits to choose from as per your need and requirements. It also offered a rebate for higher sum assured and loan facility thereby providing liquidity. YoungStar Udaan helps you to systematically plan and invest in your child’s goals to support them financially throughout their journey.