Investment Plans January 1, 2021

Every parent wants to ensure a bright and secure future for their children. To achieve this, individuals make efforts so that their children can achieve milestones such as education and marriage. HDFC Life provides two insurance plans that can help parents secure their children’s future — HDFC SL YoungStar Super Premium and HDFC Life YoungStar Udaan Insurance Plan. Both these plans from HDFC Life can be beneficial for your children in the long run.

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But amongst these two options, which should you go with? Well, in this article, we will be doing a comparison of HDFC SL YoungStar Super Premium and HDFC Life YoungStar Udaan Plan. This comparison will help you understand better. Keep reading to know more!

Let’s Compare HDFC SL YoungStar Super Premium and HDFC Life YoungStar Udaan

HDFC Life YoungStar Udaan is a non-linked, participating, Life Insurance Plan ensures your children achieve all their dreams. On the other hand, HDFC SL YoungStar Super Premium Plan is a unit-linked insurance plan that can accumulate savings to brighten your child’s future, even when you are not around due to an unfortunate event like death.

Want to know more about these plans in detail? Well, now, we will be comparing both these life insurance plans from HDFC Life on various factors such as key features, the sum assured, premium limit, eligibility criteria, etc. So, let’s start comparing!

Flexibility to Choose from Plan Options

With the HDFC SL YoungStar Super Premium Plan, one of the best benefits that you get is the flexibility to choose from different Plan Options. There are two plan options from which you can choose – Death Benefit by choosing the Life Option and Death Benefit + Critical Illness Benefit if you choose Life & Health Option from this HDFC Life Plan. Other than choosing the plan options, you can also choose the Benefit Payment Preference according to your convenience. These options are Save Benefit and Save-n-gain Benefit.

On the other hand, with HDFC Life YoungStar Udaan, you can choose from a range of three maturity benefit options. These options are Aspiration, Academia and Career. Depending on the chosen option, maturity benefits will vary for you. Simply put, there are Endowment Option and Moneyback Options for Academia and Career. The maturity payouts will be a certain percentage of the sum assured on maturity. Also, these payouts will be guaranteed at the inception of your plan.

For How Many Years Will Your Policy Cover?

One of the important questions that people ask before choosing a suitable plan for themselves or their family is to know its policy term. For HDFC SL YoungStar Super Premium Plan, the minimum policy term can be 10 years, while it can go up to as high as 20 years. However, you cannot choose a policy term ranging from 11 to 14 years.

On the other hand, if you choose HDFC Life YoungStar Udaan Insurance Plan, you can choose the policy term ranging from 15 to 25 years.

Let’s Understand the Premium Payment Term and Amount

There is a certain premium amount you will need to pay for any life insurance plan. But the question is how long will you need to pay? In the case of the HDFC SL YoungStar Super Premium Plan, you can choose your regular premium, and also the level of protection. The level of premium chosen by a policyholder cannot be changed during the policy term. However, if you choose HDFC Life YoungStar Udaan Insurance Plan, you can choose from three premium payment options – 7 years, 10 years, or Policy Term minus 5 years (if you choose a Policy Term of 22 years, the premium payment term will be 17 years).

For HDFC SL YoungStar Super Premium Plan, individuals can choose the minimum premium amount as low as INR 15,000 while there is no maximum limit. Remember there is only an annual mode available under this plan from HDFC Life. On choosing the HDFC Life YoungStar Udaan Plan, individuals can choose to pay the premium from different options of Monthly, Quarterly, Half-yearly, and Yearly. The minimum premium amount will be INR 2,000, INR 6,000, INR 12,000, and INR 24,000, respectively, with no maximum limit.

Eligibility Parameters

Among the eligibility parameters, the entry age is one of the crucial factors that you should keep in mind. For HDFC SL YoungStar Super Premium Plan, the minimum entry age can be 18 years while the maximum age at the time of entry differs according to the plan options. For Life Option, the maximum age can be 65 years at the time of entry, while for Life & Health Option, this age can be 55 years.

On the other hand, if you are choosing HDFC Life YoungStar Udaan Plan, the minimum age can range from 0 years (30 days) to 18 years depending on the death benefit option and maturity benefit option chosen by policyholders. The maximum age at the time of entering into the plan is 60 years and will remain the same for all the plan options.

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