HDFC Life Children Plan

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HDFC Standard Life insurance Children’s Plan

 

HDFC SL Children’s Plan is traditional child plan with a large amount of variety provided to the policyholder who can choose the range of benefits that he would like to receive. In this plan, the life of the parent is insured but the child is the sole beneficiary. It ensures that the child’s future is guaranteed under all the 3 options such that if anything happens to the parent during the policy tenure and he is unable to complete the policy term, then also the child’s future is secured by providing him with the guaranteed benefits.

 

This is a comprehensive protection plan for your child in a guaranteed way. In you wish to provide basic benefits to the child; you can opt for Accelerated Benefit Plan, where your child would receive the Sum Assured + Bonuses on the policy maturity or on earlier death during the policy tenure. This ensures that your child would receive the lumpsum amount that you had planned for her future under all circumstances.

 

If you would like to ensure that your child receives the Maturity Benefit and she doesn’t require any financial aid in case of your early and untimely death, you can opt for Maturity Benefit Plan where your child would receive the Sum Assured + Bonuses on the policy maturity but nothing on your death except that the future premiums are waived off and paid the insurer to continue your policy till the end.

If you wish to ensure that your child receives maximum protection by providing her with financial aid even if you die within the policy tenure, then you can opt for Double Benefit Plan, where your child would receive Sum Assured + Bonus of the policy maturity and also the Sum Assured if you die earlier by waiving off the future premiums.

 

 

Key Features of HDFC Life Children’s Plan

 

·         This plan pays a guaranteed lump sum amount or Sum Assured on policy maturity or on earlier death

·         There are 3 Plan Options that can be chosen:

o    Accelerated Benefit Plan- in this option, you would receive Sum Assured + Bonuses on the policy maturity or on earlier death

o    Maturity Benefit Plan- this option ensures that you receive the Sum Assured + Bonuses on the policy maturity. Hence if the Life Insured dies within the policy tenure, then nothing is payable immediately, however future premiums are waived off and paid by the insurance company so that the entire maturity benefit is paid when due.

o    Double Benefit Plan- in this option you would receive double benefit, i.e. you would definitely receive the Sum Assured + Bonuses when the policy matures. Over and above that, if the Life Insured dies within the policy tenure, the Sum Assured is again paid and the policy continues. Future premiums are waived off and paid by the insurance company so that the entire maturity benefit is paid when due

·         This plan provides simple Reversionary Bonus and terminal Bonus as well.

·         The child is the sole beneficiary to receive the benefits of the policy.

 

 

Benefits you get from HDFC Life Children’s Plan

 

Death Benefit –

1.     Accelerated Benefit Plan- Sum Assured + Bonuses and the policy is terminated

2.     Maturity Benefit Plan- Nothing is paid but the policy continues such that the future premiums are waived off and paid by the insurer

3.     Double Benefit Plan- Sum Assured is paid and the policy continues such that the future premiums are waived off and paid by the insurer.

 

Maturity Benefit – On maturity, Sum Assured + Bonuses are paid under all 3 Plan Options.

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

 

 

Eligibility conditions in HDFC Life Children’s Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

 

 

Policy Term (in years)

10

25

Premium Payment Term (in years)

Equal to Policy Term

Entry Age of Policyholder (in years)

18

65

Age at Maturity (in years)

-

75

Regular Pay premium (in Rs.)

 

 

Payment modes

Yearly, Half-yearly or Quarterly

 

 

 

Additional Features and Benefits of HDFC Life Children’s Plan

 

Riders – There is 1 in-built rider available in this policy under Maturity Benefit Option and Double Benefit Option

·         Premium Waiver Benefit rider

 

 

                                             

What happens if?

 

You stop paying the premium - If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse. However it can be revived within 3 years from the first unpaid premium.

 

You want to surrender the policy – The policy can be surrendered any time after premiums have been paid continuously for 3 years

Guaranteed Surrender Value = 50% of all premiums paid till date – 1st years’ premiums

 

You want a loan against your policy – There is no loan available in this plan

 

 

Alternate traditional child plans from different insurance companies

 

ING Creating Life Child Protection Plan

Kotak Child Advantage Plan

LIC's Jeevan Anurag

 

 

Other child plans from HDFC Standard Life Insurance

 

HDFC Young Star Super II Plan

HDFC SL Young Star Super Premium Plan

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the HDFC Life Children Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable HDFC Life Children Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

DEAR SIR, I HAVE TWO POLICY (CHILDREN DOUBLE BENEFIT PLAN )
policy no is 14532649 & 14540262 i will chek how much amount we are paid. through internet please give the details to chek the policy. no & Amount

By Jameelahmed Vk on Feb 23, 2013 Reply

Can we reduce the premium from next year in this plan.

By Rizwana on Feb 14, 2013 Reply

Sir I have paid last premium in the year 2011 against my child'. the plan is HDFC double benefit plan.It was delayed due to my service transfers ,so now i wanted to know wether it can be renewd again, if yes then how much amount i am due.the policy No is 10254876.

By K Jayasurya Rao on Feb 13, 2013 Reply

I have following policies for which I paid premium for 3 years and stopped.I was told that the insurance cover continues as the policies are in paidup status(till the fund value falls below minimum paidup value).I want to know the correct status of it .What is the minimumpaidup value.I may be sent a weekly report of these details.

AKM Sastry/HDFC UNIT LINKED YOUNG STAR PLAN/NO;10502211/DOC 17-03-2006
K RAMALAKSHMI/HDFC UNIT LINKED YOUNGSTARPLAN/10525541/DOC 13-03-2006

DR.A.KRISHNAMURTHY MOBILE 9848127837

By Dr.A.Krishnamurthy Sastry on Feb 12, 2013 Reply

I wish someone will take care of the ownership and get my cheque credited .

given a cheque against my child'd HDFC double benefit plan to branch office - Indiranagar b,lore . staff say they have sent the cheque to concern branch handling this sector.
call is made to me from hyderabad saying you are due and not paid and running short of time. premium chq. for 4520/- is given on 20th march 2012.

How to go about and should I need to issue a new cheque and what happens to my old chq.

thank you,
Dinakar Mob: 9342577603

By Dinakar on Apr 13, 2012 Reply

You may contact me at 9962421510

By Aruna on Feb 09, 2012 Reply

please send me details of child plan.
rgds

By Sanjoy on Nov 06, 2011 Reply

what are the condition of death benefits,

By Purushottam Jilla on Sep 29, 2011 Reply

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