HDFC Life YoungStar Udaan
HDFC Life YoungStar Udaan Plan at a glance
In this plan if the Life Insured, i.e. the parent dies within the policy tenure, the nominee, i.e. the child/family would receive the lump sum amount and the future premiums payable by the policyholder would in turn be paid by the company to the nominee for the benefit of the child. The policy offers – Guaranteed Additions, Maturity Benefit, Bonuses, to take care of child’s academic expenses, college fees, and marriage expenses etc.
Key Features
- Aspiration (Endowment benefit)
- Academia (Money back benefit)
- Career (Money back benefit)
- Classic
- Classic Waiver
during first 5 policy years, if applicable
payable at maturity (if any)
Benefits
There are 2 death benefit options available as below:
- Under Classic Option - In case of death of the Life Insured i.e. the parent, the nominee, i.e. the child would get the higher of
- 105% of Premiums paid
- Under Classic Waiver Option - In case of death of the Life Insured i.e. the parent, the nominee, i.e. the child would get the higher of:
- 105% of Premiums paid
For both the death benefit options – sum assured on death will be higher of:-
- 10* the annualised premium for entry age up to 50 years and 7* the annualised premium for entry age greater than 50 years.
will be aggregate of the following pay out:
- Last guaranteed pay out for money back options or Sum Assured on Maturity for endowment options
- Accrued Guaranteed Additions (if applicable)
- Reversionary Bonus, Interim Bonus, Terminal Bonus (if applicable)
ASPIRATION (Endowment benefit)
| Pay-out Year | % of Sum Assured (SA)/GA | Need taken care | Amount (in Rs.) |
| Lump sum paid at maturity | 100% of SA + GA (25% of SA) | Marriage expenses | 6,25,000 |
| TOTAL | 125% Sum Assured | 6,25,000 |
ACADEMIA (Money back benefit)
| Pay-out Year | % of Sum Assured (SA)/GA | Need taken care | Amount (in Rs.) |
| 5th year before maturity | 30% | To join a professional course | 1,50,000 |
| 4th year before maturity | 15% | Course fees or hostel expense for next years | 75,000 |
| 3rd year before maturity | 15% | 75,000 | |
| 2nd year before maturity | 15% | 75,000 | |
| 1st year before maturity | 15% | 75,000 | |
| At Maturity | 15% + GA (25%) | Further education or add on courses | 2,00,000 |
| TOTAL | 130% of SA | 6,50,000 |
CAREER (Money back benefit)
| Pay-out Year | % of Sum Assured (SA)/GA | Need taken care | Amount (in Rs.) |
| 5th year before maturity | 15% | Higher secondary or junior college | 75,000 |
| 4th year before maturity | 15% | 75,000 | |
| 3rd year before maturity | 15% | Graduation | 75,000 |
| 2nd year before maturity | 15% | 75,000 | |
| 1st year before maturity | 15% | 75,000 | |
| At Maturity | 40% + GA (25%) | Post-graduation studies, education abroad, marriage | 3,25,000 |
| TOTAL | 140% of SA | 7,00,000 |
Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C
discount on premium for sum assured 4 lacs and above
No rider available under this policy.
If the policy holder is not convinced with the terms and conditions of the policy, then s/he can cancel the policy from 15 days of receipt of policy document.
How it works
Criteria
Life Insured – 53 years
Nominee (child) 3 years
Maturity Benefit Option – Career
Death Benefit Option – Classic Waiver
Policy Term – 15 years
Premium Paying Term – 10 years
Sum Assured – 5 lacs
Benefits payable
- 15% of sum assured on maturity every year till child turns 18
- 40% of sum assured on maturity + Guaranteed Additions + Bonuses
- Classic Waiver Benefit – Future premiums waived, due to death of life assured
- Lump sum amount immediately, upon LA’s death
Benefit illustration
Eligibility
| Particulars | Death Benefit options | Maturity Benefit options | Minimum | Maximum |
| Entry Age (in years) | Classic | Option 1 - Aspiration | 30 days | 60 |
| Option 2 – Academia | 8 | |||
| Option 2 – Career | ||||
| Classic Waiver | All options | 18 | 55 | |
| Maturity Age (in years) | Classic | Option 1 - Aspiration | 18 | |
| Option 2 – Academia | 23 | 75 | ||
| Option 2 – Career | ||||
| Classic Waiver | All options | 33 | 75 | |
| Policy Term (in years) | 15 | 25 | ||
| Premium Paying Term (in years) | 7 , 10 | |||
FAQs
What happen if you stop paying the premium ?If the policy holder does not pay the premium within 30 days from the premium due date the policy will lapse.
What happen if you want to revive the policy ?can be revived within 2 years from the first unpaid premium.
What happen if you want to surrender the policy ?can be surrendered if 2 years premium is paid. Guaranteed Surrender Value and Special Surrender Value (non-guaranteed) will be paid upon surrender.
What happen if you want a loan against your policy ?There is loan available under this plan upto a maximum of 80% of Surrender Value.
