HDFC Life YoungStar Udaan

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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 of HDFC Life YoungStar Udaan Plan

  • Three Maturity benefit options:
  1. Aspiration (Endowment benefit) 
  2. Academia (Money back benefit) 
  3. Career (Money back benefit) 
  • Two Death Benefit options:
  1. Classic
  2. Classic Waiver
  • Guaranteed Additions (GA) - during first 5 policy years, if applicable
  • Bonuses - payable at maturity (if any)
 
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Benefits of HDFC Life YoungStar Udaan Plan

Death Benefit – 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 
- Sum Assured on death
- 105% of Premiums paid
Additionallyaccrued guaranteed additions + accrued reversionary bonus+ Interim +Terminal bonus (in any)
  • 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:
- Sum Assured on death
- 105% of Premiums paid
AdditionallyFuture outstanding premiums will be waived off and the policy will continue
For both the death benefit options – sum assured on death will be higher of:-
- Sum assured on Maturity
- 10* the annualised premium for entry age up to 50 years and 7* the annualised premium for entry age greater than 50 years.
 
Maturity Benefit – will be aggregate of the following pay out:
  1. Last guaranteed pay out for money back options or Sum Assured on Maturity for endowment options
  2. Accrued Guaranteed Additions (if applicable)
  3. Reversionary Bonus, Interim Bonus, Terminal Bonus (if applicable)
Maturity Benefits illustrated below as per the Benefit options:
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


Income Tax Benefit - Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C

 

How does the plan work?

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 BenefitFuture premiums waived, due to death of life assured
  • Lump sum amount immediately, upon LA’s death 
Benefit illustration


 

Eligibility conditions and other restrictions in HDFC Life YoungStar Udaan Plan

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



 

Additional Features and Benefits of HDFC Life YoungStar Udaan Plan

Higher sum assured rebate – discount on premium for sum assured 4 lacs and above\

Riders – No rider available under this policy.

Free look – 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.

 

What happens 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.

You want to revive the policy – can be revived within 2 years from the first unpaid premium.

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.

You want a loan against your policy - There is loan available under this plan upto a maximum of 80% of Surrender Value.
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