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 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 

Additionally – accrued 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:

Additionally – Future 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:-  
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 Benefit – Future 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.