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HDFC SL Young Star Super II

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

HDFC SL Young Star Super II

 

HDFC SL Young Star Super II Plan is a unit linked insurance plan (ULIP) for the benefit of a child, where the parent is the Life Insured. Some plans cover the life of the child and other plans are for the benefit of the child. This plan does not cover the life of a child but it is meant for the security of the child’s future even if anything happens to the parent. In this plan if the Life Insured, i.e. the parent dies within the policy tenure, the nominee, i.e. the child would receive the higher of Sum Assured or the Fund Value in a lump sum to address the immediate needs of the family and the policy would stop. The future premiums payable by the policyholder would in turn be paid by the company to the nominee for the benefit of the child.

 

 

Key Features of HDFC SL YoungStar Super II Plan

 

  • There are 2 options in this plan- Life Option with only Death Benefit and Life and Health Option with Death Benefit + Critical Illness Benefit
  • Choice of 5 Investment Funds are available
  • If the Life Insured dies or is diagnosed with any of the Critical Illnesses, then the Sum Assured of the Fund Value is paid, whichever is higher and the policy terminates. However, the premium payable is paid by the insurance company to the beneficiary
  • There is a Loyalty Reward of 35% of Annual Premium for a 10 year term and 70% of Annual premium for a 15 year term.

 

COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from HDFC SL Young Star Super II Plan

 

Death Benefit –

·       Under Life 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 or Fund Value, whichever is higher in a Lump Sum for immediate expenses and the policy will terminate. However, the future premiums would be paid by the insurance company to the beneficiary till the end of the policy tenure for expenses like school fees, etc.

·     Under Life + Health Option- In case the Life Insured is diagnosed with any of the mentioned Critical Illnesses, the beneficiary would get the higher of Sum Assured or Fund Value, whichever is higher in a Lump Sum for immediate expenses and the policy will terminate. However, the future premiums would be paid by the insurance company to the beneficiary till the end of the policy tenure for recovery expenses.

 

Maturity Benefit – On maturity, the Fund Value is paid

 

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 and other restrictions in HDFC SL Young Star Super II Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

10 X AP

40 X AP

Policy Term (in years)

10

20

Premium Payment Term (in years)

Equal to Policy Term

Entry Age of Policyholder (in years)

18

65 for Life Option

55 for Life + Health Option

Age at Maturity (in years)

-

75 for Life Option

65 for Life + Health Option

Regular Pay premium (in Rs.)

15,000

No Limit

Payment modes

Only Yearly

 

 

Sample illustration of premium amount in HDFC SL Young Star Super II Plan

 

Premium = Rs.1,00,000

Age = 30 years

Policy Term = 10 years and 15 years

PPT = Regular Pay

Sum Assured = Rs 10,00,000

Total Investment = Rs. 1,00,000 x 10 years = Rs. 10,00,000 and

                                  Rs 1,00,000 X 15 years = Rs 15,00,000

HDFC SL Young Star Super II Child Plan review

 

 

Additional Features and Benefits of HDFC SL Young Star Super II Plan

 

Riders – There is 1 rider available in this policy

·         Critical Illness Benefit rider- This rider is available with the Life + Health option of this plan

 

Investment Fund Options

There are 5 Investment Funds available

1.     Short Term Fund

2.     Income Fund

3.     Balanced Fund

4.     Blue Chip Fund

5.     Opportunities Fund

 

Top-up - Not Allowed.

 

Switching - Switching from one fund to another is allowed anytime.

 

Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years. The minimum amount for Partial Withdrawal is Rs 10,000 such that at least 150% of the annual premium remains in the Fund Value and the maximum Partial Withdrawal is 300% of the original regular premium.

 

                                             

What happens if?

 

You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

 

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

 

You want a loan against your policy - There is loan available under this plan upto a maximum of 40% of Surrender Value or one annual premium.



 

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