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HDFC Life Young Star Super Premium

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HDFC SL Young Star Super Premium

HDFC SL Young Star Super Premium Plan is a triple benefit unit linked insurance plan (ULIP) for the benefit of a child, where the parent is the Life Insured. In this plan if the Life Insured, i.e. the parent dies or is diagnosed by a critical illness within the policy tenure, the nominee, i.e. the child would receive the Sum Assured in a lump sum to address the immediate needs of the family and the future premiums would be paid by the company either towards the fund or to the beneficiary. On maturity, the Fund Value would be paid to the beneficiary.

 

Key Features of HDFC SL Young Star Super Premium 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 available
  • If the Life Insured dies or is diagnosed with any of the Critical Illnesses, then the Sum Assured is paid and the policy continues. Fund Value is paid on maturity
  • There are 2 options under both Life and Life + Health Options:
    • Save Benefit- where 100% of the future premiums are paid by the company into the fund
    • Save-n-Gain Benefit- where 50% into the Fund and 50% to the Beneficiary

 

COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from HDFC SL Young Star Super Premium Plan

Death Benefit –

·         Under Life Option- has only Death Benefit

·         Under Life + Health Option- has Death Benefit + Critical Illness Benefit

 

Under both Life Option and Life + Health Option, there are 2 Benefit Options that can be selected:

·         Save Benefit- Under this option, the Sum Assured is paid immediately on Death or Diagnosis of any of the Critical Illnesses mentioned and 100% of the future premiums are paid by the insurer towards the Fund such that the entire Fund Value is paid to the beneficiary when the policy matures

·         Save-n-Gain Benefit- Under this option, the Sum Assured is paid immediately on Death or Diagnosis of any of the Critical Illnesses mentioned and 50% of the future premiums are paid by the insurer towards the Fund such that the entire Fund Value is paid to the beneficiary when the policy matures. The remaining 50% of the future premiums are paid to the beneficiary as and when due on annual basis.

Maturity Benefit – On maturity, the Fund Value is paid

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

 

Eligibility conditions & other restrictions in HDFC SL Young Star Super Premium 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

 


Additional Features and Benefits of HDFC SL Young Star Super Premium 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.

 

Alternate child ULIPs from different insurance companies

 

Other Child Plans from HDFC Life Insurance

HDFC Children's Plan

HDFC SL Young Star Super II

Compare Ulip Plans

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