Fixed Deposit for Child in HDFC

It becomes imperative to secure the children’s future financially to fulfil their future needs and expenses in the long run. HDFC has come up with insurance plans that have been designed exclusively for your children. Underneath are the features and benefits to help you choose the most viable option at your disposal.

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Best Child Saving Plans
  • Insurer pays your premiums in your absence

  • Invest ₹10k/month and your child gets ₹1 Cr tax free*

  • Save upto ₹46,800 in tax under Section 80(C)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners
Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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HDFC Life Click 2 Wealth – Premium Waiver Option

A unit-linked insurance plan with market-linked returns and life protection for you and your family. 

Key features of the plan:

  • Two charges, one for the fund's management and the second as mortality charge towards life cover.
  • Multiple premium options of single pay, regular pay, and limited pay. 
  • Premium waiver benefit
  • Three plans to choose from (a) Invest Plus Option for Insurance cum Investment, (b) Premium Waiver Option to protect milestones for dependents, and (c) Golden Years Benefit Option for Retirement Planning with Whole Life Cover.    

Premium payments and policy term 

Points to know

Invest Plus 

Premium Waiver Option 

Golden Years Benefit Option

The plan

A plan that provides accumulated fund value at maturity.

In case of the policyholder's demise, all the future premiums are waived, and the life assured is paid the sum at maturity. 

A combination of retirement planning and/or leaving a legacy behind.  

Maximum premium 

No limit

No limit

No limit

Minimum premium

Monthly: INR 1,000/-

Quarterly: INR 3,000/-

Half-yearly: INR 6,000/-

Annual: INR 12,000/-

Single: INR 24,000/-

Monthly: INR 1,000/-

Quarterly: INR 3,000/-

Half-yearly: INR 6,000/-

Annual: INR 12,000/-

Single: INR 24,000/-

Monthly: INR 1,000/-

Quarterly: INR 3,000/-

Half-yearly: INR 6,000/-

Annual: INR 12,000/-

Single: INR 24,000/-

Term of the policy

10 to 40 Years

10 to 40 Years

99 minus age at entry 

Maturity age 

18-75 Years

18-75 Years

99 Years

Age at entry 

30 days to 60 Years

30 days to 60 Years

30 days to 60 Years

Sum assured: 

Premium 

Single pay

Regular & limited pay

Top-Up

Minimum 

1.25 x single premium 

10 x annualized premium

1.25 x top-up premium

Maximum

As per board approved underwriting policy

As per board approved underwriting policy

As per board approved underwriting policy

HDFC SL YoungStar Super Premium

Valuable financial protection for your child, with yearly payouts to your family in the event of your unforeseen death. It allows investing in various funds and also provides flexible payment preferences as enumerated underneath: 

Choice of premium and level of protection

Minimum: Minimum of INR 15,000/- as premium and a minimum sum assured of 10^annualized premium in case the age is less than 45 years; whereas 7^annualized premium in case of age equal to 45 years and above. 

Maximum: No limit on premium payments and a maximum sum assured of 40^ annualized premiums.

Plan options

  • Life option for death benefits
  • Life & health option for the death benefit in addition to critical illness benefit

Benefit payment preference:

Save benefit

Save and gain benefit

HDFC pays the assured sum to the nominee.

HDFC pays the assured sum to the nominee. 

Your family will not pay any further premiums, and 100% of the premiums are payable by HDFC towards your policy, and all risk covers will cease.

Your family will not pay any further premiums. HDFC will pay 50% of all the future premiums of your policy, and the balance 50% will be paid to the nominee as, and when due on an annual basis, and all risk covers will cease. 

On maturity, the fund value is payable to the nominee.  

On maturity, the fund value is payable to the nominee.  

Choose your investment funds: You can choose among the Income, Balanced, Blue Chip, and Opportunities Fund. Furthermore, you can move your accumulated funds from one fund to another available fund anytime or choose to put your premiums in future in a different fund as per your needs. 

Eligibility: 

Parameter 

Life and health option 

Life option 

Minimum age to entry

18 Yrs

18 Years 

Maximum age on entry

55 Yrs

65 years 

Maximum age on maturity

65 Yrs

75 Years

Minimum policy period

10 Yrs

10 Years

Maximum policy period

20 Yrs

20 Years 

Receipt of your money:

  • On maturity: The policy matures at the end of the policy term you have chosen, and all your risk cover ceases. You can redeem your balance units at the then prevailing unit price and take the fund value. You can take your fund value in periodical instalments over a period that may extend to a maximum of 5 years.  
  • On death: In case of your demise during the policy term, the benefit payable to your beneficiary will be determined by the benefit payment preference chosen by you. The minimum death benefit will be at least 105% of the total premiums paid.   
  • On critical illness: In case you are diagnosed with any critical illness covered before the end of the policy term, the benefit is determined based on the benefit payment preference.  The death benefit protection ceases immediately.  
  • By partial withdrawal: You can withdraw lump sum amounts from the fund after 5 years of the policy provided, 
    • The minimum withdrawal amount is INR 10,000/-
    • The maximum amount which can be withdrawn is 300% of the original regular premium.
    • After the withdrawal, the fund value should not be less than 150% of the original premium.   
  • On discontinuance:    The plan has a grace period of 30 days. You are expected to pay your annual premium throughout the policy term. During the grace period, the policy is considered to be active without any interruption along with the risk cover.

HDFC Life Youngstar Udaan 

A plan designed for parents who are keen to vouch for the academic expenses of their children before a college education or have specific goals in mind like college fees or marriage expenses. 

It has the following features:

  • It is readily available with a short medical questionnaire-based underwriting. 
  • The insurance coverage is available throughout the policy term, even after paying premiums for a limited term. 
  • Three distinct maturity options are available.
  • Manifold premium options.
  • Participating in a money-back and endowment plan with multiple options.      

Premiums: Multiple premium options are available annually, half-yearly, quarterly, or monthly. The minimum limits specified are as under: 

Period

Minimum instalment premium

Maximum instalment premium

Annual 

INR 24,000/- (+ applicable taxes) 

No limit

Half-yearly

INR 12,000/- (+ applicable taxes)

No limit

Quarterly

INR 6,000/- (+ applicable taxes)

No limit

Monthly

INR 2,000/- (+ applicable taxes)

No limit

Policy Term: The minimum policy term is 15 years with a maximum of 25 years. Furthermore, the term can range from 7 years, 10 years, or the policy term minus 5 years. 

Eligibility criteria: 

Eligibility criteria

Death benefit options

Maturity benefit options

Minimum

Maximum

Age at Entry 

Classic

Option 1: Aspiration

0 Years (30 days)

60 Years

Classic

Option 2: Academia

8 Years

60 Years

Classic

Option 3: Career 

8 Years

60 Years

Classic Waiver

All options 

18 Years

55 Years

Age at Maturity 

Classic

Option 1: Aspiration

18 Years

75 Years

Classic

Option 2: Academia

23 Years

75 Years

Classic

Option 3: Career 

23 Years

75 Years

Classic Waiver

All options 

33 Years

75 Years

Death benefits: The policy offers two different options as per your requirements; the same has been enumerated underneath: 

Classic death benefit option: The death benefit shall be higher of (a) Sum assured on death and (b) 105% of the total premium paid.

  • Where the sum assured on death shall be higher of (a) Sum assured on maturity and (b) 10 times annualized premium for entry age up to 50 years and 7 times annualized premium for entry age greater than 50 years.  
  • Furthermore, accrued guaranteed additions, accrued reversionary bonuses, interim bonuses, and terminal bonuses would be payable. 

Classic waiver death benefit option: The benefit shall be higher of (a) Sum assured on death and (b) 105% of the total premium paid.

  • Where the sum assured on death shall be the higher of (a) sum assured on maturity and (b) 10 times annualized premium for the entry age up to 50 years and 7 times annualized premium for entry age greater than 50 years.     

Maturity Benefits: At the time of maturity, the policy provides benefits such as reversionary bonus, interim bonus, and terminal bonus, along with accrued guaranteed additions, last guaranteed payout for money-back options, or sum assured on maturity for endowment option.     

Maturity benefits options: There are three maturity benefit options available which are of   two types: 

(a) Endowment option (Option 1) – whereby a lump sum is paid at maturity. The option is termed Aspiration.

(b)Moneyback options (Option 2 & 3) – These options are termed as Career and Academia, whereby the payouts are offered in the last 5 years before maturity.      

  1. Option 1: Aspiration

    Year of Payout

    Lump-Sum Paid at maturity

    How Much? 

    100% of sum assured + GA (25% of sum assured)

    How can the payouts be used? 

    A lump sum that can be used to pay for marriage expenses or starting up a business venture. 

    Guaranteed payout amount for INR 5 Lakhs of sum assured on maturity

    INR 6,25,000/-

  2. Option 2: Academia

    Year of payout

    How much?

    How can the payouts be used?

    The guaranteed payout amount for 5 Lakhs of sum assured on maturity

    At maturity 

    15% of SA + GA (25% of SA)

    Further education 

    INR 2,00,000/-

    1st year before maturity 

    15% of SA

    Course fee or hostel expenses

    INR 75,000/-

    2nd year before maturity

    15% of SA

    Course fee or hostel expenses

    INR 75,000/-

    3rd year before maturity

    15% of SA

    Course fee or hostel expenses

    INR 75,000/-

    4th year before maturity

    15% of SA

    Course fee or hostel expenses

    INR 75,000/-

    5th year before maturity

    30% of SA

    For professional course

    INR 1,50,000/-

  3. Option 3: Career 

    Year of payout

    How much?

    How can the payouts be used?

    Guaranteed payout amount of INR 5,00,000/- of sum assured on maturity

    At maturity 

    40% of sum assured + GA (25% of SA)

    Further education abroad, marriage expenses, or higher post-graduation studies

    INR 3,25,000/-

    1st year before maturity 

    15% of sum assured

    Graduation

    INR 75,000/-

    2nd year before maturity

    15% of sum assured

    Graduation

    INR 75,000/-

    3rd year before maturity

    15% of sum assured

    Graduation

    INR 75,000/-

    4th year before maturity

    15% of sum assured

    Higher secondary or junior college

    INR 75,000/-

    5th year before maturity

    15% of sum assured

    Higher secondary or junior college

    INR 75,000/-

FAQ's

  • Q. Why should you invest in child policies?

    Ans: The college fees of your children can be a huge burden. Private schools are expensive, and the foreign university fees are touching the skies. Further, marriage expenses can dry your savings. This is where investing in a child policy becomes all the more important. 
  • Q. How much should you be saving for your child’s future? 

    Ans: The amount you need to save for your child’s future is subject to several factors, such as their aspirations, expectations, future goals, and dreams.
  • Q. What are the documents required for purchasing the plan?

    Ans:
    • Proof of age can be a passport copy, birth certificate, or your education mark sheets
    • Proof of identity: KYC documents such as Pan Card, Aadhaar Card, Driving License, Voter Id
    • Proof of income like salary slips, Form 16, Income Tax Returns
    • Proof of address: Any document like passport, driving license, Aadhaar card
  • Q. How to select the right child insurance plan? 

    Ans: Compare all the available options subject to your requirements and expectations. Work with an expert to determine and clarify all the terms and conditions the policy is subject to and then make your purchase.
  • Q. Do the policies provide income tax benefits? 

    Ans: Yes, the premiums paid are allowed as deduction under Section 80C of the Income Tax Act, 1961, subject to a limit of INR 1,50,000 only.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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