HDFC SL Youngstar Super Premium Plan

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Introduction/Overview 

HDFC SL Young star Super Premium Plan is a Unit-Linked Child Plan which aims to secure the child’s future through accelerated growth and life insurance protection.

HDFC SL Young star Super Premium - Key Features 

  • It is a unit linked plan with regular premium payment mode.
  • The plan provides 2 cover options of Life Option and Life & Health Option.
  • There are 2 added options under the benefit payment preference which decides the way the beneficiary receives the benefit payouts. The options are- Save benefit and Save-n-gain benefit.
  • The following 4 funds are available for investment: 
    • Income Fund
    • Balanced Fund
    • Blue Chip Fund
    • Opportunities Fund 

HDFC SL Young star Super Premium - Benefits 

  • The insured will get the total fund value on maturity which can be availed in instalment over a period of 5 years post maturity under the settlement option.
  • On the death of the policyholder, the death benefit will be paid out as under the Benefit Payment Preference chosen.
  • Under the save benefit, sum assured is paid out. Future premiums are waived off and 100% of future premiums are paid by the company. On Maturity, the fund value will be paid.
  • Under the save-n-gain benefit, sum assured is paid out on death. Future premiums are waived off, 50% of which are paid into the fund account by the company and the other 50% to the beneficiary. On maturity, the Fund Value will be paid.
  • The minimum death benefit should be equal to 105% of all premiums.
  • Under the life & health cover option, the death cover ceases on the diagnosis of some critical illness and the benefit paid will depend on the benefit payment preference chosen and will be same.
  • Income Tax benefits are available. 

HDFC SL Young star Super Premium - Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

55 / 65 years

Maturity Age (Last Birthday)

-

65 / 75 years

Policy Term (PT) in years

10

20

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Yearly

Yearly Premium

15,000

No limit

Sum Assured

10 * Annual Premium for ages <45 yrs. & 7 * Annual Premium for ages >=45 yrs.

40 * Annual Premium

 

HDFC SL Young star Super Premium - Policy Details 

Grace period: 30 days grace period is allowed for payment of premium. 

Policy Termination or Surrender Benefit: The policy may be surrendered after five years on the condition that all premiums have been paid. The Fund Value is paid to the policyholder, and the policy is terminated. If however, the policy is surrendered before completing five years then the insurance cover ceases, the Fund Value will be transferred to the Discontinued Policy Fund. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the death benefit or on the Maturity Benefit. 

Free Look Period- Policyholders can enjoy a limited free look period of 15 days from the date of receiving policy documents in order to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the Fund Value plus the unallocated premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.

Inclusions 

  • Partial Withdrawals are allowed after 5 policy years to a minimum of Rs.10, 000.
  • Premium redirection is available from the 2nd policy year.
  • Switches are also allowed for managing investments. 

Additional Features or Riders 

    6 Critical Illnesses are covered under the Life and Health Option 

Exclusions 

  • The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.
  • For the Critical Illness cover, Illnesses contracted within 6 months of policy inception or revival or due to self-inflicted injury, alcohol abuse, war, aviation or act of criminal nature will be excluded. 

Documents Required 

Not many documents are required to apply for this insurance plan, other than the duly filled application form, address proof and a few KYC documents as asked by the insurer.  In some cases, medical examinations may be needed. 

You may also compare: HDFC Life Child Insurance Plan

Frequently Asked Questions

1.     What are the surrender benefits offered by the policy?

The policy may be surrendered after five years on the condition that all premiums have been paid. The Fund Value is paid to the policyholder, and the policy is terminated. If, however, the policy is surrendered before completing five years, then the insurance cover ceases, the Fund Value will be transferred to the Discontinued Policy Fund. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Maturity benefit or the Death Benefit. 

2.     What are the add-on benefits offered by the policy?

       6 Critical Illnesses are covered under the Life and Health Option. 

3.     What are the inclusion and exclusion offered by the policy?

The inclusion and exclusion offered by the policy are-

Inclusions 

  • Partial Withdrawals are allowed after 5 policy years to a minimum of Rs.10,000.
  • Premium redirection is available from the 2nd policy year.
  • Switches are also allowed for managing investments. 

Exclusions 

  • The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.
  • For the Critical Illness cover, Illnesses contracted within 6 months of policy inception or revival or due to self-inflicted injury, alcohol abuse, war, aviation or act of criminal nature will be excluded. 

4.     How many days of free look period offered by the policy?

Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the Fund Value plus the unallocated premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.