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.
Insurer pays premium in case of loss of life of parent
Create wealth for child’s aspirations
Tax Free maturity amount+
12+ plans available
Invest ₹10k/month your child will get ₹1 Cr Tax Free*
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:
Blue Chip Fund
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.
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|Entry Age (Last Birthday)
|55 / 65 years
|Maturity Age (Last Birthday)
|65 / 75 years
|Policy Term (PT) in years
|Premium Paying Term (PPT) in years
|Equal to policy term
|Premium Paying Frequency
|10 * Annual Premium for ages <45 yrs. & 7 * Annual Premium for ages >=45 yrs.
|40 * Annual Premium
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.
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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.
6 Critical Illnesses are covered under the Life and Health Option
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.
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.
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*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
*Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
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