HDFC SL YoungStar Udaan Plan

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Introduction/Overview

HDFC SL YoungStar Udaan Plan is a traditional Child Plan with multiple benefit options combining the features of Endowment and Money Back plan for a secured future for the child

Key Features

  • It is a participating plan with limited premium payment option
  • There are 3 options for maturity payouts which can be chosen as per requirement: Aspiration, Academia, Career
  • There are 2 options for Death benefit payouts, Classic and Classic Waiver
  • Guaranteed Additions accrue in the first 5 policy years enhancing the benefits payable
  • Maturity proceeds also include reversionary bonuses, interim bonuses and terminal Bonus, if any

Benefits

  • Guaranteed Additions accrue @ 3% (for term<20 yrs.) or 5% (for term>=20 yrs.)of SA in each of the first 5 policy years
  • Under the Aspiration option for Maturity Benefit payout, lump sum is paid on Maturity which is the Sum Assured and Guaranteed Additions where the total benefit received is equal to 125% of the SA
  • Under the Academia Option, money back benefits are paid in the last 5 years of the policy. The benefits start @30% of the SA in the 5th last year and 15% thereafter. On maturity, 15% of the SA and Guaranteed Additions (25% or 15% of SA) is paid making the total benefit received equal to 130% or 120% of the SA
  • Under the Career Option, 15% is paid in each of the last 5 years. 40% of SA is paid on Maturity along with the Guaranteed Additions @ 25% or 15% in total making the aggregate benefit received equal to 140% or 130% of the Sum Assured
  • The survival benefits can be availed monthly @8.5% of the annual payout
  • On death of the policyholder, the death benefit under both the options will be higher of the SA on death or 105% of all premiums paid + vested reversionary bonuses, Guaranteed Additions and terminal bonus, if any
  • SA on death will be higher of Sum Assured on Maturity or 10 / 7 times the annual premium
  • Moreover, under the Classic Waiver Death Benefit, future premiums are waived off and are paid for by the company and the plan continues to participate in profits
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

0 years

60 years

Maturity Age (Last Birthday)

33 years

75 years

Policy Term (PT) in years

15

25

Premium Paying Term (PPT) in years

7 pay, 10 pay or (term-5)

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Premium

24,000

No limit

Sum Assured

Depends on premium chosen, age, term and PPT

 

Details About Premium

Annual premium in Rupees for Classic Death Benefit option with Policy Term 15 years and PPT 7 years

Age / SA

30 years

40 years

Aspiration

Academia

Career

Aspiration

Academia

Career

100,000

16,733

18,825

19,046

16,976

19,182

19,376

250,000

41,833

47,063

47,615

42,440

47,955

48,440

500,000

83,665

94,125

95,230

84,880

95,910

96,880

Policy Details

Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy and receive the Surrender Value. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV % of Premiums paid + GSV% of vested Bonuses + GSV % of Guaranteed Additions

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • Loan is available under the plan to a maximum of 80% of the SSV

Additional Features or Riders

  • Rebates for Large Sum Assured ranges of 4 lakhs and above

Exclusions

  • In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.