21st April, 2014: HDFC Life has launched a new child plan- YoungStar Udaan for those parents who want to secure the future of their child during critical milestones.
'YoungStar Udaan' – A new child insurance plan with minimum monthly premium of Rs 2,000 and no upper limit has been launched by HDFC Life today for pan-India market. Offering flexible money back option, this is a participating child plan.
The vice president (product development) of HDFC Life, Sanjay Tiwari, said that they have chosen Lucknow to unveil the product as Uttar Pradesh due to its population is a dense market.
20% of their new business accounts from the HDFC child plan segment. 11-13% of total business for HDFC Life nationally is comprised by the new business from child plans currently.
This new product is for those parents who wants to make their child's future secure during critical milestones like marriage, education, etc.
The premiums of this plan could be paid quarterly, half-yearly or yearly. As per the choice of customer, the premium payment terms could either be policy term minus 5 years or 7-10 years. 15 years and 25 years are the minimum and maximum policy terms for this plan, respectively.