Compare HDFC SL Young star Super Premium plan

HDFC-Life-Insurance-Company

HDFC SL Young star Super Premium plan

HDFC Youngstar Super Premium is a Unit Linked child plan which creates a financial safety net for your child’s future even in your absence. There are two benefit options of Save and Save-n-Gain and the policyholder can choose any benefit payout option as per his requirement. There is an inbuilt premium waiver benefit which is applicable if the insured dies during the plan term. This benefit waives the premium while the plan continues and grows to create a substantial corpus for the child.

Key features of the plan

  • There are two benefit payment preference – Save and Save-n-Gain. These options determine the benefit payout in the plan.
  • The plan coverage also comes in two variants. The policyholder can choose the Life Option which covers death during the plan term or Life & Health Option which also covers critical illnesses besides death during the plan term.
  • The premiums paid can be invested in any of the available 4 funds for market-linked returns.

How does the plan work?

Step 1 – the policyholder chooses the premium amount, the coverage option and the benefit payment preference.  The minimum and maximum Sum Assured is then calculated using the premium amount. The policyholder can choose any Sum Assured from the minimum and maximum range.

Step 2 – the policyholder then chooses to invest the allocated premium in any of the available 4 funds. The funds are Income Fund, Balanced Fund, Bluechip Fund and Opportunities Fund.

Step 3 – the policyholder can make partial withdrawals, premium redirections or switch his investments if required.

Step 4- in case of death during the plan term, the death benefit is paid according to the benefit payment preference selected.

Step 5 –if life and health coverage option is selected and the insured suffers from any covered critical illness, the plan benefit is paid in the benefit payment preference chosen by the policyholder.

Step 6 – if the insured survives the plan tenure, the maturity benefit is paid.

Example

Anshul, aged 30 years, buys the plan paying a premium of Rs.25, 000. He chooses a Sum Assured of Rs.2.5 lakhs and allocates his premiums to Opportunities Fund.

Option 1 – He chooses life option and the benefit payment preference of Save. If he dies during the plan term, Rs.2.5 lakhs is paid to the beneficiary. The company then contributes Rs.25, 000 every year to the policy. On maturity, the Fund Value is paid. If Anshul had chosen Life & Health Benefit and suffered a critical illness covered by the plan, the same benefit would have been paid when the illness had been diagnosed.

Option 2 – He opts for life option and chooses Save-n-Gain benefit preference. On his death during the plan term, Rs.2.5 lakhs is paid immediately to the beneficiary. Thereafter, Rs.12500 is contributed by the company towards the policy and Rs.12, 500 is paid to the beneficiary every year till plan maturity. On maturity, the Fund Value is paid. In case of Life & Health coverage, the same benefit would have been paid when the illness had been diagnosed.

Anshul can make partial withdrawals, switch between funds and also redirect future premiums to any other fund.

Option 3 – if the plan matures and Anshul is alive, the Fund Value is paid.

Plan benefits

  • Death benefit – there are two coverage features and two benefit payment preference and the benefit paid depends on the coverage benefit and payment preference selected. It is described as follows:
  • Save Benefit – on death under this benefit, the Sum Assured is paid to the beneficiary. Thereafter, 100% of the premiums are waived off, the insurance company contributes the premium towards the Fund Value and the plan continues till maturity.
  • Save-n-Gain Benefit – under this benefit, if the insured dies, the Sum Assured is immediately paid to the beneficiary. Thereafter, the company would pay 50% of the premium towards the Fund Value and the rest 50% is paid to the beneficiary as and when due. The plan then continues till maturity.

The death benefit is paid on death of the insured if Life option is selected. If Life & Health Option is selected, the benefit is paid either on critical illness suffered by the insured or on death. The benefit payout would depend on the benefit preference selected.

  • Maturity Benefit – when the plan matures, the available Fund Value is paid to the policyholder. The Fund Value can be taken in one lump sum or in five instalments after the maturity date through the Settlement Option feature available in the plan.
  • Partial withdrawals – the policyholder can make partial withdrawals after the first 5 years. The minimum amount of withdrawal is Rs.10, 000.
  • Switching –the policyholder can change the choice of funds and reallocate the Fund Value among different funds through switching.
  • Premium redirection – If the policyholder wants, he can choose to redirect future premiums to another fund different from the one in which the premium is currently being allocated to.

Eligibility Criteria

  Minimum Maximum
Age at entry (in completed years) 18 years Life Option – 65 years
Life & Health Option – 55 years
Age at maturity (in completed years) NA Life Option – 75 years
Life & Health Option – 65 years
Term of the plan 10 years or 15-20 years
Premium paying options Regular pay
Premium Paying term 10 years or 15-20 years
Annual premium amount Rs.15,000 No limit
Sum Assured If age is below 45 years – 10 times the annual premium
If age is 45 years and above - 7 times the annual premium
40 times the annual premium

What is not covered in the policy?

In case of suicide committed within 12 months of inception or revival of the plan, the available Fund Value and any top-up premium Fund Value is paid.

FAQs

Are there additional riders under the plan?

No, besides the inbuilt critical illness benefit in Life & Health Option, there are no additional riders.

What is the premium paying mode?

Premiums can be paid only annually.

What is the maximum limit to partial withdrawals?

After making a withdrawal, the Fund Value should not fall below 150% of the annual original premium. Moreover, throughout the policy period, a maximum of 300% of the annual premium can be withdrawn as partial withdrawals.

Among the available funds, which funds are equity-oriented and which are debt-oriented?

Income Fund is debt-oriented fund while Bluechip and Opprtunities Funds are equity-oriented funds. Balanced Fund is a mix of debt and equity.

Are there any free switches or partial withdrawals?

No, any option to switch or partial withdrawal would be chargeable.

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