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.
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.
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.
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.
|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|
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.
No, besides the inbuilt critical illness benefit in Life & Health Option, there are no additional riders.
Premiums can be paid only annually.
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.
Income Fund is debt-oriented fund while Bluechip and Opprtunities Funds are equity-oriented funds. Balanced Fund is a mix of debt and equity.
No, any option to switch or partial withdrawal would be chargeable.