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- content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f?path=/Menu Icons/insure.svgINSURE
- content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f?path=/Menu Icons/life_insurance.svgLife
- ThisPageDoesNotContainIconSecure Childrens Future
- HDFC SL YoungStar Udaan
HDFC SL YoungStar Udaan
Get assured pay outs at milestones in your child's life
Age limit
Age limitFlexible plan options & pay outs work well for my kid's future
Eligibility Criteria | Death Benefit Options | Maturity Benefit Options | Minimum age | Maximum age |
---|---|---|---|---|
Age at entry | Classic | Option 1 - Aspiration | 0 years (30 days) | 60 years |
Option 2 - Academia | 8 years | |||
Option 3 - Career | ||||
Classic Waiver | All options | 18 years | 55 years | |
Age at maturity | Classic | Option 1 - Aspiration | 18 years | 75 years |
Option 2 - Academia | 23 years | |||
Option 3 - Career | ||||
Classic Waiver | All options | 33 years | 75 years |
Plan options
Plan optionsAspiration
Based on your requirements, choose between 2 plans – Classic and Classic Waiver – with 3 maturity benefit options and 2 death benefit options
Premium
PremiumPay premiums only for 7, 10 or policy term minus five years
Ways to pay
Ways to payConveniently pay your premiums or renew your policy through multiple modes -- credit card, internet banking, cheque, auto debit facility
Policy term
Policy termClassic
Choose a policy term from 10 to 25 years based on your child’s needs
Maturity benefit
Maturity benefitThere are 3 kinds of maturity / survival benefits you can choose from:
Aspiration:
Lump sum pay out at maturity
Academia:
Pay outs during the last five policy years with the first year’s guaranteed pay outs higher than subsequent guaranteed pay outs
Career:
Pay outs during the last five policy years with the last guaranteed pay out higher than previous guaranteed pay outs
The details of these options are given below in the table
(SA = Sum Assured and GA = Guaranteed Additions)
| Maturity Benefit Option | ||
---|---|---|---|
Year of Payout | Aspiration | Academia | Career |
5th year before maturity | - | 30% of SA | 15% of SA |
4th year before maturity | - | 15% of SA | 15% of SA |
3rd year before maturity | 15% of SA | 15% of SA | |
2nd year before maturity | - | 15% of SA | 15% of SA |
1st year before maturity | - | 15% of SA | 15% of SA |
At maturity | 100% of SA + GA + accrued bonuses | 15% of SA + GA + accrued bonuses |
40% of SA + GA + accrued bonuses |
Total | 100% of SA + GA + accrued bonuses | 105% of SA + GA + accrued bonuses |
115% of SA + GA + \ accrued bonuses |
Monthly survival benefit
Monthly survival benefit- You have the option to receive the survival benefits (other than the final pay out, payable on maturity) in monthly instalments, as follows:
- 8.5% of the annual survival pay out, payable 12 months, with the first instalment being paid on the policy anniversary on which annual survival pay out falls due
Death benefit
Death benefitClassic:
Basic death benefit + accrued guaranteed additions + accrued bonuses if any
Classic Waiver:
Basic death benefit + premium waiver
The Sum Assured on Death is the Sum Assured on Maturity + 10 times the annualised premiums if entry age below 50 and 7 times if above 50
Under the premium waiver option, all future outstanding premiums are waived off and maturity benefits will continue
Tax benefit
Tax benefitGet tax benefits under 80C and SEC 10 (10D) of the Income Tax Act, 1961
Bonuses
Bonuses- Enjoy guaranteed additions of 3% per annum for first 5 policy years if policy term is lower than 19 years
- Get 5% per annum for first 5 policy years if term is higher than 20 years
Medical
MedicalAvoid a medical test by filling up a short questionnaire while buying the policy
FAQs
1. What is the Min/Max age at Entry/Maturity?
Eligibility Criteria | Death Option | Maturity Benefit Option | Minimum | Maximum |
Entry Age | Classic | Option 1 Aspiration | 0 years (30 days) | 60 years |
Option 2 Academia | 8 years | |||
Option 3 Career | ||||
Classic Waiver | All Options | 18 years | 55 years | |
Maturity Age | Classic | Option 1 Aspiration | 18 years | 75 years |
Option 2 Academia | 23 years | |||
Option 3 Career | ||||
Classic Waiver | All Options | 33 years | 75 years |
For all ages, risk commences from the date of inception of the contract.
2. What is the minimum premium that needs to be paid?
Premium Frequency | Minimum Installment | Excluding Tax |
Annual | 24000 | |
Half Yearly | 12000 | |
Quarterly | 6000 | |
Monthly | 2000 |
3. What is the Death Benefit under the plan?
Classic Death Benefit:-
he death benefit shall be higher of
• Sum Assured on Death
• 105% of Total Premiums paid In addition, accrued Guaranteed Additions, accrued reversionary bonuses (if declared), interim bonus (if declared) and terminal bonus (if declared) would be payable. Where the Sum Assured on Death shall be the higher of:
• Sum Assured on Maturity^
• 10 times Annualized Premium3 for entry age up to 50 years and 7 times Annualized Premium for entry age greater than 50 years
The policy will terminate with no further benefits payable
In addition, accrued Guaranteed Additions, accrued reversionary bonuses (if declared), interim bonus (if declared) and terminal bonus
(if declared) would be payable.
Classic Waiver Death Benefit:-
The death benefit shall be higher of
• Sum Assured on death
• 105% of Total Premiums paid
Where the Sum Assured on Death shall be the higher of: • Sum Assured on Maturity
• 10 times Annualized Premium for entry age up to 50 years and 7 times Annualized Premium for entry age greater than 50 years
*T&C applied please read brochure for more details
4. What is the Maturity Benefit under the plan?
Maturity benefit will be aggregate of the following
A. Last guaranteed payout for Money back Options OR ‘Sum Assured on Maturity’ for Endowment Option.
B. Accrued Guaranteed Additions (if applicable)
C. Reversionary bonus, interim bonus and terminal bonus, if declared. For Maturity benefit on reduced paid up policy please refer the section of reduced paid up & revival below, on payment of the maturity benefit the policy will terminate & no more benefits will be applicable. In case where the life assured is minor the policy will automatically vest on him or her on attaining 18 years of age.
5. Can I save tax by investing in this policy?
Yes, Tax Benefits may be available as per prevailing tax laws. You are requested to consult your tax advisor
Disclaimer
HDFC Bank Limited (IRDAI Registration No: CA0010) is the Corporate Agent of HDFC Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between HDFC Life and the Insured and not between HDFC Bank and the Insured.This policy is underwritten by HDFC Life Insurance Company. Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011. The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited.HDFC Life YoungStar Udaan (101N099V04) is a Non-Linked, Participating, Life Insurance Plan. Life Insurance Coverage is available in this product. This version of the Product brochure invalidates all previous printed versions for this particular plan. This Product brochure is indicative of the terms, warranties, conditions and exclusions contained in the
insurance policy. Please know the associated risk and applicable charges from your insurance agent or the intermediary or policy document of the insurer. ARN: PP/07/20/19873
“As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."