HDFC SL Young Star Super Premium

HDFC SL Young Star Super Premium Plan is a triple benefit unit linked insurance plan (ULIP) for the benefit of a child, where the parent is the Life Insured. In this plan if the Life Insured, i.e. the parent dies or is diagnosed by a critical illness within the policy tenure, the nominee, i.e. the child would receive the Sum Assured in a lump sum to address the immediate needs of the family and the future premiums would be paid by the company either towards the fund or to the beneficiary. On maturity, the Fund Value would be paid to the beneficiary.

Key Features

  • There are 2 options in this plan- Life Option with only Death Benefit and Life and Health Option with Death Benefit + Critical Illness Benefit
  • Choice of 5 Investment Funds available
  • If the Life Insured dies or is diagnosed with any of the Critical Illnesses, then the Sum Assured is paid and the policy continues. Fund Value is paid on maturity

Benefits

  • Maturity benefit
On maturity, the Fund Value is paid.
  • Death benefit
  • Under Life Option- has only Death Benefit
  • Under Life + Health Option- has Death Benefit + Critical Illness Benefit
    • Income Tax benefit
    Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

    Add-ons

    • Rider benefit
    Critical Illness Benefit rider- This rider is available with the Life + Health option of this plan

    Am I eligible?

    PARAMETER MINIMUM MAXIMUM
    ENTRY AGE 18 65
    POLICY TERM 10 20
    AGE OF MATURITY - 75
    SUM ASSURED 10 X ANNUAL PREMIUM 40 X ANNUAL PREMIUM
    PREMIUM PAYEMENT TERM SAME AS POLICY TERM
    PAYMENT TERMS YEARLY

    What if?

    • I want to switch from the present policy ?
    Switching from one fund to another is allowed anytime.
    • I want to do partial withdrawal in my policy ?
    Partial withdrawals are allowed only after completion of 5 policy years. The minimum amount for Partial Withdrawal is Rs 10,000 such that at least 150% of the annual premium remains in the Fund Value and the maximum Partial Withdrawal is 300% of the original regular premium.

    Exclusions

    • In case of death due to suicide within 12 months from the date of inception of the policy or from the date of the revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to the fund value, as available on the date of death. Any charges recovered subsequent to the date of death shall be paid back to the nominee or beneficiary along with the death benefit.