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HDFC SL YoungStar Super Premium Plan

What is the Plan all About?

HDFC SL YoungStar Super Premium is a unit-linked insurance plan that helps to build savings for your child’s future, even when you are not around. With multiple plan options and benefit payment preferences, this plan fulfills your child’s immediate and future dreams.
2 variants can be opted under this plan:

  • Life Option: Death Benefit
  • Life & Health Option: Death Benefit + Critical Illness Benefit


With either of the above mentioned plan options, you can choose any one of the following Benefit Payment Preference.

  • Save Benefit
  • Save–n-Gain Benefit

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What are the Key Features?

  • 4 fund options to invest
  • Financial protection for child
  • Choose the level of protection
  • Annual payments after your demise
  • Flexible Benefit Payment Preferences
  • Flexible policy term & premium payment term
  • Buy plan online
  • Hassle-free policy issuance
  • Avail fund switching
  • Partial withdrawal after 5th year
  • Get tax benefits

What are the Fund Investment Options?

This policy offers 4 investment funds and you have the option to invest in a manner that suits your investment risk profile and individual needs.

  • Income Fund
  • Balanced Fund
  • Blue Chip Fund
  • Opportunities Fund

What are the Plan Benefits?

Death Benefit & Critical Illness

    For Save Benefit: In the event of unfortunate demise or critical illness of the life insured during the policy term, Sum Assured is paid to the beneficiary (child). No need to pay any future premiums, as the company will pay 100% of all outstanding premiums. On maturity, fund value is paid to the beneficiary.

    Save-n-Gain Benefit: In case of unfortunate death of the parent or critical illness of the life insured during the policy term, Sum Assured is paid to the beneficiary (child). No need to pay further premiums, as the company will pay 50% of the future premiums under the policy and an amount equal to 50% of the premiums is payable to the beneficiary on the premium due date. On maturity, fund value is also payable to the beneficiary.

    The minimum death benefit is at least 105% of the premiums paid.

    On a death claim, critical illness cover terminates immediately and for a critical illness claim, the death benefit cover terminates immediately.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value as on the maturity date is payable. You also have the option to receive the fund value after the maturity date by opting for ‘Settlement Option’.

Settlement Option

    You can take your fund value in periodic installments over a maximum period of 5 years after the date of maturity. No life cover is available during the settlement period. Switches and partial withdrawals are not allowed during this period. During the settlement period, the entire Fund Value can be taken any time as a lump sum.

Non-Negative Claw Back Additions

    Company provides claw-back additions to the fund before payment of benefits to ensure compliance with the reduction in yield According to Regulation 37(d) of IRDAI (Linked Insurance Products) Regulations, 2013.

Switching

    You can switch among 4 available fund options under this policy.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums.

Partial Withdrawal

    You can withdraw money after completion of 5th policy year. The minimum amount for partial withdrawal is Rs 10,000, provided the fund value is not less than 150% of your original regular premium after the withdrawal. The maximum amount that can be withdrawn through the entire policy term is 300% of the original regular premium.

Bonus

    You cannot avail any bonuses under this policy.

Loan Benefit

    Policy loan cannot be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinuance Policy Fund’ and it is refunded upon completion of the lock-in period. The proceeds after addition of minimum guaranteed interest rate of 4% p.a or as stipulated by IRDAI is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable to the policyholder.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 65 Years (life Option), 55 Years (life & Health Option)
Age at Maturity - 75 Years (life Option), 65 Years (life & Health Option)
Policy Tenure* 10 Years 20 Years
Premium Paying Term (PPT) Equal To Policy Tenure -
Premium Paying Mode Annually Only -
Premium Amount Rs 15,000 (annually) No Limit
Sum Assured For Age At Entry Less Than 45 Years- 10 Times Of Annualized Premium For Age At Entry 45 Years & Above – 7 Times Of Annualized Premium 40 Times Of Annualized Premium
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Online -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charge: The premium allocation charge is 4%/1% for 1st to 7th policy year/8th policy year onwards, respectively. It is charged for the entire policy term. Premium allocation rate is 96%/99% for 1st to 7th policy year/8th policy year onwards, respectively.

Policy Administration Charge: The Policy administration charge of 0.25% per month of the annual premium and it increases by 5% per annum on every policy anniversary, subject to a maximum of 0.4% of the annual premium or 500, per month, whichever is lower.

Mortality & Other Risk Benefit Charges: The company levies a charge for providing you the death or critical illness cover, as chosen in the policy. The amount of the charge depends on your age and level of cover and it is deducted by cancelling units proportionately from the fund(s).

Fund Management Charges: Fund management charge is levied on a daily basis and it is 1.35% p.a of the fund’s value.

Switching Charge: A fund switch request will be levied with a charge of Rs 250 or Rs 25 when executed through the company’s portal.

Partial Withdrawal Charge: A partial withdrawal request will be levied with a charge of Rs 250 or Rs 25 when executed through the company’s portal.

Premium Re-direction Charge: A premium redirection request will be levied with a charge of Rs 250 or Rs 25 when executed through the company’s portal.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Miscellaneous Charges: Any policy alteration request will be levied with a charge of Rs 250 per request. Any administrative servicing would also be chargeable subject to IRDAI’s approval.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Sameer aged at 30 years, opts to buy HDFC SL YoungStar Super Premium to ensure the complete financial security for his son and he does not have to face any obstacles in achieving his dreams. He buys this plan with the policy term of 20 years, annual premium of Rs 50,000 and sum assured of Rs 10,00,000. He chooses ‘Save Benefit’ plan option.

Scenario A- Maturity Benefit

On survival of Sameer till the end of the policy term, the Fund Value as on the maturity date is payable. You also have the option to receive the fund value after the maturity date by opting for ‘Settlement Option’.

Scenario B- Death Benefit

In the event of unfortunate demise or critical illness of Sameer during the policy term, Sum Assured is paid to the beneficiary (child). Waiver of future premiums become applicable and the fund value is payable at the maturity of the policy.