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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:
With either of the above mentioned plan options, you can choose any one of the following Benefit Payment Preference.
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.
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.
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’.
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.
You can switch among 4 available fund options under this policy.
Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums.
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.
You cannot avail any bonuses under this policy.
Policy loan cannot be availed under this plan.
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.
|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||-|
No rider can be opted under this plan.
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.
Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.
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.