HDFC Life YoungStar Udaan is a traditional participating insurance plan. This plan is ideal for parents who wish to make provision for:
- Academic expenses that occur prior to college education
- Specific goals like college fees or marriage expenses etc
- All miscellaneous and extracurricular expenses that occur during college/school
Features
- Three Maturity benefit options to choose from based on survival/maturity benefits payable are decided
- Aspiration (Endowment benefit) – Lump Sum payout at maturity
- Academia (Moneyback benefit) – payouts during last 5 policy years with first guaranteed payout higher than subsequent guaranteed payouts
- Career (Moneyback benefit) – payouts during last 5 policy years with last guaranteed payout higher than previous guaranteed payouts
- Two Death Benefit options to choose from based on which death benefit payable are decided
- Classic: Policy Terminates after payment of death benefit
- Classic Waiver: Policy continues after payment of death benefit + Future Premiums waived
- Limited PPT of 7, 10 or Policy term minus 5 years
- Flexibility to choose policy term from 15 to 25 years as per child’s future needs
- Guaranteed Additions during first 5 policy years, if applicable
- Participating plan with accrued bonuses payable at maturity
- Option to take this policy by filling a Short Medical Questionnaire (SMQ)
- Tax Benefits under Section 80C and Sec 10(10D) of Income Tax Act 1961
Advantages
Survival/Maturity Benefits:
The table below specifies the series of money back/endowment payouts, payable at the end of each year, for a premium paying or a fully paid-up policy.
| Year of Payout | Aspiration | Academia | Career |
|---|
| % of SA / Accrued Bonuses | % of SA / Accrued Bonuses | % of SA / Accrued Bonuses |
| 5th year before Maturity | — | 30% of SA + Accrued Bonuses | 15% of SA + Accrued Bonuses |
| 4th year before Maturity | — | 15% of SA + Accrued Bonuses | 15% of SA + Accrued Bonuses |
| 3rd year before Maturity | — | 15% of SA + Accrued Bonuses | 15% of SA + Accrued Bonuses |
| 2nd year before Maturity | — | 15% of SA + Accrued Bonuses | 15% of SA + Accrued Bonuses |
| 1st year before Maturity | — | 15% of SA + Accrued Bonuses | 15% of SA + Accrued Bonuses |
| 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 |
SA: Sum Assured on maturity. GA: Guaranteed Additions
Death Benefit:
The table below captures the available death benefits during the policy term under various options.
| Option | Classic | Classic Waiver |
|---|
| Death Benefits | Basic Death Benefit + Accrued Guaranteed Additions + Accrued Bonuses, if any | Basic Death Benefit + Premium Waiver |
| Basic Death Benefit | Higher of: – Sum Assured on Death – 105% of Premiums Paid |
Higher of: – Sum Assured on Death – 105% of Premiums Paid |
| Sum Assured on Death | Higher of: – Sum Assured on Maturity – 10 times Annualised Premium (entry age ≤ 50 years) – 7 times Annualised Premium (entry age > 50 years) |
Same as Classic |
| Premium Waiver | Not Applicable | All future outstanding premiums under the policy will be waived. The contract shall continue, and benefits as per Survival Benefit and Maturity Benefit shall be available. |
For the purpose of computation of Death Benefit, the premiums shall exclude any underwriting extra premiums, any loadings for modal premiums and any taxes paid such as service tax and education cess.
Eligibility
All ages mentioned above are the age last birthday. The minimum entry age and the policy term selected shall be such that the maturity age limits are met.
For more details on risk factors, terms and conditions, please read the Product Brochure carefully and/or consult a Financial Consultant before taking a decision.
