HDFC Life SL Young Star Super Premium
Product Info
UIN
101L068V02
Status
Active
Launch Date
03/07/2013
Withdrawn Date
Product Overview
HDFC SL YoungStar Super Premium is a unit-linked insurance plan (ULIP). It helps to accumulate savings for your child's future, even in your absence.
Product Description
- Higher potential returns due to higher duration and credit exposure.
- Dynamic equity exposure to enhance the returns while the debt allocation reduces the volatility.
- Investments in large cap equities.
- Hassle-free policy issuance on the basis of a Short Medical Questionnaire eliminating tedious medical tests.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Unit linked endowment plan packaged as a child plan.
- There are 2 death options: Life option-pays only death benefit o Life option plus health option-pays death benefit plus critical illness.
- There are 2 options under both death benefits:
- Save benefit-Sum assured+100% of all future premium are paid towards the policy+ fund value on maturity
- Save-n-gain benefit-sum assured+50% of all future premiums paid towards the policy and 50% paid to the beneficiary+ fund value on maturity
Eligibility Criteria
| Eligibility Criteria | ||
| LIFE OPTION | LIFE & HEALTH OPTION | |
| Minimum Entry Age | 18 years | |
| Maximum Entry Age | 65 years | 55 years |
| Maximum Maturity Age | 75 years | 65 years |
| Minimum Policy Term* | 10 years | |
| Maximum Policy Term* | 20 years | |
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Death Benefit:
- Save Benefit - In case of an unfortunate death of the parent or a critical illness
- Sum Assured is paid to the beneficiary (child)
- No need to pay any further premiums as we will pay 100% of the future premiums
- On maturity, fund value is again paid to the beneficiary - Save-n-Gain Benefit: In case of unfortunate death of the parent or a critical illness
- Sum Assured is paid to the beneficiary (child)
- No need to pay further premiums as we will pay 50% of the future premiums towards the policy and 50% of the premiums to the beneficiary on the premium due date
- On maturity, fund value is paid to the beneficiary
- Maturity Benefit: On maturity you will receive the Fund Value.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Policy Loans | There is loan available under this plan upto a maximum of 40% of Surrender Value or one annual premium. | |||||
| Switch | Switching from one fund to another is allowed anytime. | |||||
| Partial Withdrawal | 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. | ||||||
| Changing Fund Choices | You can change your investment fund choices in two ways: | |||||
| Premium Redirection | You can pay your future premiums into a different selection of available funds, as per your need. | |||||
| Settlement Option | You can take your fund value in periodical installments over a period which may extend up to 5 years. | |||||
| During the Settlement period, the risk cover will cease, we will continue to deduct Fund Management Charge and no other charges shall be levied. | ||||||
| At the end of this 5-year period, we will redeem the balance units at the then prevailing unit price and pay the fund value to you. | ||||||
| Discontinuance | To revive the policy within a period of 2 years from the date of discontinuance, or | |||||
| To completely withdraw from the policy without any risk cover Your policy will be discontinued if: • You do not exercise any of the above mentioned options; or • You choose to completely withdraw from the policy without any risk cover |
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| Surrender | If you surrender before completion of the 5 years from commencement of the policy | |||||
| Your fund value less discontinued charges will be moved to the 'Discontinued Policy Fund' | ||||||
| The amount allocated to the 'Discontinued Policy Fund', with accrued interest,will be paid out on the completion of the lock-in period. | ||||||
| If you surrender after completion of the 5 years from commencement of the policy | ||||||
| Your fund value will be paid out immediately. | ||||||
| Upon payment of this benefit, the policy terminates and no further benefits are payable. | ||||||
Add-ons
- Critical Illness Rider :
The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness.
There is no death or maturity benefit.
Charges
| Charges | ||||||
|---|---|---|---|---|---|---|
| Premium Allocation Charge | This is a premium-based charge. After deducting this charge from your premiums, the remainder is invested to buy units. | |||||
| The remaining percentage of your premium that is invested to buy units is called the Premium Allocation Rate and depends on the year of allocation. | ||||||
| PREMIUM PAID DURING YEAR | Year 1 to 7 | Year 8+ | ||||
| Premium Allocation Rate | 96% | 99% | ||||
| Premium Allocation Charge | 4% | 1% | ||||
| Note:- The is guaranteed for the entire duration of the Premium | ||||||
| Fund Management Charge (FMC) | The daily unit price already includes our fund management charge of only 1.35 % per annum, charged daily, of the fund's value. | |||||
| Policy Administration Charge | A Policy Administration Charge of 0.25 % per month of the original annual premium will be deducted monthly and will increase by 5% per annum on every policy anniversary, subject to a maximum charge of 0.4% of the annual premium or 500, per month, whichever is lower. | |||||
| This charge will be taken by cancelling units proportionately from each of the fund(s) you have chosen. | ||||||
| Mortality & Other Risk Benefit Charge | Every month we levy a charge for providing you with the death cover or critical illness cover | |||||
| The amount of the charge taken each month depends on your age and level of cover. | ||||||
| This charge will be taken by cancelling units proportionately from each of the fund(s) you have chosen. | ||||||
| Miscellaneous Charge(s) | May be charged for any Policy alteration request initiated by the Policyholder will attract a charge of 250 per request. | |||||
| In addition, only if you request for partial withdrawal, fund switch and premium redirection following charges will be charged on such requests | ||||||
| Partial withdrawal charge | A partial withdrawal request from the Policyholder will attract a charge of Rs. 250 per request. | |||||
| However, if the request is executed through the Company’s web portal the Policyholder will be charged RS.25 per request. |
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| This will be levied on the unit fund at the time of part withdrawal of the fund during the contract period. | ||||||
| Switching charge | A fund switch request from the Policyholder will attract a charge of Rs. 250 per request. | |||||
| Company’s web portal the Policyholder will be charged 25 per request. | ||||||
| The charge per each switch will be levied at the time of effecting the switch. |
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| Premium Redirection | A premium redirection request initiated by the Policyholder will attract a charge of 250 per request. | |||||
| Discontinuance Charge | This charge depends on year of discontinuance and your premium. There is no charge after 5th policy year. | |||||
| Discontinuance During the Policy Year | DISCONTINUANCE CHARGES | |||||
| ANNUAL PREMIUM UP TO AND INCLUDING Rs. 25,000 | ANNUAL PREMIUM ABOVE Rs. 25,000 | |||||
| 1 year | Lower of 20% x (Annual Premium or Fund Value) but not exceeding RS3000 |
Lower of 6% x (Annual Premium or Fund Value) but not exceeding Rs.6000 |
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| 2 years | Lower of 15% x (Annual Premium or Fund Value) but not exceeding Rs. 2000 |
Lower of 4% x (Annual Premium or Fund Value) but not exceeding Rs 5000 |
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| 3 years | Lower of 10% x (Annual Premium or Fund Value but not exceeding Rs.1500 |
Lower of 3% x (Annual Premium or Fund Value) but not exceeding Rs. 4000 |
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| 4 years | Lower of 5% x (Annual Premium or Fund Value) but not exceeding Rs.1000 |
Lower of 2% x (Annual Premium or Fund Value) but not exceeding Rs.2000 |
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| 5 years | NIL | NIL | ||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax Benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961.
Claim Process
Know Claim Process of HDFC Life SL Young Star Super Premium
Company Overview
HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.HDFC Ltd. holds 70.65% and Standard Life (Mauritius Holding) 2006 Ltd. holds 26.00% of the equity in the joint venture while the rest is held by others.
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