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Launch Date UIN Status
9/12/2016 101N099V02 Active

About HDFC Life Young Star Udaan

  • HDFC life YoungStar Udaan is an endowment plan that offers good bonus on maturity
  • It is a money-back plan which offers three different payout options (Aspiration or Academia or Career) on maturity
  • A  plan to secure the child’s future expenses like education and marriage
  • Offers 2 options(classic death or classic waiver) to choose from, for payment on death
  • Guaranteed additions are accrued in the first 5 years and paid on maturity
  • Flexible premium paying term is less than the policy term

How does HDFC life Youngstar Udan plan work?

An individual purchases this HDFC life Youngstar Udan plan, to secure his child’s future.  He can choose Aspiration or Academia or Career plan and Classic death or Classic waiver option. The individual selects a policy term from between 15 to 25 years and pays premium for limited fixed term of either 7, 10 or 5 year less than the policy term. After the policy term ends, on maturity he receives maturity benefit depending upon the plan chosen

Time to Maturity Plan
Aspiration (% of SA paid at maturity) Academia(% of SA paid at maturity) Career(% of SA paid at maturity)
5 years - 30% 15%
4 years - 15% 15%
3 years - 15% 15%
2 years - 15% 15%
1 years - 15% 15%
Maturity 100% +GA + Accrued Bonus 15%+GA + Accrued Bonus 40%+ GA + Accrued Bonus
Total Maturity Benefit 100% of SA +GA + Accrued Bonus 105% of SA +GA + Accrued Bonus 115% of SA +GA + Accrued Bonus

If in case due to unfortunate event of death of individual, his child gets death benefit depending upon the option chosen:

  • Classic: The nominee receives death benefit along with accrued guaranteed additions and accrued bonuses. The policy terminates after payment of death benefit
  • Classic Waiver: The nominee receives death benefit and the remaining premiums are waived off. The policy continues till the term ends

 

The death benefit paid is a higher value from:

  • Sum assured on death
    If the sum assured on death is a higher value which would be paid, then this amount is selected from higher value of among:
    - Sum assured on maturity
    - 10 times annual premium if the insured is below 50 years and 7 times annual premium if insured is above 50 years
  • 105% of the premium paid.

Let us understand this by the help of an illustration,

Consider,

Person’s age: 35 years
Child’s age: 3 years
Policy term: 15 years
Premium paying term: 10 years
Sum assured: Rs 5 lakhs

35 years person has a 3 year old son, in order to ensure his child’s dreams are fulfilled, he purchases a HDFC Life YoungStar Udaan – CAREER maturity benefit option with CLASSIC WAIVER death benefit option for a 15 year term and pays premiums for a limited term of 10 years. The sum assured on maturity is Rs. 5 lakhs. Since he had chosen a money back plan, he starts getting payouts (15% of sum assured on maturity every year) when his son turns 13. This will help the person to cover the son’s education to prepare him for competition ahead. These payouts continue till the son turns 18, i.e. end of policy term. At the maturity the person gets a lump sum payout (40% of Sum Assured on maturity plus Guaranteed Additions plus Bonuses) which is helpful to pay for the son’s higher education. At age 40, the person dies during the policy term, HDFC Life ensures that with HDFC Life YoungStar Udaan, the son’s dreams are not interrupted, as future premiums towards the policy will not be required to be paid and the payouts continue as planned. Moreover, his family also receives a lump sum amount of approximately Rs.7,87,200 in the form of the death benefit immediately.

Why should you buy HDFC life Young Star Udan plan?

  • It is helpful in securing children’s future
  • High Life cover ratio means higher bonus amounts.
  • Premiums paid are tax exempt under section 80C and maturity amount is tax free under section 10(10D)

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Bonus History

Company Name : HDFC Standard Life Insurance

Plan Name : YoungStar Udaan

BonusYear RevBonus MinPT MaxPT
2014-15 3.50%
2015-16 4% 15 19
2015-16 4.50% 20 29
2016-17 3.50% 15 19
2016-17 4% 20 29

Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.

Who should buy HDFC life Young Star Udan plan?

  • An individual who is looking out for a low risk investment
  • Young parents who are looking to secure children’s educational expense
  • Individuals who are planning for their specific life goals

Claim Process 

Know Claim Process of HDFC Life Young Star Udaan

Claim Process

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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