Launch Date | UIN | Status |
9/12/2016 | 101N099V02 | Active |
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:
The death benefit paid is a higher value from:
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.
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.
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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