HDFC Life Insurance
HDFC Life Insurance YoungStar Udaan Policy

HDFC Life YoungStar Udaan

From the birth of a child, parents sincerely work to ensure that he/she can dream big and work towards accomplishing his/her goals. HDFC Life YoungStar Udaan plan empowers your child’s aspirations and helps you spend the rest of your life as the proud parents you deserve to be. 

The plan is unit linked insurance plan (ULIP) that is specifically designed to assist you in developing your savings for a better future for your children, whether it be for their higher education, wedding, new home, or car. Continue to know about the HDFC Life YoungStar Udaan plan in detail.

Eligibility Criteria Of HDFC Life YoungStar Udaan

Minimum Entry Age0/8 Years
Maximum Entry Age55/60 Years
Minimum Maturity Age18/23/33 Years
Maximum Maturity Age75 Years
Minimum Policy Term15 Years
Maximum Policy Term25 Years
Premium Payment Terms7 Years, 10 Years, & Policy Term Minus 5 Years

Key Features Of HDFC Life YoungStar Udaan

The plan provides the following coverages to the policyholder:

Maturity Benefit OptionsAspiration, Academia, & Career
Death Benefit OptionsClassic Death Benefit & Classic Waiver Death Benefit
Policy Loan FacilityOnce your policy has reached its surrender value, you may, subject to the relevant terms and conditions, take out a policy loan for up to 80% of the policy’s surrender value.
Grace PeriodFor annual, semi-annual, and quarterly frequencies of the HDFC Life YoungStar Udaan, the grace period is 30 days from the due date of the premium. The grace period for monthly frequency is 15 days after the due date for the premium.
Free Look PeriodIf the policyholder does not agree with the terms and conditions, she or he has 15 days from the date of receipt of the policy to return the policy. If the coverage is purchased through distance marketing, a period of 30 days is provided.
Paid-UpThe insurance will be paid up at the end of the grace period if a policyholder stops paying premiums after the policy gained a Guaranteed Surrender Value (if all due premiums had been paid for two or three years).
LapsationIf a premium due under the terms of the policy is not paid within the grace period, the policy will expire if it has not yet developed a guaranteed surrender value. In the event of expired insurance, the risk coverage would end and no benefits will be given. A lapsed insurance may be reinstated within two years following the first missed premium payment.
RevivalSubject to terms and conditions, policyholders who wish to reinstate their paid-up or lapsed policy may do so within the revival period of two years following the date of the first unpaid premium. To reinstate a policy, all outstanding premiums, interest on those premiums, and applicable taxes must be paid. There would be a fee of Rs. 250 to process the revival.

Benefits Offered By HDFC Life YoungStar Udaan

The plan offers the following benefits to the policyholder:

Maturity Benefits:

At the end of the policy term you’ve selected, you can choose to receive the fund value and your remaining balance at the then-current rate per unit. The table below illustrates the series of money back/endowment payouts payable at the end of each year for the 3 maturity benefit options.

Year Of PayoutAspirationAcademiaCareer
5th Year Before MaturityNA30% Of SA15% Of SA
4th Year Before MaturityNA15% Of SA15% Of SA
3rd Year Before MaturityNA15% Of SA15% Of SA
2nd Year Before MaturityNA15% Of SA15% Of SA
1st Year Before MaturityNA15% Of SA15% Of SA
At Maturity100% Of SA + GA + Accrued Bonuses15% Of SA + GA + Accrued Bonuses40% Of SA + GA + Accrued Bonuses
Total100% Of SA + GA + Accrued Bonuses105% Of SA + GA + Accrued Bonuses115% Of SA + GA + Accrued Bonuses

Death Benefits:

In case the policyholder passes away while the policy is still in effect, the death benefit will be paid out in accordance with the benefit payment choice selected. The table below illustrates the available death benefits during the policy term.

Death Benefit OptionsDeath Benefits
Classic Death BenefitDeath Benefit + Accrued Guaranteed Additions + Accrued Reversionary Bonuses + Terminal Bonus (If Declared) + Interim Bonus (If Declared)
Classic Waiver Death BenefitDeath Benefit + Premium Waiver

Guaranteed Additions:

If the premium payment period is 10 years or longer, the plan offers you assured additions as additional boosters as long as the policy is still in effect. If your policy term is less than or equal to 19 years, guaranteed additions will be 3% P.A. for the first 5 policy years. Whereas, if your policy term is greater than or equal to 20 years, the guaranteed additions will be 5% P.A. for the first 5 policy years.

Bonuses:

The plan offers a simple reversionary bonus and terminal bonus to the policyholder. Each financial year’s end allows for the declaration of a simple reversionary bonus. In order for the corporation to pay a reasonable part of the surplus at the end, based on the actual experience over the policy term and taking into account the reversionary bonuses, if declared, previously attached, a terminal bonus may be added to the policy.

High Sum Assured Rebate:

The policy also offers rebates with a sum assured on the maturity of Rs. 4 lakhs and above. If your sum assured on maturity is between Rs. 4,00,000 to Rs. 9,99,999, there will be a 0.5% discount per 1000 sum assured on maturity. And if your sum assured on maturity is Rs. 10 lakhs and above, there will be a 1% discount per 1000 sum assured on maturity.

Rider Benefit:

The plan provides a critical illness rider option to the policyholder. With this rider, benefits will be paid out in accordance with the life assured’s desire for benefit payment in the event that an illness is discovered before the policy term expires. Cancer, coronary artery bypass surgery, heart attacks, kidney failure, organ transplants, and stroke are all covered by the critical illness rider.

Surrender Benefit:

Upon payment of at least two years’ worth of premiums, the insurance will get a Guaranteed Surrender Value (GSV). The GSV will represent a portion of all premiums collected.

Tax Benefits:

Tax benefits are subject to the current tax laws (Sections 80C and 10 (10D)) of the Income Tax Act, 1961, and are applicable to the HDFC Life YoungStar Udaan. Customers should be aware that tax benefits can change if tax regulations change. Therefore, it is always suggested to verify the information with tax experts.

Premium Calculation Of HDFC Life YoungStar Udaan

If you are looking to buy an HDFC Life Younsgter Udaan plan for your beloved children, then there is a need to get an estimation of how much you need to pay for the plan. Therefore, we have calculated the premium amounts based on different criteria.

NameAgeGenderSum AssuredPolicy TermPlan TypeBenefit TypePremium Amount
Devika Kumari29 YearsFemaleRs. 2,00,00015 YearsAspirationClassicRs. 32,447
Shubroto Singh25 YearsMaleRs. 3,00,00020 YearsAcademiaClassic WaiverRs. 41,889
Vaishali Kamra35 YearsFemaleRs. 5,00,00020 YearsCareerClassicRs. 70,078
Inderjeet Singh53 YearsMaleRs.15 YearsAspirationClassicRs. 1,33,418

Exclusions Under HDFC Life YoungStar Udaan

The following are exclusions from the HDFC Life YoungStar Udaan plan:

In the event that a policyholder commits suicide within a year of dying,

  • As long as the policy is still in effect, the nominee of the life assured will receive 80% of all premium payments made since the policy’s start date.
  • The nominee will receive an amount equal to the higher of 80% of the premiums that have been paid up to the date of death or the surrender value that is available on the day of death starting from the date of policy revival.

Frequently Asked Questions

Yes. Customers can make alterations in their HDFC Life YoungStar Udaan policy with respect to certain terms and conditions.

The annual premium is multiplied by the conversion parameters listed below to determine the installment premium for premium payment frequencies other than the yearly mode.

Yearly

1.00

Half-Yearly

0.51

Quarterly

0.26

Monthly

0.0875

If you are 18 years old or above and have acquired the surrender value, you can take a loan against the policy.

Yes. According to service tax laws, service tax is applied to life insurance premiums and other fees.

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