HDFC Life Young Star Super Premium
HDFC SL Young Star Super Premium Plan is a triple benefit unit linked insurance plan (ULIP) for the benefit of a child, where the parent is the Life Insured. In this plan if the Life Insured, i.e. the parent dies or is diagnosed by a critical illness within the policy tenure, the nominee, i.e. the child would receive the Sum Assured in a lump sum to address the immediate needs of the family and the future premiums would be paid by the company either towards the fund or to the beneficiary. On maturity, the Fund Value would be paid to the beneficiary.
Key Features
Save Benefit- where 100% of the future premiums are paid by the company into the fund
Save-n-Gain Benefit- where 50% into the Fund and 50% to the Beneficiary
Not Allowed.
Switching from one fund to another is allowed anytime.
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.
Benefits
· Under Life Option- has only Death Benefit
· Under Life + Health Option- has Death Benefit + Critical Illness Benefit
Under both Life Option and Life + Health Option, there are 2 Benefit Options that can be selected:
· Save Benefit- Under this option, the Sum Assured is paid immediately on Death or Diagnosis of any of the Critical Illnesses mentioned and 100% of the future premiums are paid by the insurer towards the Fund such that the entire Fund Value is paid to the beneficiary when the policy matures
· Save-n-Gain Benefit- Under this option, the Sum Assured is paid immediately on Death or Diagnosis of any of the Critical Illnesses mentioned and 50% of the future premiums are paid by the insurer towards the Fund such that the entire Fund Value is paid to the beneficiary when the policy matures. The remaining 50% of the future premiums are paid to the beneficiary as and when due on annual basis.
On maturity, the Fund Value is paid
There is 1 rider available in this policy
· Critical Illness Benefit rider- This rider is available with the Life + Health option of this plan
There is 1 rider available in this policy
· Critical Illness Benefit rider- This rider is available with the Life + Health option of this plan
There are 5 Investment Funds available
1. Short Term Fund
2. Income Fund
3. Balanced Fund
4. Blue Chip Fund
5. Opportunities Fund
Tax Benefit
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
FAQs
What happens if you stop paying the premium before 5 yearsIf the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
What happens if you stop paying the premium after 5 years If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
What happens if you want to surrender the policyIf the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
What happens if you want a loan against your policyThere is loan available under this plan upto a maximum of 40% of Surrender Value or one annual premium.
