HDFC SL Young star Super Premium Plan is a Unit-Linked Child Plan which strives to bolster the child’s future by offering accelerated development and life insurance protection.
If you are scratching your head and wondering what a ULIP plan is, let's discuss this.
ULIP is an abbreviated form of a Unit Linked Insurance Plan. A ULIP is an insurance plan that delivers the twofold benefit of investment to satisfy your long-term pursuits, and a life cover to protect your family in case of a tragic event by creating a financial barrier. The premium paid towards a ULIP is dispersed into two parts.
Generally, ULIPs permit you to choose from a spectrum of equity and debt funds. A seeker can also invest in a combination of both types of funds after assessing their risk tolerance. The returns on your plan will be decided by the performance of the fund you choose.
If you are unable to spare time from your busy schedule to visit the nearest branch of HDFC and buy this policy, you can get it online from Policychayan. Devised to fulfill customer's insurance and investment needs, Policychayan is soaring high with each passing day.
Pivotal Markers of HDFC SL Young Star Super Premium
- Basically, it is a unit linked plan with regular premium payment mode.
- The plan delivers 2 cover options that are- Life Option and Life & Health Option.
- There are 2 added options under the benefit payment preference that determines the manner in which the beneficiary will become eligible to receive the benefit payouts. The options are- Save benefit and Save-n-gain benefit.
- Given below are 4 funds that are available for investment:
- Income Fund
- Balanced Fund
- Blue Chip Fund
- Opportunities Fund
Benefits of HDFC SL Young Star Super Premium
- The policyholder is authorized to receive the complete fund value on maturity that can be obtained in form of installments over a period of 5 years post maturity under the settlement option.
- On an unfortunate demise of the policyholder, the death benefit will be paid out as under the Benefit Payment Preference chosen.
- As per the save benefit, sum assured is paid out. Future premiums are waived off and 100% of future premiums are paid by the insurance corporation. Upon Maturity, the fund value will be paid.
- Under the save-n-gain benefit, sum assured is paid upon death. Future premiums are waived off, 50% of which are dispersed into the fund account by the corporation and the other 50% to the nominee. The Fund Value will be paid only upon the maturity of your policy.
- The minimum death benefit needs to be equivalent to 105% of all premiums.
- Under the life & health cover option, the death cover discontinues on the diagnosis of some critical illness and the benefit paid will rely on the benefit payment preference preferred and will remain the same.
- Availability of income tax benefits.
Policy Details of HDFC SL Young star Super Premium
- Grace period: 30 days grace period is permitted for premium payments.
- Policy Termination or Surrender Benefit: It is possible to surrender the policy after five years on the condition that all premiums have been paid. The policyholder will get the Fund Value, and the policy will be terminated. If however, the policy is surrendered before the termination of five years then the insurance cover discontinues, the Fund Value will be transferred to the Discontinued Policy Fund. If the policy is not revived within the revival period, then it will be deemed as terminated. Termination of the policy also emerges on payment of the death benefit or on the Maturity Benefit.
- Free Look Period- Policyholders are eligible to relish a limited free look period of 15 days from the date of obtaining policy documents to inspect the policy. If the policyholder does not expect to continue with the policy, then he or she can be permitted to cancel the policy. The customer will get the Fund Value along with the unallocated premium minus a proportional premium for the risk borne by the corporation, including any extra expenditures, such as a medical examination or stamp duty charges.
- Partial Withdrawals are permitted after the completion of 5 policy years to a minimum of Rs.10, 000.
- Availability of premium redirection from the beginning of 2nd policy year.
- Switches are also permitted for handling investments.
Supplementary Features or Riders
The Life and Health Option covers 6 Critical Illnesses.
- The benefit disbursed in case of suicide within 12 months of policy commencement or revival is the fund value as on that date.
- For the Critical Illness cover, if a policyholder suffers from an illness within 6 months of policy commencement or revival or due to self-inflicted injury, alcohol abuse, war, aviation or act of criminal nature will be eliminated.
You do not need to provide many documents to apply for this insurance plan. All you need to do is submit the duly filled application form, address proof and a few KYC documents as requested by the insurer. In some cases, medical examinations may be required by the insurer.