A child means the world for his or her parents and there is no better gift they can bestow on their offspring than securing their financial future. If you can save enough for their studies and major life events, then you feel accomplished as a parent. HDFC Youngstar Plans lets you plan a secure financial future for your kids.
Types of HDFC Life Youngstar Plans
HDFC Life has two Youngstar plans that let you save for your children’s future. These are:
HDFC SL YoungStar Super Premium
HDFC SL Youngstar Super Premium, a plan designed to accumulate savings for your child's future is unit-linked to give you the best returns. By providing a lot of flexibility to choose the sum assured, term and choice of funds to invest your premiums, this plans gives you the opportunity to build a corpus for your child’s secure future. It also has triple protection in terms of premature death of parents like payout of sum assured, waiver of premium and maturity value.
HDFC Life Youngstar Udaan
HDFC Life YoungStar Udaan is a traditional participating insurance plan. This plan lets parents who want to provide for the education or major life events of their children. Among others, the plan includes three ways of availing maturity benefits i.e endowment, money-back or increasing money-back or two ways of availing death benefits.
Benefits with an example
Suppose Rahul is a 30 year old corporate employee who chooses to take a HDFC Life Youngstar Udaan policy for his only child Vaani. For the first five policy years he pays premium and receives assured guaranteed additions. Suppose he dies in an accident in the sixth year of the policy. Vaani can choose between terminating the policy with assured death benefits or continue it with waived premiums. On maturity, she has three options in which to receive the benefit. By choosing a money-back option, she is able to pay off her fees at an engineering college and bag a good job.
Why HDFC Life Youngstar Plan?
Inflation is threatening every aspect of maintaining a comfortable lifestyle including parenting. Education, healthcare and pursuing hobbies are ever so becoming costlier so parents must incorporate a healthy saving habit if they wish to provide their children with the best of everything. Thankfully HDFC Life Youngstar plan help you grow your investment over time and let you plan ahead for a better future for your child.
Coming from the house of HDFC, India’s leading housing finance company, HDFC Life Pension Plans cater to the financial needs of an individual in their later stage of life. They also incorporate features like flexibility, tax savings and guaranteed lifetime income in addition to death benefits.
India’s Housing Development Finance Corporation Limited (HDFC), and UK’s Standard Life plc have come together to form HDFC Life. HDFC Life has several plans such as Protection, Investment, Pension, Savings and Health. Riders, are available to customers and can be added on to their policies at a nominal price. With 400 branches across the country the company has a fair claim settlement ratio and is geared up to serve customers better.
Other HDFC Life Insurance Plans
GST of 18% is applicable on life insurance effective from the 1st of July, 2017