HDFC Standard Child Plans

1. HDFC Standard Child Plans HDFC Standard Life Insurance Company HDFC Standard Life Insurance Co. Ltd., (HDFC Life) is one of the topmost players in the insurance market. Launched in the year 2000, HDFC Life is a partnership between HDFC Ltd., one of India’s biggest housing finance institution and Standard Life, a global long term investment savings player. They have joined hands to provide customers with a range of insurance and investment products covering categories such as Protection, Pension, Savings, Investments, Health, Children and Women! With such a diverse portfolio, the company strives to meet individual protection and wealth-enhancing needs and provide customized financial solutions for everyone.

2. HDFC Life Child Plans HDFC Life brings to you two different child plans, each designed keeping in mind different needs of parents and their long-term goals when it comes to their child’s future in terms of education, career and marriage. The plans have attractive features and benefits to help your child stay financially independent, even in your absence. List of Child Plans Offered By HDFC Standard Life InsuranceCompany, With Features, Benefits And Eligibility HDFC SL Young Star Super Premium Features: Unit-linked insurance plan to provide life coverage and enhanced returns on investments Two types of life cover are available: Life and Life & Health Death benefit can be availed under two options: Save Benefit and Save-n-Gain Benefit Option to select from 4 different funds as per individual risk appetite Partial withdrawals available

3. Benefits: • Life cover offers death benefits at the time of death of the insured • Life & Health cover offers death benefits and critical illness benefit at the time of death. It covers 6 critical illnesses • Death benefit options: • Save Benefit: In case the insured dies during the policy term, the sum assured shall be paid to the beneficiary (child) and all the future premiums shall be paid by the company. At the time of maturity, fund value shall be paid to the beneficiary • Save-n-Gain Benefit: Under this option, at the time of death of the insured, the sum assured shall be paid to the child. The beneficiary need not pay any future premiums as 50% of future premiums will be paid by the company towards the policy and the remaining 50% will be paid to the beneficiary on the premium due date. Fund value will be paid at the time of maturity to the beneficiary

4. 4 different fund available to invest your money are: • Income Fund • Balanced Fund • Blue Chip Fund • Opportunities Fund • Flexibility is offered by the policy for you to switch between different funds or redirect future options to different fund option to maximize returns on investment • Partial withdrawals are allowed after 5 years with minimum amount fixed at Rs. 10,000/- • Income Tax benefits can be availed under section 80C and section 10 (10) D of the Income Tax Act

5. Eligibility:

6. HDFC SL YoungStarUdaan Features: It is a traditional participating insurance plan that combines benefits of endowment plans and money back plan Multiple maturity benefits are offered Two different death benefits are available Income tax benefits can be availed Benefits: Death Benefits: Before discussing the two options for death benefits, let’s understand some basic terms here: Sum Assured: Sum assured on death is calculated as the higher of sum assured on maturity or 10 times annualized premium for entry age up to 50 years and 7 times annualized premium for entry age above 50 yearsBasic Death benefit is calculated as the higher of sum assured on death or 105% of all premiums paidPremium Waiver: All future premiums are waived off at the time of death of the insured, but the policy shall continue and all benefits including survival benefit and maturity benefit shall be paid as per schedule

7. The two types of death benefits are: • Classic: Under this option, if the insured dies during the policy term, the insured shall be paid basic death benefit plus accrued guaranteed additions plus accrued bonuses, if any • Classic Waiver: Here, the nominee shall receive basic death benefit plus premium waiver • Maturity Benefits: The three type of maturity benefits available are: • Aspiration (Endowment Benefit): A lumpsum amount is paid at the time of maturity. It will be equal to 100% sum assured plus guaranteed additions plus accrued bonuses, if any • Academia (Money back benefit): Here the benefits include pay-outs during the last 5 years of policy starting with first guaranteed pay out higher than the subsequent one. The total pay-out at the time of maturity shall come up to be 105% of sum assured plus guaranteed additions plus accrued bonuses, if any • Career (Money back benefit): In this option, the pay-outs begin in the last 5 years of the policy with the last guaranteed pay-out higher than the previous guaranteed pay-outs. The total pay-out shall be 115% of sum assured plus guaranteed additions plus accrued bonuses, if any • Guaranteed additions are offered during the first 5 policy years, if applicable • For sum assured of Rs. 4 lakhs and above, a discount in premium is offered • Income Tax benefits available under section 80C and section 10 (10) D

8. Eligibility Resource From: https://www.easypolicy.com/life-insurance/child-plans/hdfc-child-plans.html