Insurance Basics

Compare Child Education Plans

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Child insurance plans comparison is a must to ensure your child enjoys a financially secure future even in your absence. Make sure you compare child plans of all reputed insurance companies before taking a decision. Read ahead for child plan comparison of two popular plans offered by HDFC Life.

HDFC SL Youngstar Super Premium

  • Entry Age: Depending on choice of options:
    Classic:

    1. Option 1- Aspiration- 30 days to 60 years
    2. Option 2- Academia- 8 years to 60 years
    3. Option 3- Career- 8 years to 60 years
    Classic Waiver:
    1. All Options- 18 years to 55 years
  • Maturity Age: Depending on choice of options:
    Classic:

    1. Option 1- Aspiration- 18years to 75 years
    2. Option 2- Academia- 23 years to 75 years
    3. Option 3- Career- 23 years to 75 years
    Classic Waiver:
    1. All Options- 33 years to 55 years
  • Minimum Sum Assured: NA

  • Min. Premium: Rs. 2,000 monthly/ Rs. 6,000 quarterly/ Rs. 12,000 half yearly/ Rs. 24,000 annual

  • Minimum Maturity Benefits: Depending on choice of option:
    Endowment Option:

    1. Lumpsum payment of 100% of sum assured and Guaranteed Additions equal to 25% of sum assured.
    Moneyback Option- Academia
    1. 30%, 15%, 15%, 15%, and 15% of Sum Assured in 5th , 4th, 3rd, 2nd, and 1st year before maturity respectively.
    2. 15% of sum assured and Guaranteed Additions equal to 25% of sum assured at maturity.
    Moneyback Option- Career
    1. 15%, 15%, 15%, 15%, and 15% of Sum Assured in 5th , 4th, 3rd, 2nd, and 1st year before maturity respectively.
    2. 40% of sum assured and Guaranteed Additions equal to 25% of sum assured at maturity.
  • Minimum Death Benefits: Depending on choice of option:
    Classic Death Benefit- Higher of

    1. Sum Assured or
    2. 105% of Premiums paid
    Classic Waiver Death Benefit- Higher of
    1. Sum Assured on Maturity or
    2. 105% of Premiums paid
    Sum Assured on Maturity- Higher of
    1. Sum Assured on Maturity, or
    2. 10 times or 7 times of annualized premium depending on the entry age.
  • Critical Illness Benefit: NA

  • Partial Withdrawal/Loans: 80% of policy’s surrender value

  • Policy Term: 15-25 years

  • Payment Options: 7 years/10 years/ Term minus 5 years

  • Premium Frequency: Quarterly/Half Yearly/Annual

  • 80CCC Tax Benefits: Yes

  • 10 (10D) Tax Benefits: Yes

  • Fund Allocation: NA

  • Entry Age: Depending on choice of options:

    1. Life Option- 18-65 years

    2. Life and Health Option- 18-55 years

  • Maturity Age: Depending on choice of options:

    1. Life Option- 75 years

    2. Life and Health Option- 65 years

  • Minimum Sum Assured: Depending on policy holder’s age

    1. Less than 45 years, then minimum of 10 times and maximum of 40 times of Annualized premium.

    2. Eequal to or more than 45 years, then minimum of 7 times and maximum of 40 times of Annualized premium.

  • Min. Premium: Rs. 15,000 annual

  • Minimum Maturity Benefits: Risk cover ceases upon policy maturity. Balance units in the fund are redeemed at prevailing price. Policy holder has option of redeeming fund value in installments over a period of five years. In this case, risk cover ceases upon maturity and units will be redeemed in installments at prevailing price.

  • Minimum Death Benefits: Minimum death benefit shall be 105% of premiums paid. Benefit is paid on basis of choice of Benefit Payment preference.
    Save Benefit:

    1. Sum assured is paid to beneficiary in event of a claim.

    2. No further premium payments need to be made.

    3. Company pays 100% of all future premiums.

    4. Risk cover ceases.

    5. Fund value paid to beneficiary upon maturity.

    Save-n-Gain Benefit:

    1. Sum assured is paid to beneficiary in event of a claim

    2. No further premium payments need to be made.

    3. Company pays 50% of all future premiums

    4. Balance 50% premium paid to beneficiary every year as and when it falls due

    5. Risk cover ceases

    6. Fund value paid to beneficiary upon maturity

  • Critical Illness Benefit: If policy holder is diagnosed with a critical illness before end of term of the policy, benefit is paid on basis of choice of Benefit Payment preference—Save Benefit or Save-n-Gain Benefit.Death cover ceases upon claim. Fund value shall be redeemed upon maturity.

  • Partial Withdrawal/Loans: Allowed after five years subject to these conditions:

    1. Minimum of Rs. 10,000.

    2. Fund value cannot fall below 150% of original regular premium after withdrawal.

    3. Total withdrawals cannot exceed 300% of original regular premium.

  • Policy Term: 10-20 years

  • Payment Options: Regular

  • Premium Frequency: Annual

  • 80CCC Tax Benefits: Yes

  • 10 (10D) Tax Benefits: Yes

  • Fund Allocation: Option of investing in a combination of funds with risk rating ranging from Moderate to Very High.

Careful child education plan comparison: on the Internet will ensure best returns on your investment that can help your child exploit his or her talents to the fullest.

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