HDFC Life Insurance Company Limited is a very reputed name in the life insurance segment. The company offers a range of life insurance plans which are suitable for all types of financial goals that you might have. Child life insurance plans are also offered by HDFC Life which helps you in planning for a secured financial future of your child. Let’s explore the range of child plans offered by HDFC Life and the benefits which they promise –
HDFC child plan – overview
Child insurance plans are those plans which promise a secured financial corpus for the child’s future even if the parent is not around. HDFC Child plans are offered to parents and secure the parent’s life under the policy. These policies have an inbuilt waiver of premium rider. This rider specifies that if the insured parent dies during the term of the policy, the policy would not stop. Future premiums would be waived off and paid by HDFC Life itself. Thereafter, when the plan matures, the promised maturity benefit would be paid. This unique benefit makes child plans a fool-proof plan for your child’s security. Moreover, HDFC child plans come both in the traditional variant and the ULIP variant. While traditional child insurance plans promise a secured and a guaranteed corpus, ULIP child plans help you maximize your investments through market-linked returns. Let’s have a look at the child life insurance plans offered by HDFC Life and their benefits –
Why child plans are needed?
Child insurance plans help you plan a financial corpus for your child. Through a child insurance plan, you get the following benefits –
- The plan earmarks a specific corpus meant only for the future of your child
- Since child plans have a premium waiver benefit, they ensure that the corpus planned by the parent would be created whether or not the parent is around to do the same
- The premiums paid for child insurance policies help you in saving tax. The premiums are allowed as a deduction under Section 80C up to a maximum of INR 1.5 lakhs. Thus, through a child plan, you can not only create a fund for your child, but you can also save your taxes too
- The benefits received from the policy are also tax-free. The benefits qualify as a tax-free income under the rules of Section 10 (10D) of the Income Tax Act. Thus, you can get the maximum corpus for your child’s needs.
- HDFC child plans are offered as both traditional and unit-linked plans. They, thus, help you to create a guaranteed or a market-linked corpus which would be best to fulfil your child’s dreams
List of HDFC Child plans
Here are the insurance plans which are offered by HDFC Life as child insurance plans –
1. HDFC Life YoungStar Udaan
HDFC Life’s YoungStar Udaan is a traditional child insurance plan which helps you create a guaranteed corpus for your child. The features of the plan are as follows –
- The plan offers three options of Aspiration, Academia and Career. The option that you choose would determine the way in which the plan benefits would be paid
- While Aspiration gives an endowment oriented coverage, Academia and Career plan options are money-back options wherein the sum assured is paid in instalments during the term of the policy
- Premiums are payable only for a limited period
- Money-back benefits are paid in the last five years of the plan
- The money-back benefits can also be availed in monthly instalments rather than in annual ones. If the monthly instalment mode is selected, 8.5% of the money back benefits would be paid every month
- In case of death of the insured during the policy tenure, the death benefit is paid. Future premiums are waived off if the Classic Waiver plan option is selected and the plan continues. The survival and maturity benefits are paid as and when promised
- The plan is offered as a participating child plan. Bonuses, therefore. Accrue under the plan and are paid every year when the policy is in force
- 3% or 5% of the sum assured is added to the corpus as guaranteed additions in the first five years of the plan
- If you choose a high sum assured level, you can claim a premium rebate
- Policy loans are also available during the term of the plan to take care of your financial needs
Eligibility conditions of HDFC Life YoungStar Udaan Plan
|30 days to 60 years
|18 years to 75 years
|Term of the plan
|15 years to 25 years
|Premium payment term
|7 years, 10 years or (term – 5) years
2. HDFC SL YoungStar Super Premium
This HDFC child plan is a unit-linked insurance plan which allows you to create a good corpus for your child through the benefit of market-linked returns. The salient features of the policy are as follows –
- There are two coverage options under the policy. One is the Life Option wherein the death benefit is paid in case of death. The other is the Life & Health Option which covers critical illnesses too. If the insured suffers from any critical illness covered under the policy, a lump sum benefit is paid
- The death benefit can also be received in two ways. One is the Save Benefit wherein, on death, a death benefit is paid to the beneficiary. Future premiums are waived and paid by the company towards the plan. On maturity, the fund value is paid. The other option is Save –n – Gain benefit. Under this benefit, in case of death of the insured, the death benefit is paid. 50% of the premiums payable are paid to the beneficiary during the term of the policy and 50% is paid towards the fund value. On maturity, the fund value would be paid
- There are four types of investment funds which you can choose to invest your premiums
- The plan can be bought by filling up a Short Medical Questionnaire
Eligibility conditions of HDFC SL YoungStar Super Premium Policy
|18 years to 65 years
|Maximum maturity age
|Term of the policy
|10 years to 20 years
|Minimum – 7 times the annual premiumMaximum – 40 times the annual premium
|Minimum – INR 15,000Maximum – no limit
|Premium payment term
|Equal to the term of the plan
3. HDFC Life Click 2 Wealth Plan
This is a unit-linked insurance plan which doubles up as a child plan because the plan has a premium waiver option. Thus, parents can buy this policy for child planning. In case of their premature death, the premium waiver benefit would waive the premium and the policy would continue. HDFC Life would contribute the premium to the fund value in such cases and on maturity the child would be assured of a lump sum benefit for his/her financial needs. Other highlights of the policy are as follows –
- This is an online plan which is available directly on the website of HDFC Life Insurance
- The charges under the policy are minimal because only the fund management charges and mortality charges are deducted from the fund value thereby ensuring maximum growth of your investments
- In the first five years of the policy, 1% of the annual premium would be added to the fund value as guaranteed benefits
- If the premium waiver option is selected, the mortality charges deducted would be returned when the plan matures
- There are three plan options available for you – Invest Plus, Premium Waiver and Golden Years Benefit
- Under the Golden Years Benefit option, you can enjoy coverage till 99 years of age
- There are ten types of investment funds and the plan also allows unlimited free switching between them
- There is a systematic transfer option wherein the fund value is transferred systematically from a debt fund to equity fund to avail the benefit of rupee cost averaging
- Premiums can be paid in one lump sum, for a limited period or for the entire duration of the policy
- Top-ups are also allowed under the plan for increasing your investments
Eligibility conditions of HDFC Life Click 2 Wealth Plan
|30 days to 65 years
|18 years to 99 years
|Term of the policy
|10 years to 40 years or (99 – entry age)
|Single premium:Minimum – 1.25 times the single premiumMaximum – as approved by the insurance companyLimited or regular premium:Minimum – 10 times the annual premiumMaximum – as approved by the insurance company
|Single premium:Minimum – INR 24,000Maximum – no limitLimited or regular premium:Minimum – INR 12,000/yearMaximum – no limit
|Premium payment term
|Single premium- onceLimited premium – 5 years, 7 years, 10 years or (70 – entry age) yearsRegular premium – 10 years to 40 years
How to apply for HDFC child plans?
You can apply for HDFC child plans online or offline. Both these methods are described below –
- Offline application
To apply offline you can either visit any nearest branch of HDFC Life to apply for the policy or you can contact an HDFC Life insurance agent. Under both these instances, you would have to fill up a proposal form and give all the relevant information about yourself. The premium would also have to be paid along with the proposal form to apply for the policy. After application, HDFC Life would assess your application and if everything is found in order, the policy would be issued.
- Online application
You can also apply for HDFC child plans online. HDFC Life allows easy online modes to buy its life insurance policies and buying child plans is no different. You can simply visit www.hdfclife.com and under the head ‘Plans’ choose ‘Children’s Plans’. Then choose the desired HDFC child plan suiting your needs and apply online. To apply you would have to fill up an online application form. The online premium would also be required to be paid to complete the application process. Once the application is submitted, HDFC life would assess your application and offer coverage. Online plans are issued more quickly and the process is quite seamless.
- Another way to apply online is through Turtlemint. Turtlemint is an online platform which sells HDFC child plans. When you apply for a child plan from Turtlemint, you would also be able to compare the available policies before buying one. To apply for HDFC child plan through Turtlemint, visit https://www.turtlemint.sanity.turtle-feature.com/life-insurance and choose ‘Savings for Child’. Then provide all the relevant information like your age, age of the child, investment horizon, investment amount, etc. After the details are provided, you would be able to check the sum assured and premiums of different child plans. Compare the available plans on their coverage benefits and premiums and then choose the policy which is the best. Pay the premium online, fill up an online application form and the application process would be complete.
Documents required for buying HDFC child plans
Whether you buy an HDFC child plan online or offline, there are some documents which would have to be submitted to buy the policy. These documents are as follows –
- Age proof of the insured
- Age proof of the child
- Identity proof of the insured and the child
- Address proof of the insured
- Photographs of the insured and the child
- Application form, filled and signed
- Income proof of the policyholder
How to make a claim in HDFC child plan?
Maturity and money-back claims are easy to make. The company always knows about approaching claims and starts preparations. You would have to fill up and submit a claim discharge form so that the maturity or money back benefit is released by the insurance company. The company would, then, pay the benefit directly into your bank account.
In case of death claims, however, the company is unaware of the death of the insured. The nominee should, therefore, inform the insurance company of the death. A death claim form should be filled and submitted along with the death certificate of the insured. The company might also require other documents as per its needs. Once the documents are submitted, the claim would be processed and paid to the nominee.
If you have bought your HDFC child plan through Turtlemint, you can take the company’s help in getting the settlement of your claim. Turtlemint provides personalised claim assistance and helps policyholders get their claims settled. Just call Turtlemint at 1800 266 0101 or send a mail to email@example.com intimating Turtlemint about the claim and the company would help you get your claims settled at the earliest.
Documents required for making death claims
Documents required for a death claim to be successfully settled are as follows –
- Death certificate of the insured
- The claim form, filled and signed by the nominee
- Medical and hospital reports
- Police FIR for accidental death
- Coroner’s report, police inquest report, panchnama, etc. for accidental deaths
- Other documents as and when required by HDFC Life
Yes, HDFC Ergo travel insurance plans allow extension of your coverage if the trip duration extends due to unavoidable situations. You can extend your coverage for up to 360 days by requesting the company for an extension. An additional premium would have to be paid for such an extension.
A travel insurance plan has a coverage duration which is equal to the duration of the trip. Once the coverage duration is over, the plan would expire.
Yes, the travel dates can be changed after you have bought an HDFC Ergo travel insurance policy but if the trip has not already started.
No premium refund is allowed if you cut short your trip and come back to the origin country.