HDFC Life Child Plan

What is the HDFC Life Child Plan?

HDFC Life offers a variety of child plans that are designed to help you save for your child's future and provide them with financial security in case of your death. These plans combine the benefits of life insurance and savings, and they can be customized to meet your specific needs and goals.

Key Features of HDFC Child Plan

• Triple Benefits in Case of Parent's Death:

  • Life insurance coverage is provided.

  • Maturity benefit is paid out.

  • Insurance premiums are covered by the insurer.

• Death Benefit: Protects your child financially in case of your unfortunate passing.

• Payment Options: Premiums can be paid monthly, semi-annually, annually, or as a one-time payment.

• Payout Options: Some plans offer different maturity benefit payout options to match your child's life goals (e.g., staggered payouts for education milestones).

• Child Benefit Option: In some plans, the child becomes the policyholder upon reaching a certain age, gaining control over the policy.

• Premium Waiver: If you pass away during the policy term, the insurer will cover the remaining premiums.

• Partial Withdrawals: Partial withdrawals are available from the 6th year onwards for funding student milestones.

Benefits of HDFC Child Plan

• Financial Security: In case of your demise, the plan provides a lump sum payout to the beneficiary, ensuring the child's financial needs are met.

• Maturity Benefits: Upon plan maturity, the child receives a lump sum amount that can be used for their future goals like education, marriage, or starting a business.

• Loyalty Additions: Some plans offer additional bonuses based on policy performance.

• Guaranteed Additions (GA): Some plans offer guaranteed additions to the sum assured at specific intervals, boosting the maturity payout.

• Tax Benefits: Premiums paid towards the plan are eligible for tax deductions under Section 80C of the Income Tax Act.

• Rider Benefits: Additional benefits like critical illness cover, accidental disability cover, and waiver of premium rider can be added to enhance the plan's protection.

Investment

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Secure your child’s future with or without you

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₹10,000/Month

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₹1 Crore^*

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List of HDFC Child Plan

The list of HDFC Child Plans along with a brief description of each is mentioned below:

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Details of HDFC Child Plans

HDFC offers a variety of child plans to suit different needs and budgets. Let us discuss them below:

1. HDFC Life Wealth Maxima

   HDFC Life Wealth Maxima is a Unit Linked Individual Life Insurance Plan (ULIP) designed to help you achieve your financial goals while providing life cover for your family.

   Features of HDFC Life Wealth Maxima Plan:

   • 3 Plan Variants: Choose from Maxima Invest (wealth creation), Maxima Family (wealth creation & family protection), and Maxima Child (child's future & family protection).

   • Life Cover: Get life insurance coverage to protect your family financially in case of your unfortunate demise.

   • Systematic Investment Option: Invest regularly through Systematic Transfer Option (STP) to benefit from rupee-cost averaging.

   • Loyalty Additions: Receive bonus additions after 10th, 15th, and 20th policy years (if certain conditions are met).

2. HDFC SL YoungStar Super Premium

   HDFC SL YoungStar Super Premium is a Unit Linked Insurance Plan (ULIP) designed for children's financial security and education with the added benefit of life insurance coverage for the parent/guardian.

   Features of HDFC SL YoungStar Super Premium:

   • Two Cover Options: Choose between "Life Option" (life cover only) or "Life & Health Option" (life cover with critical illness rider).

   • Flexible Benefit Payment: Opt for "Save Benefit" (guaranteed sum assured on death) or "Save-n-Gain Benefit" (sum assured + fund value on death).

   • Fund Choices: Invest in a combination of 4 funds with varying risk-return profiles.

   • Premium Flexibility: Choose your desired premium amount and investment allocation.

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3. HDFC Life Youngstar Udaan

   HDFC Life YoungStar Udaan is a child insurance plan that provides financial protection and savings for your child's future. It is a participating plan with a limited premium payment option.

   Features of HDFC Life Youngstar Udaan:

   • Maturity benefits: You can choose from 3 different maturity benefit options:

     • Aspiration: You get a lump sum amount at the end of the policy term.

     • Academia: You get regular payouts in the last 5 years of the policy term to help you meet your child's education expenses.

     • Career: You get regular payouts in the last 5 years of the policy term to help you meet your child's career expenses.

   • Death benefits: You can choose from 2 different death benefit options:

     • Classic: Your nominee gets the sum assured on death.

     • Classic Waiver: Your nominee gets the sum assured on death and all future premiums are waived off.

Summing It Up

The HDFC Life Child Plan offers a comprehensive solution tailored to secure your child's future, providing financial protection, savings, and investment opportunities. With its flexible features and robust benefits, this plan empowers parents to safeguard their children's aspirations and ensure a bright and secure tomorrow.