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YoungStar Udaan Plan
Introduction/Overview YoungStar Udaan Plan is a traditional Child Plan with multiple benefit options combining the features of Endowment and Money Back plan for a secured future for the child Key Features It is a participating plan with limited premium payment option There are 3 options for maturity payouts which can be chosen as per requirement: Aspiration, Academia, Career There are 2 options for Death benefit payouts, Classic and Classic Waiver Guaranteed Additions accrue in the first 5 policy years enhancing the benefits payable Maturity proceeds also include reversionary bonuses, interim bonuses and terminal Bonus, if any
Why Buy youngstar udaan Policy?
Details About Premium Annual premium in Rupees for Classic Death Benefit option with Policy Term 15 years and PPT 7 years Policy Details Grace Period: 15 days grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy and receive the Surrender Value. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV = GSV % of Premiums paid + GSV% of vested Bonuses + GSV % of Guaranteed Additions Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions Loan is available under the plan to a maximum of 80% of the SSV Additional Features or Riders Rebates for Large Sum Assured ranges of 4 lakhs and above Exclusions In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
Youngstar Udaan Plans – FAQs
Guaranteed Additions accrue @ 3% (for term<20 yrs.) or 5% (for term>=20 yrs.)of SA in each of the first 5 policy years Under the Aspiration option for Maturity Benefit payout, lump sum is paid on Maturity which is the Sum Assured and Guaranteed Additions where the total benefit received is equal to 125% of the SA Under the Academia Option, money back benefits are paid in the last 5 years of the policy. The benefits start @30% of the SA in the 5th last year and 15% thereafter. On maturity, 15% of the SA and Guaranteed Additions (25% or 15% of SA) is paid making the total benefit received equal to 130% or 120% of the SA Under the Career Option, 15% is paid in each of the last 5 years. 40% of SA is paid on Maturity along with the Guaranteed Additions @ 25% or 15% in total making the aggregate benefit received equal to 140% or 130% of the Sum Assured The survival benefits can be availed monthly @8.5% of the annual payout On death of the policyholder, the death benefit under both the options will be higher of the SA on death or 105% of all premiums paid + vested reversionary bonuses, Guaranteed Additions and terminal bonus, if any SA on death will be higher of Sum Assured on Maturity or 10 / 7 times the annual premium Moreover, under the Classic Waiver Death Benefit, future premiums are waived off and are paid for by the company and the plan continues to participate in profits Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.