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Private life insurer HDFC Life has launched 'HDFC Life Youngstar Udaan', a participating children’s plan with money back options.
The plan allows parents to utilse the key formative years of their child to plan for their secure future. The plan is ideal for parents who wish to secure their child’s future keeping in mind critical milestones like education, marriage, setting up of business etc.
Sanjay Tiwari, Vice-President, Product Development, HDFC Life, said: "The plan focuses on the aspiration, academic and career aspects of the child’s growth with option to waive future premiums to ensure that various life-stage needs are fulfilled even when the insured parent is not around. By offering pro-active financial planning for children, we aim at helping parents make their children financially independent.”
This plan gives the flexibility to choose the payout options to match with the child’s key milestones. It boosts the payouts with guaranteed additions (GA)* accruing in the first five years of the policy, payable at maturity. The plan also provides insurance coverage for the policy term even if the premium payments are for a limited period thus protecting a child’s dreams.
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