HDFC Standard life’s Young star super: review

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HDFC Standard life’s Young star super is a ULIP plan with a variety of option to choose in terms of risk cover.

1) Double Benefit.

Sum Assured is paid + all future premiums are paid by Company.

2) Triple Benefit.

Sum Assured is paid + 50% of future premium paid to policy account and rest 50% to nominee.

3) Critical Illness Benefit: One can also add critical illness benefit with the above two option. In case if one is diagnosed with critical illness and he has chosen double benefit then SA is paid + company will pay the future premium.

For each of the benefit you choose appropriate amount will be deducted from your account. Charges depends on your age and option you choose, so nothing is free ;-)

Bumper Addition:

On Maturity along with the Fund value + amount equal to

1) 50 % of annual premium if term is 10 year.

2) 100% of annual premium if term is 10+ year.

The additional amount is paid only if there is no partial withdrawal and all premiums is paid regularly.

So on features side, although there are plenty of things for offer but at the same time you have to pay additional charges for each of the benefit you are choosing.


Allocation charges:

With New IRDA rules most of all the insurers are coming with allocation charges which is less then 20%.

However in my views ULIP would be more attractive if allocation charges comes down to as low as 5% to 3%.

Depending on premium amount you pay it ranges between 15% to 8% of annual premium in the first year (However for monthly premium mode it ranges from 22% to 13%).

In second year it is 10% to 6% and in third year it charges 5% to 4%.

From 4th Year onwards it is flat 3% of premium..

For single premium it ranges from 2.5 to 2% of premium.

Policy Admin. Charge:

Rs. 50 per month with 5% addition each year.

  • There are 7 funds available to choose from and 24 switches are free of cost.
  • Partial withdrawal is allowed free of cost from 5th policy year if all premiums is paid.
  • Surrender is also allowed without any charges,only of all premiums is paid.

If we compare it with other policies in the market like TATA AIG’s Invest Assure Sampatti and Aegon religare’s Invest Maximiser, Charges are very high. No doubt that it has other features but none of the features are free.

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