HDFC Life launches new child plan 'Young Star Udaan'

Private life insurer HDFC Life today launched its new child insurance plan for the pan-India market.

The plan 'YoungStar Udaan' is a participating child plan, which offers flexible money back options to parents, HDFC Life vice president (product development) Sanjay Tiwari said here.

"We chose Lucknow to unveil the product as Uttar Pradesh is a dense market due to its population and account for almost 20 per cent of our new business from the child plan segment," he said.

Currently, new business from child plans comprises 11-13 percent of total business for HDFC Life nationally.

He said the new plan was ideally pitched for parents wanting to secure their child's future during critical milestones like education, marriage etc.

The minimum monthly premium for the plan comes to Rs 2,000 with no upper limit. The premiums could also be paid quarterly, half-yearly or yearly. The premium payment terms could either be 7-10 years or policy term minus 5 years, as per the choice of customer.

The minimum and maximum policy terms are 15 years and 25 years respectively.