HDFC Life product development vice president Sanjay Tiwari said that the launch of Youngstar Udaan completes its suite of products required for all life stage needs of children.

"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," Tiwari added.

The company further said that plan also offers insurance coverage for the policy term though the premium payments are for a limited period.

The parents can select from the 3 maturity benefit options at inception based on financial goals for their child, including Endowment Option and money-back options.

In endowment option, a lump-sum is paid at maturity; while in money-back option, the pay-outs offered in the last 5 years before maturity.