Yes Bank SIP Plans

Yes-Bank is the fourth largest private commercial bank operating since 2004 providing personalized services to its vast clientele. Apart from its comprehensive banking services, the Bank offers insurance solutions under Composite Corporate Agency arrangements. Accordingly, Yes Bank offers insurance solutions covering life, general, and health plans from some giants operating in the Indian insurance sector. 

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Yes-Bank’s life insurance repertoire is varied, delivering a bouquet of standout products tailored to individual preferences. Accordingly, you can choose from plans for protection, retirement, children’s future, savings and income, and wealth creation. The last-named presents unique schemes that combine insurance protection and investment to deliver a hefty corpus upon maturity. Therefore, you have a range of Unit Linked Insurance Plans (ULIP) to choose from to create wealth. So, let us dig deeper to find out more.

Understanding Yes Bank SIPs and ULIP

SIP or Systematic Investment Plan is a way to invest your money to yield high returns. Here, under Yes Bank SIP, we will discuss ULIP plans offered by the Bank. ULIP policies are similar to the mutual funds^^ in as much as their investment strategies go. However, ULIP scores over them, combining life insurance cover and investment opportunities in market-linked instruments to maximize profits.

Therefore, ULIP is a life insurance product under the Yes-Bank SIP Plans category. In addition, there are hardly any life insurance plans as flexible as ULIP in terms of payment modes, terms, and investment portfolio design. Moreover, the ULIP structure carries a long-term growth potential besides attractive tax savings options.

Yes-Bank ULIPs – How Do They Work?

ULIPs use the premium in two components. One part provides life risk protection and financially shields your near and dear ones in your absence. In contrast, the second part purchases market-linked units like debt and equity for higher long-term yields. Though you can play a role in allocating assets, you need not track individual funds as dedicated professional managers devise investment strategies to achieve fund objectives.

Similar to mutual funds, Yes Bank SIP Plans allow premium payment in installments. The investment components are pooled from several policyholders to create a diverse portfolio in market funds in specific proportions. The primary aim is to maximize profits on behalf of the policyholder. Of course, ULIPs are locked in during the initial 5-years when several charges like the Premium Allocation Charges apply before purchasing units. Therefore, your asset’s worth is your portfolio unit’s combined NAV (Net Asset Value).

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Yes-Bank ULIPs

ULIPs are wealth creation solutions offered by Yes Bank under corporate agency arrangements with reputed insurers. Accordingly, the bank offers:

  1. Max Life Fast Track Super Plan

  2. Max Life Platinum Wealth Plan

  3. Max Life Flexi Wealth Plus Plan

  4. HDFC Life Sampoorn Nivesh

All the four ULIP policies offered by Yes Bank stand apart with characteristic features. Therefore, let us explore them individually for a better understanding.

  1. Max Life Fast Track Super Plan

    The ULIP policy helps you fast-track your financial objectives while protecting your family from untoward incidents. The critical highlights of Max Life Fast Track Super Plan are:

    • The plan secures your family finances while helping you achieve long-term goals.

    • Invest in six fund options for market-linked returns.

    • Earn guaranteed loyalty additions during the policy term.

    Eligibility

    Max Life Fast Track Super Plan
    Parameters Minimum Maximum
    Entry Age 3-months (91 days) 50 to 60 years
    Maturity Age 18 years 70 years
    Sum Assured Rs.2.5 to Rs.5 Lac No limit
    Policy Term 10 to 20 years
    Premium Payment Term Single Pay, 5-years, and 20-years
    Premium Payment Mode Single, Yearly, Half-yearly, Quarterly, and Monthly

    Investment Strategy

    • Six fund options are available under the plan

    • Choose a strategy from either the Systematic Transfer Plan or Dynamic Fund Allocation options

  2. Max Life Platinum Wealth Plan

    The ULIP helps you grow money through market-linked returns and additional wealth boosters to meet your long-term goals while protecting your family financially. Max Life Platinum Wealth Plan's critical attractions are:

    • Flexible investment options

    • Comprehensive life insurance coverage

    • Guaranteed loyalty additions and wealth boosters

    • Earn attractive savings interest on “Yes Bank” accounts

    *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

    Eligibility

    Max Life Platinum Wealth Plan
    Parameters Minimum Maximum
    Entry Age 3-months (91 days) 55 to 60 years
    Maturity Age 18 years 65 to 70 years
    Sum Assured Limited: Rs. 20 Lac
    Single: Rs.20 Lac
    Regular: Rs. 2.5 Lac
    No limit
    Policy Term 10-years – Single Pay
    10 to 20 Years – Limited and Regular
    Premium Payment Term Single Pay, 5-years, and 20-years
    Premium Payment Mode Single, Yearly, Half-yearly, Quarterly, and Monthly
    Rider Max Life Partner Care
    Wealth Booster 2 to 2.5% of the fund value depending on sam assured based bands

    Investment Strategy

    • Six fund options are available under the plan

    • Choose a strategy from either the Systematic Transfer Plan or Dynamic Fund Allocation options

  3. Max Life Flexi Wealth Plus Plan

    You can tailor the ULIP with flawless flexibility and continuous protection during the policy term. The Max Life Flexi Wealth Plus Plan’s critical highlights are:

    • Flexible plan options regarding policy terms and premium payment

    • Opportunity to personalize your investment portfolio

    • Minimal investment cost with wealth boosters and return of mortality charges

    • Plan Variants:

    • Wealth

    • Whole Life

    Eligibility

    Max Life Flexi Wealth Plus Plan
    Parameters Minimum Maximum (Years)
    Entry Age – Wealth 3-months (91 days) 45 to 70 years, depending on the premium payment mode
    Entry Age – Whole Life 18 years 65 minus premium term
    Maturity Age Wealth: 18 years
    Whole-Life: 100 years
    Wealth: 80 years
    Whole-Life: 100 years
    Sum Assured Rs.2.5 to Rs.10 Lac depending on the plan variant No limit
    Policy Term Wealth: 10 to 30 years
    Whole-Life: 100 years minus the entry age
    Premium Payment Term Wealth: 10 to 30 years
    Whole-Life: 7 to 20 years l
    Premium Payment Mode Single, Yearly, Half-yearly, Quarterly, and Monthly
    Wealth Booster 2 to 2.5% of the fund value depending on sam assured based bands

    Investment Strategy

    Choose from the available ten fund options under the plan.

  4. HDFC Life Sampoorn Nivesh

    The ULIP policy offers multiple fund options for insurance cover and optimizing investments. Moreover, several benefits meet your protection needs. The key highlights of HDFC Life Sampoorn Nivesh are:

    • Reducing charges with higher premiums

    • Choose from three benefit options

    • Loyalty additions after 10-years

    • Plan Benefit Options:

      • Classic Life

      • Classic Extra Life

      • Classic Plus

      • Classic Waiver

    Eligibility

    HDFC Life Sampoorn Nivesh
    Parameters Minimum Maximum (Years)
    Entry Age 30 days to 18 years 47 to 60 years
    Maturity Age 18 to 28 years 57 to 70 years
    Policy Term 10, 15, 20 years
    Premium Payment Term Single
    Regular: 10, 15, 25 years
    Limited: 5, 7, and 10 years
    Premium Payment Mode Single, Yearly, Half-yearly, Quarterly, and Monthly
    Rider Available

In Conclusion

ULIPs are the ideal alternative to mutual funds with the life insurance cover added benefit. Therefore, you can invest in ULIP policies offered under the Yes Bank SIP Plans to reap the benefits of market-linked instruments, which are potentially high-yielding. In addition, you can save on your tax liabilities both at the investing and benefit stages. Additionally, you are spoilt for choice with the Yes Bank offering ULIPs from different insurers under their corporate agency for a customized product.

FAQ's

  • Q: Which market instruments do the ULIP fund managers prefer for investments?

    Ans: ULIP fund managers are dedicated professionals looking to invest in market instruments to maximize profits. Accordingly, they choose government securities, corporate bonds, money market, cash instruments, equity, and equity-related securities matching the policyholder’s risk profile.
  • Q: How do you calculate the ULIP fund’s value payable on maturity?

    Ans: The fund value in your ULIP policy is the sum of the number of fund units multiplied by the “NAV” of the fund units on the maturity date.
  • Q: What do you mean by annualized premium in the “Yes Bank” SIP plans?

    Ans: Annualized premium denotes the total premium in a policy year, excluding underwriting premium, modal loading, rider premium, and applicable taxes.
  • Q: What is the benefit under the critical illness plus rider?

    Ans: You can purchase the rider under HDFC Life Sampoorn Nivesh ULIP policy to receive a lump sum benefit when the life insured is diagnosed with any listed critical illnesses.
  • Q: What is the applicable lock-in period in the “Yes Bank” SIP Plans?

    Ans: The lock-in period is 5-years from the policy’s inception, during which you cannot withdraw from the ULIP fund.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^10(10D) Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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