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.
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.
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).
ULIPs are wealth creation solutions offered by Yes Bank under corporate agency arrangements with reputed insurers. Accordingly, the bank offers:
Max Life Fast Track Super Plan
Max Life Platinum Wealth Plan
Max Life Flexi Wealth Plus Plan
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.
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.
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 |
Six fund options are available under the plan
Choose a strategy from either the Systematic Transfer Plan or Dynamic Fund Allocation options
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
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 |
Six fund options are available under the plan
Choose a strategy from either the Systematic Transfer Plan or Dynamic Fund Allocation options
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
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 |
Choose from the available ten fund options under the plan.
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
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 |
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.
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