Why SIP Insurance ?
Free Insurance Cover
Get max upto 120 times Free Group Life Insurance cover on your monthly SIP installment amount.
Long Term Growth
Your money grows as per funds performance. Since you invest for long term, this works best in your favor.
Sip insurance is a perfect fit for young investors since insurance cover is generally up to age of 55.
Enjoy tax benefit along insurance cover and investment growth in Tax Savings scheme
What is SIP Insurance facility
It is an optional facility of group life insurance cover provided free of cost by select AMCs to investors who invest via monthly SIPs in pre-defined schemes.
This feature provides coverage against the uncertainties of life besides enabling investors to accumulate wealth.
Details of SIP Insurance facility
- Cost of Insurance cover will be completely borne by the Asset Management Company (AMC).
- Investors who fall under the age group of 18 to 51 years can avail the facility of free insurance cover.
- Insurance Coverage:
|1st year||10 times||10 times||10 times||20 times|
|2nd year||50 times||50 times||50 times||75 times|
|3rd year onwards||120 times||100 times||100 times||120 times|
- In case of Nippon, ICICI and DHFL AMC, insurance cover will continue till the investor has completed an age of 55 years whereas in case of Birla it will continue till 60 years.
- Only the First / Sole unit holder will be covered under the insurance.
- Insurance cover will be available for Resident Individuals & NRIs and in case of DHFL it is available only for Resident Individuals.
- Minimum SIP tenure to avail SIP insurance facility is 3 years and in case of Birla AMC minimum SIP tenure will be 60 years - present age of an investor
- Maximum insurance cover across all eligible scheme of an AMC is maximum 50 lacs per investor.
- Nominee registered with Investor’s FundzBazar account, will be considered for nomination. Where no nomination is available, investor will be required to appoint nominee first and then proceed to register SIP.
- Any additional purchase made in folios with SIP Insurance facility, the same amount will not be considered for Insurance
- In case of death of the applicant, his/her legal representatives/Nominee will have to file a claim directly with the Insurance Company supported by all relevant documents as required by the Insurer and the payment of the claim will be made to the legal representatives by the insurance company.
- Prudent/FundzBazar team will not play any role in claim processing.
- The insurance cover will cease in the following cases:
- Upon attaining the maximum age criteria
- At the end of the SIP tenure
- Redemption / switch-out (fully or partly) / STP / SWP of units purchased under the scheme in which SIP Insurance facility is availed
- Investor defaults in SIP installments. As the condition differs across AMCs, kindly read SID before investing.
Note - There will be no provision to revive the insurance cover in SIP Insurance facility, once discontinued.
This is just for information purpose and should not in any way be construed as any kind of promotion or endorsement of any insurance product. These FAQ’s are only indicative, for more detailed and applicable terms and conditions please refer below link
SIP Insurance General Features
Available in Multiple schemes by various fund.
Minimum ages is 18 and maximum age is 60 years. it varies from fund to fund.
Minimum SIP amount ranges from 500 Rs to 1500 RS. / Month
Maximum insurance cover ranges from 20 lac to 50 lac across various funds.
To avail full benefit continue investing for minimum 3 years