Thursday, August 14, 2014
by
Indian Real Estate News
Free Insurance on SIP Investments
Availing of free insurance by signing up for an SIP equity funds is a good idea. It will provide you with a group term insurance cover of 10 times the monthly SIP installment during the first year. The cover will increase to 50 times during second year and to 100 times from the third year onwards subject to maximum cover of Rs 20 lakh per investor across all folios and schemes. Performance of the fund is in no way influenced by this add-on.
This SIP will cease either when the tenure ends or upon redemption/switch out (fully/ partially) before the end of the term.
Before adding such a feature to your SIP it would be good to consider the following points:
· Insurance is just a free component. Do not start SIP to get free insurance. Select well rated funds first and then opt for the add-on to enjoy the extra benefit at no additional cost.
· Buy an adequate Term Insurance cover. Do not depend on this feature for your insurance needs as it will be insufficient.
· While you opt for this feature while starting an SIP with the mutual fund, at time of claim, you would need to deal with the insurance company. The AMC in no way guarantees claim settlement.
· If you discontinue your SIP within three years, you will lose your insurance coverage.
· It will cover only the first unit holder. The second and third unit holders will not get any insurance cover.
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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1 comments:
Any Sip Investment needs some time to show its true returns. You get an opportunity to average out your returns over the duration of the SIP which is n't available in case of one time investments.
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