Mutual Funds
It is an optional facility of group life insurance cover provided free of cost by selected AMCs like Nippon India Mutual Fund, ICICI Prudential Mutual Fund or PGIM India Mutual Fund, 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.
Why SIP Insurance?
Free Insurance Cover
Get max up to 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 favour.
Tax Saving
Enjoy tax benefit along insurance cover and investment growth in tax saving schemes.
Features:
- Free Insurance Cover
- Long Term Growth
- Tax Saving
- Cost of Insurance cover borne by the AMC
- Investors under age group of 18 to 51 years can avail the facility of free insurance
- Insurance cover will continue till the investor has completed an age of 55 years.
- Only the First / Sole unit holder will be covered
- Insurance cover will be available for Resident Individuals & NRIs and in PGIM, available only for Resident Individuals
- Minimum SIP tenure to avail facility is 3 years
- Maximum insurance cover across all eligible scheme of an AMC is maximum 50 lakhs per investor. So, if one has SIPs in more than two schemes from the same SIP; the combined insurance cover cannot exceed Rs 50 lakhs.
- Investor will be required to appoint nominee first and then proceed to register SIP.
- Insurance Coverage
| PARTICULARS | Nippon | ICICI | PGIM |
| 1st year | 10 times | 10 times | 20 times |
| 2nd year | 50 times | 50 times | 75 times |
| 3rd year onwards | 120 times | 100 times | 120 times |
Funds Offering SIP Insurance
Nippon SIP Insure
ICICI SIP Plus
