A SIP THAT PROVIDES INSURANCE!

 

KNOWLEDGE BYTE: A SIP THAT PROVIDES INSURANCE!

Dear Readers,

We have heard of various benefits of SIPs, but how about investing in a mutual fund SIP that also provides a Life Insurance Cover?

Well, Richvik presents SIP PLUS plan, jointly with ICICI PRUDENTIAL MUTUAL FUND, a unique systematic investment solution which aims to create wealth and provide insurance benefits.

  • Key features of SIP PLUS:
 

1st Year: 10 times of the monthly SIP Plus investment

SUM INSURED

2nd Year: 50 times of the monthly SIP Plus Investment

 

3rd Year onwards: 100 times of the monthly SIP Plus Instalment

LIFE COVER PROCEEDS

Provided to the nominee

BENEFITS TO NOMINEE

Scheme Value + Life Cover equivalent upto 100 times of the monthly SIP Plus instalments from third year onwards

MIN. SIP INSTALMENT

Rs. 1000 p.m

ENTRY LOAD

Not Applicable

EXIT LOAD

Refer documents for exit load

AGE ENTRY/ EXIT

18 years to 51 years (however insurance cover will be ceased on completion of 55 years of age, but SIP  shall continue till the end of tenure if SIP is registered beyond 55 years of age.

PAYMENT OPTIONS ECS, Direct Debits and Post Dated Cheques.

In case of death of the investor, the nominee shall receive the investment value of the Mutual Fund SIP and also the assured cover amount.

  • How does SIP Plus works?
  1. In the first year of investment, the investor would get 10 times coverage of the invested value. For E.g., a Rs. 10,000 SIP would fetch the investor a coverage of Rs. 1,00,000.
  2. From the second year onwards, the said coverage would be raised to 50 times of Invested value. Thus, the Rs. 10,000 SIP would now give a coverage of Rs. 5,00,000.
  3. From the third year onward, the coverage would be raised to 100 times of the SIP value, subject to maximum of Rs. 50 Lakhs per investor.
  • Let us look at this with the help of a table:
 

 

AMOUNT INVESTED

INSURANCE COVER ON THE SAME
1st Year 2nd Year 3rd Year onwards
                                  5,000              50,000                250,000                500,000
                               10,000            100,000                500,000            1,000,000
                               20,000            200,000            1,000,000            2,000,000
                               30,000            300,000            1,500,000            3,000,000
                               40,000            400,000            2,000,000            4,000,000
                               50,000            500,000            2,500,000            5,000,000
                               60,000            600,000            3,000,000            5,000,000
  • Benefits of Investment in SIP Plus:
  1. Your SIP gives you the complementary benefit of life insurance cover, apart from just SIP benefit.
  2. The difference between paying premium for Insurance Scheme and investing on Mutual Fund SIP Plus is, in case of death of investor, the nominee shall receive the Sum assured which can be as high as 100 times of the monthly SIP + the value of SIPs made on that day.
  • Terms and Conditions:
  1. ICICI Prudential SIP plus is an add-on, optional feature and is available on the certain schemes provided by ICICI Prudential Mutual Fund. Kindly refer the scheme related document to know the names of the scheme.
  2. Non- Individuals as well as US persons/ persons not of Indian origin/ Sole proprietorship will not be covered under insurance cover.
  3. The insurance cover shall be available for individuals aged above 18 years and not more than 51 years, at the time of first instalment.
  4. Only the first/ sole unit holder shall be covered, the second and third holder shall not be covered by the scheme.
  5. The Insurance cover will be ceased on completion of 55 years of age, but SIP shall be continue till the end of tenure if SIP is registered beyond 55 years of age.

Well, RichVik highly recommends investment in this fund, since it not only provides the Mutual Fund SIP benefit, but also life coverage.

To know more on investment in SIP Plus plan with RichVik, feel free to contact us.

 

 

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