SIP with Insurance
Starting a SIP is always a fantastic idea. You build wealth for your goals in a consistent manner, benefit from compounding, and ride out market lows and highs thanks to rupee cost averaging. If that isn’t enough to convince you to start a SIP, this sure will – You can start a SIP and get a free life insurance cover of up to ₹1.5 Crores.
At FundsIndia, we’re continually striving to enrich your investment experience, and provide you with solutions to secure your financial future – hence, the product SIP with Insurance.
What does the SIP with Insurance product do?
As stated earlier, when you start a SIP in eligible schemes, the AMC provides you with a life insurance cover that is linked to your SIP amount. This free life insurance cover is up to ₹1.5 Crores, subject to certain terms and conditions imposed by fund houses. There is no additional cost for premiums of the insurance. You can choose from a list of schemes that offer this benefit to invest in, or invest in a portfolio built by our experts.
Why opt for SIP with Insurance?
SIP with Insurance is aimed at making your investment journey more rewarding. Here’s how it works:
- Twin benefit of building wealth and protecting your family
SIP with Insurance provides you all the benefits of a SIP, along with the safety net of life insurance. While your investment continues to grow, the free insurance cover provides financial security to your family should the need arise. A win-win situation.
- Free insurance at no extra cost
There’s no need to pay any premiums for the insurance cover that comes with this scheme. The entire amount is invested as a SIP. It is not divided in two parts.
- Convenient with FundsIndia
You can sign up for this online. No paperwork, no tests required. You may be required to sign a document saying you’re in good health. Saves a lot of time and effort, doesn’t it?
How much should I you invest to get an insurance cover of up to ₹1.5 crore?
Here’s the breakdown of how much insurance you are eligible for with your SIP.
|Fund House||FundsIndia Portfolio|
|Reliance||Aditya Birla Sun Life||ICICI Prudential|
|1st year||10 x monthly SIP amount||10 x monthly SIP amount||10 x monthly SIP amount||10 x monthly SIP amount|
|2nd year||50 x monthly SIP amount||50 x monthly SIP amount||50 x monthly SIP amount||50 x monthly SIP amount|
|3rd year||120 x monthly SIP amount||100 x monthly SIP amount||100 x monthly SIP amount||120 x Reliance monthly SIP amount + 100 x Aditya Birla Sun Life monthly SIP amount + 100 x ICICI monthly SIP|
|On SIP Discontinuation after 3 years||Equal to fund value or 120 times the monthly SIP instalment, whichever is lesser.||Equal to fund value or 100 times the monthly SIP instalment, whichever is lesser.||Equal to fund value, subject to a maximum of 100 times the monthly SIP instalment, capped at ₹50 lakhs.||Equal to fund value, subject to a maximum sum of 100 X monthly SIP instalment for the Aditya Birla Sun Life and ICICI Prudential Value schemes + 120 X monthly SIP instalment for Reliance scheme, capped at ₹1.5 crores.|
|Maximum limit||₹50 Lakhs||₹50 Lakhs||₹50 Lakhs||₹1.5 Crores|
The minimum number of years you need to invest to avail SIP with Insurance is 3 years.
The SIP with Insurance plan is offered on select mutual fund schemes by the ICICI Prudential, Aditya Birla and Reliance mutual fund houses.
At FundsIndia, we’ve also created a portfolio for our investors with funds from all these fund houses to provide you with a cover of up to ₹1.5 crores. To know more about the list of funds that come with insurance, login to your FundsIndia account right away! You can do it on the Android app too! Just choose SIP with Insurance from the menu, and follow the steps.
Don’t have a FundsIndia account? You can simply click here to get started!
Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing. Past performance is not indicative of future returns. Please consider your specific investment requirements before choosing a fund, or designing a portfolio that suits your needs.
- Merger of Axis Capital Builder Fund – Series 4 with Axis Flexi Cap Fund
- Introduction of SIP Pause facility under the Schemes of IIFL Mutual Fund (IIFLMF)
- IDFC Mutual Fund stands changed to Bandhan Mutual Fund with effect from March 13, 2023
- Temporary suspension of subscription in Overseas schemes of Motilal Oswal Mutual Fund
- Take charge of your money with this quick and simple framework