In the Corona crisis, some mutual fund companies are giving insurance cover with SIP for free. Investors who invest with these SIP schemes will get insurance without any medical examination.Insurance cover will be provided without any medical examination
Some select mutual fund houses of the country have started giving free insurance cover with SIP. This includes ICICI Prudential Mutual Fund SIP Plus, Nippon India Mutual Fund, SIP Insurance and Aditya Birla Sunlife Century SIP. Investors who invest with these SIP schemes will get insurance without any medical examination.
What is the offer?
The insurance cover given with SIP is actually group term insurance. Mutual fund houses are giving term insurance benefits to investors between 18 and 51 years of age. Currently, select mutual fund houses are offering 10 times more insurance cover than the SIP amount in the first year. In the second year, you are giving 50 times the amount of investment and in the third year 100 times more cover. Also, Nippon India is providing 120 times the cover of the SIP amount.
If you invest 1000 rupees every month in an insurance cover SIP scheme, then you will get a cover of Rs 10,000 in the first year, a cover of Rs 50,000 in the second year and a cover of Rs 1 lakh in the third year. This means, in case of unexpected death in the third year SIP Investor, the nominee will get 1 lakh rupees along with the mutual fund corpus.
New investors are getting benefit
However, fund houses are only giving this benefit to new investors. Older investors will have to start a new SIP to take advantage of this scheme.
This is condition
If an investor has taken insurance cover with SIP, then he will have to make regular investment for at least three years. Term insurance benefits will be eliminated by ending SIP before three years. At the same time, after running SIP for three years, he will continue to get the benefit of term insurance. However, the cover will reduce when the investment is closed.
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