Posted by: Labdhi Mehta on Jun 11, 2018, 12.22 PM IST
1. Some mutual fund companies provide a complimentary life insurance cover to their SIP investors investing in certain schemes.
2. The cover provided is a term insurance policy, where the insurance company will pay out money only in case of death of the investor.
3. The investor has to have an investment tenure of at least of three years to be eligible for this facility. Cover ceases if SIP is discontinued before the completion of three years.
4. Maximum sum assured is about 10 times the SIP instalment in year one, about 50 times in year two and about 100 times in year three.
5. The cover will continue till the investor reaches the age of 50-55 as mentioned at signup even if the SIP stops after completing three years
The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
This article appeared in Economic Times dated Jun 11, 2018, 12.22 PM IST
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