Get complimentary life insurance through Systematic Investment Plan (SIP)
Get complimentary life insurance through systematic investments
|SIP with Insurance||Life Insurance|
|2. FREE - Life Insurance Cover|
|3. Any time Withdraw|
|4. Insurance Cover|
The SIP Plus facility is an optional feature which allows a unit holder to add an insurance cover while initiating an Systematic Investment Plan (SIP) in ICICI Prudential Mutual Fund as per the terms and conditions. The insurance cover is an add-on option feature offered by ICICI Prudential Asset Management Company (AMC) on initiating an SIP investment in certain schemes of ICICI Prudential Mutual Funds. Who will be covered under the Group Insurance facility? The Group Life Insurance cover will be available to all Resident Individual/NRI applicants aged above 18 years and not more than 51 years, at the time of the first investment.
Cost of Insurance cover will be completely borne by the Asset Management Company (AMC).
The investor will receive an Insurance Cover Note directly from the insurance Company on yearly renewals via sms/email link. Alternatively, investor can download the same from the insurance website.
In case of death of the applicant, his/her legal representatives/Nominee will have to file a claim directly with the Insurance Company supported by all relevant documents as required by the Insurer and the payment of the claim will be made to the legal representatives by the insurance company.
No, AMC reserves the right to consider the Nominee provided for mutual fund for insurance where available. Where no nomination is available in either insurance/mutual fund then First Joint Holder if available will be considered for insurance nomination. In case of neither nomination nor holder details being available, the cover will be provided, however, at the time of claim processing the respective documents as asked by the insurance provider for no-nomination cases will need to be submitted by the claimant.
Insurance cover will be available for individuals aged above 18 years and not more than 51 years, at the time of the first investment.
Only the First / Sole unit holder will be covered under the insurance. No insurance cover will be provided for the second / third unit holder.
If SIP Plus continues, the insurance cover would be as follows Year 1 : 10 times the monthly SIP Plus installment Year 2 : 50 times the monthly SIP Plus installment Year 3 onwards: 100 times the monthly SIP Plus installment.
All the above-mentioned limits are Subject to maximum cover of `50 lakhs per investor across all schemes/plans/folios.
The insurance cover continues up to the age of 55 years (as on the renewal date).
If SIP Plus registration discontinues, the insurance cover would be as follows: i) SIP Plus registration discontinues before 3 years: Insurance cover stops immediately. ii) SIP Plus registration discontinues after 3 years: Insurance cover equivalent to the value of units allotted under SIP Plus investment at the valuation as on 1st business day of month in which renewal confirmation is given, subject to a maximum of 100 times of the monthly installment, capped at the maximum of 50 lakhs.
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