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Review ICICI Mutual Fund SIP Insure Plan


ICICI Mutual Fund has introduced SIP Insure facilitating both investment and life insurance cover for investors.
“SIP Insure is an add-on, optional feature available for equity schemes. To benefit investors further, the cost of insurance will be entirely borne by the Asset Management Company. No additional documents or medical tests are required; only certain details are to be filled up
This feature is similar to Birla Century SIP 

 What is SIP Insure :    SIP Insure is not a product or fund but a feature or facility bundled in a product. Add on feature of Life Insurance cover under Group Insurance to investor
Its provides free  live insurance to its investor at no extra cost. 

Why SIP Insure launch by AMC  stay investor as long term basis, and less redemption pressure.

Key Feature


The feature will have a uniform insurance cover.
First year                                 10 time the monthly SIP
Second year                             50 time the monthly SIP
Third year onward                  100 time the monthly SIP
Maximum cover upto 20 lakh per investor
For Example, if an investor has a monthly SIP of Rs 5,000, he will be entitled to an insurance cover of Rs 50,000 in the first year. In the second year, it goes up to 2,50,000 (50 times) and   5,00,000 (100 times) from third year onwards.


Convenience
 
No additional document or medical test are required, only certain detail are to fill up

Age Limit

Minimum entry Age 18 years & Maximum entry age 46
Cover continue upto age of 55

If SIP Insure discontinues, the Insurance cover would be as follows:
·          
  • SIP Insure discontinue before 3 years : Insurance cover stop immediately. 
  •  SIP Insure discontinue after 3 year :  Insurance cover equivalent to the value of unit allotted under SIP Insure investment at start of each policy year, subject to maximum of 100 time the monthly installment, capped at the maximum of 20 lakhs.
SIP Cease under following conditions :

·         The end of tenure  i.e., upon completion of 55 years of age.
·         Redemption / switchout (fully or partly)


Entry / Exit Load

Entry load : NIL  Exit Load : 1% if redeemed within 1 year, NIL thereafter

Minimum SIP  :       1000
Benefit to Nominee :   (in case of Pre mature death)
Fund value + Life cover equivalent upto 100 time the monthly SIP Insurance Installment  third year onwards.

Following is the list of schemes where the SIP Insure facility will be applicable:
ICICI Prudential Infrastructure Fund, ICICI Prudential Dynamic Plan, ICICI Prudential Focused Bluechip Equity Fund, ICICI Prudential Tax Plan, ICICI Prudential Discovery Fund,  ICICI Prudential MidCap Fund, ICICI Prudential Top 100 Fund, ICICI Prudential Top 200 Fund, ICICI Prudential FMCG Fund,  ICICI Prudential Balanced Fund, ICICI Prudential Technology Fund, ICICI Prudential Services Industries Fund, ICICI Prudential Equity & Derivatives Fund - Volatility Advantage Plan, ICICI Prudential Indo Asia Equity Fund, ICICI Prudential Banking & Financial Services Fund, ICICI Prudential Child Care Plan - Gift Plan
 For Investment purpose call  :  
Rajendra 8007750904 or SMS : SIPINS
MAIL ID  :      bonanza42a@yahoo.in
लेबल:

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