By Nivesh Gyan 20 JuneCategory: Build Wealth
While mutual funds remain the best saving instrument, insurance ensures financial security at the time of crisis. When mutual funds come with the added insurance cover, it sounds like an icing on the cake.
Let’s get into the details of mutual funds with insurance benefits and find out if it’s a wise choice or not!
Yes, if the investor stays invested for at least three years, only then he is eligible for insurance.
The cover ceases if SIP is discontinued before the completion of three years.
|Particulars||Aditya Birla||Reliance||ICICI Prudential|
|Scheme Name||Birla Sun Life MF’s Century SIP||Reliance’s SIP Insure||Systematic Investment Plan Insure facility (SIP Insure)|
|Minimum Investment Amount||Rs. 1,000 per month||Monthly SIP: Rs 500 per month
Quarterly SIP: Rs1500 per quarter
Yearly SIP: Rs 6000 per year
|Rs.1000/- for all schemes except ICICI Pru Tax Plan
Rs.500 for ICICI Pru Tax Plan
|Maximum Investment Amount||No upper limit to the monthly installment||No upper limit to the monthly installment||No upper limit to the monthly installment|
|Insurance cover if SIP Continues||Year 1 – 10 times the monthly CSIP installment
Year 2 – 50 times the monthly CSIP installment
Year 3 onwards – 100 times the monthly CSIP installment
All the above mentioned limits are subject to maximum cover of Rs. 25 lacs per investor across all schemes/plans/folios.
|Year 1 – 10 Times the Monthly SIP Installment
Year 2 – 50 Times the Monthly SIP Installment
Year 3 onwards – 120 times the Monthly SIP Installment
All the above mentioned limits are subject to maximum coverage of Rs. 21 lakhs per investor
|Year 1 – 10 times of monthly SIP Insure installment
Year 2 – 50 times the monthly SIP Insure installment
Year 3 onwards – 100 times the monthly SIP Insure installment
All the above mentioned limits are subject to maximum coverage of Rs.20 lacs per investor across all schemes/plans/folios.
|Exit Load||2% if redeemed / switched out within 1 year;
1% if redeemed /switched out after 1 year but up to 3 years;
|The load structure prevalent at the time of enrolment shall govern the investors during the tenure of the SIP Insure||1% if redeemed within1 year;