ICICI Prudential Mutual Fund Introduced SIP Insure

In a bid to provide both investment and life insurance cover for investors, ICICI Prudential mutual fund has introduced SIP Insure.

SIP insure is an add-on, optional feature available across 16 equity schemes of ICICI Prudential mutual fund. The cost of the insurance will be entirely borne by the Asset Management Company. No additional documents or medical tests will be required. However, investors only have to fill-up some details.

Feature will have uniform insurance cover. In the first year, the insurance cover will be ten times the monthly SIP installment. In the second year it will be fifty times the monthly SIP installment. From the third year it will be hundred times the monthly SIP installment. However, it will be subject to maximum insurance coverage of Rs 20 lakh a investor.

The life Cover will continue even if SIP stops. Minimum entry age is 18 years while maximum entry age is 46 years. The cover will continue up to the age of 55 years.

Source: http://www.policymantra.com/blog/news/3633-icici-prudential-mutual-fund-introduced-sip-insure.html