ICICI Prudential Mutual Fund has introduced SIP Insure — facilitating both investment and life insurance cover for investors.

“SIP Insure is an add-on, optional feature available across 16 key equity schemes of ICICI Prudential Mutual Fund. 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,” said a release from the company.

The feature will have a uniform insurance cover. In the first year, the insurance cover will be 10 times the monthly instalment. In the second year, it will be 50 times the monthly SIP instalment.

From third year onwards, the insurance cover will be 100 times the monthly SIP instalment. The limits will, however, be subject to a maximum insurance coverage of Rs 20 lakh a investor. The life cover will continue even if the SIP stops, said the company.

The minimum age for entry is 18 years, while the maximum age has been set at 46 years. The cover will continue up to the age of 55 years.

>sneha.p@thehindu.co.in

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