Birla Sun Life Mutual Fund has come out with Century SIP wherein they give 100 times cover of the amount of SIP. My question is that will Birla Sun Life Mutual Fund be paying the premium to some insurance company for the cover. They are charging an entry load of only 2.25 per cent, which they are giving it to the broker, then where do they charge this premium? Does the insurance really come free of cost to me?
- Marzee Kerawala
Yes, under the Century SIP offered by Birla Sun Life Mutual Fund, the entire cost of the insurance will be borne by the asset management company. Under the Century SIP option, if the investor makes monthly SIP instalments, the insurance cover for the first year will be 10 times the SIP amount and in the second year it will go up to 50 times and 100 times from third year onwards, subject to a minimum SIP instalment of Rs 1000 and maximum cover of Rs 20 lakh per investor.
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