ICICI Prudential Mutual Fund has launched the SIP Insure facility with effect from May 4, 2012. It is an optional feature in addition to the Systematic Investment Plan (SIP). The premium will be borne by AMC. This facility will be available under all the equity schemes.
Insurance Cover if SIP continues
1. It will be 10 times of monthly SIP Insure installment in Year 1
2. It will be 50 times of monthly SIP Insure installment in Year 2
3. It will be 100 times of monthly SIP Insure installment from Year 3 onwards.
However, the cover will be maximum upto Rs.20 lacs per investor across all schemes/plans/folios.
Insurance Cover if SIP discontinues
1. If SIP Insure discontinues before 3 years, Insurance cover stops immediately.
2. If discontinues after 3 years, then insurance cover will be equivalent to the value of units allotted under SIP Insure investment at the start of each policy year.
However, it can't be more than 100 times of monthly installment or Rs.20 lacs
SIP ceases under two conditions
1. the end of tenure i.e. upon completion of 55 years of age.
2. Redemption / switch-out (fully-partly) of units purchased under the scheme in which SIP Insure facility is availed before completion of tenure.
Requirements
Minimum installment - Rs.1000/- for all schemes except ICICI Pru Tax Plan
Minimum amount for ICICI Pru Tax Plan - Rs.500
Minimum age of entry - 18 years
Maximum age of entry - 46 years
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