{"id":1517,"date":"2020-01-08T13:26:35","date_gmt":"2020-01-08T07:56:35","guid":{"rendered":"http:\/\/blog.budwisefunds.com\/?p=1517"},"modified":"2020-12-08T11:19:08","modified_gmt":"2020-12-08T11:19:08","slug":"should-i-invest-in-mutual-fund-schemes-which-are-providing-free-insurance-cover","status":"publish","type":"post","link":"https:\/\/budwisefunds.com\/blog\/should-i-invest-in-mutual-fund-schemes-which-are-providing-free-insurance-cover\/","title":{"rendered":"Should I invest in mutual fund schemes which are providing free insurance cover"},"content":{"rendered":"\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Few AMCs provide free insurance cover to lure new investors and also to retain existing ones. This insurance benefit is exclusively available to only those investors who invest via SIPs.<\/span><\/p>\r\n<p><strong><span style=\"font-size: 24px;\">Further Reading: <a href=\"https:\/\/www.mutualfundssahihai.com\/en\/are-there-particular-funds-help-create-wealth-over-long-term\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Fund Sahi Hai<\/a><\/span><\/strong><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The main objective is to provide additional benefit in the form of free life insurance cover to the long term investors by helping them in achieving their goals along with providing security to their family members. <\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">As on date, there are three AMCs namely ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, and Nippon India Mutual Fund which are offering this bundled product (SIP + Insurance). <\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">But the main question here is should you invest in those schemes which are eligible for insurance just because they are providing you a free insurance cover?<\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"> Before digging into that let us first understand how this bundled product works.<\/span><\/p>\r\n<p><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script> <ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-6495755798120621\" data-ad-slot=\"6499025866\"><\/ins> <script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The investors who invest in eligible schemes offered by various mutual fund houses via SIP can opt for a free life insurance.<\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"> The investor will receive an Insurance cover note directly from the insurer on yearly renewals via sms \/email stating the details of the insured and coverage amount.<\/span><\/p>\r\n<h2 class=\"entry-title\">Also Read: <a href=\"https:\/\/budwisefunds.com\/blog\/what-is-mutual-funds-and-its-types\/\" rel=\"bookmark\">What is Mutual Funds and its types?<\/a><\/h2>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">For example, if you are investing in any eligible scheme of ABSL mutual fund then you have to opt for CSIP (Century SIP) in order to get free insurance cover. <\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">And in case of happening of an unfortunate event, the nominee gets the sum assured along with the fund value. <\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The AMCs provide this SIP plus insurance cover to the investors by buying group insurance from the insurers at cheap cost.<\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"> However, there are many conditions attached to this bundled product which makes it a little complicated for the investors. These conditions have been discussed below: &#8211;<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>1.) AMOUNT OF COVERAGE \u2013 <\/strong><\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The insurance cover provided by the AMCs depends on the amount the investor is investing via SIPs. For example, if an investor is investing Rs 10,000 on a monthly basis then he\/she will get a cover of Rs 1 lac (10*10,000) for 1<sup>st<\/sup> year, Rs 5 lacs (50*10,000) for 2<sup>nd<\/sup> year and Rs 10 lacs (100*10,000) cover for the 3<sup>rd<\/sup> year. The maximum cover provided by all the AMCs is capped at 50 lacs.<\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>NOTE: &#8211; The insurance cover is available only to the First\/Sole investor and not to the other joint holders.<\/strong><\/span><\/p>\r\n<p><img loading=\"lazy\" class=\"wp-image-1552  aligncenter\" src=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/01\/ins_sip.png\" alt=\"\" width=\"644\" height=\"304\" srcset=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/01\/ins_sip.png 653w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/01\/ins_sip-300x142.png 300w\" sizes=\"(max-width: 644px) 100vw, 644px\" \/><\/p>\r\n<p style=\"text-align: justify;\"><strong style=\"color: #000000; font-size: 20px;\">2.) COVERAGE IF SIP IS DISCONTINUED<\/strong><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>SIP Discontinued Before 3 Years &#8211;<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">One has to continue his\/her SIP for at least 3 years in order to be eligible for insurance cover. If you discontinue SIP before 3 years then you will not be eligible for insurance cover thereafter.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>SIP Discontinued After 3 Years &#8211;<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">If you discontinue SIP after 3 years, then you will still be eligible for insurance. The insurance in this case will be equal to the fund value (value of the units acquired under CSIP\/SIP Plus\/SIP Insure) at the beginning of each financial year or 100\/120 times of monthly SIP amount whichever is lower, subject to a maximum of Rs 50 lacs.<\/span><\/p>\r\n<p><strong><span style=\"font-size: 24px;\">Further Reading: <a href=\"https:\/\/www.moneycontrol.com\/news\/business\/personal-finance\/amcs-are-launching-free-life-cover-with-sip-investments-should-you-opt-for-it-2590161.html\" target=\"_blank\" rel=\"noopener noreferrer\">Money Control<\/a><\/span><\/strong><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>3.) CESSATION OF COVERAGE <\/strong><\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Partial\/Full Redemption<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The insurance cover will be ceased if an investor withdraws investment either partially or fully or switches out before completion of the SIP tenure\/installments or before attaining 55 years of age.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Default in SIP<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">If an investor defaults on SIP installment, then also his\/her insurance coverage will come to an end. For example, in case of schemes offered by ABSL mutual fund if an investor defaults in payment for <strong>two<\/strong> consecutive installments or on <strong>four<\/strong> installments on different occasions during the tenure of SIP chosen or till attaining 55 years of age whichever is earlier, the insurance cover will be ceased. This in case of Nippon India and ICICI Prudential mutual fund schemes is <strong>three<\/strong> and <strong>five<\/strong> installments respectively.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>At the end of the tenure<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The insurance cover will cease upon completion of the SIP tenure or after attaining the maximum age-eligible for insurance coverage.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Investor intimates the AMC to discontinue the SIP<\/strong><\/span><strong style=\"color: #000000; font-size: 20px;\">\u00a0<\/strong><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>4.)\u00a0 EXCLUSIONS FOR INSURANCE COVER<\/strong><\/span><\/p>\r\n<ol style=\"text-align: justify;\">\r\n<li><span style=\"font-size: 20px; color: #000000;\">Death due to suicide within 1 year from the date of commencement of risk.<\/span><\/li>\r\n<li><span style=\"font-size: 20px; color: #000000;\">Death within 45 days of commencement of risk except due to accident.<\/span><\/li>\r\n<li><span style=\"font-size: 20px; color: #000000;\">Death due to pre-existing illness, disease(s) or accident which has occurred prior to commencement of SIP.<\/span><\/li>\r\n<\/ol>\r\n<p style=\"text-align: left;\"><span style=\"font-size: 20px; color: #000000;\"><strong>SHOULD YOU OPT FOR FREE INSURANCE COVER<\/strong><\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">There are no free lunches but you are getting a life insurance cover and that too free of cost. How could anyone miss it? Right? Well there is no harm in opting for the additional benefit you are getting at no cost but remember investing in these schemes just for the sake of getting an insurance cover makes no sense. If the scheme is performing well and suits your risk profile then you may go ahead and invest in that particular scheme without any second thought.<\/span><\/p>\r\n<p><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script> <ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-6495755798120621\" data-ad-slot=\"6499025866\"><\/ins> <script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">However, you should not rely entirely on this insurance cover and buy a separate cover for yourself because the insurance cover will cease as soon as you withdraw even a small amount from your investment and you will be left with no cover.<\/span><\/p>\r\n<p><strong><span style=\"font-size: 24px;\">Further Reading: <a href=\"https:\/\/taxsaverfunds.in\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tax Saver Funds<\/a><\/span><\/strong><\/p>\r\n<p><img loading=\"lazy\" id=\"siiimfswapfic\" class=\"size-medium wp-image-562 aligncenter\" src=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-300x88.png\" alt=\"\" width=\"300\" height=\"88\" srcset=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-300x88.png 300w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1024x299.png 1024w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-768x224.png 768w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1536x449.png 1536w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-2048x598.png 2048w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1200x350.png 1200w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1980x578.png 1980w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Few AMCs provide free insurance cover to lure new investors and also to retain existing ones. This insurance benefit is exclusively available to only those investors who invest via SIPs.&hellip; <\/p>\n","protected":false},"author":1,"featured_media":2044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Should I invest in mutual fund schemes which are providing free insurance<\/title>\n<meta name=\"description\" content=\"Few AMCs provide free insurance cover to lure new investors and also to retain existing ones. 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