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12 May 2012 11:00 AM
ICICI Prudential MF offers free cover to make SIP more attractive 
Pallabika Ganguly
 

In order to create more stickiness in SIP accounts, the AMC has introduced a new feature which comes bundled with insurance cover.

In a step to make SIPs more attractive, ICICI Prudential Mutual Fund has introduced ‘SIP Insure’, an investment solution that seeks to protect investment and provide growth. SIP Insure is an add-on, optional insurance cover available across 16 key equity schemes and for an investment limit of Rs 20 lakh.

“We launched this facility to deter investors from stopping their SIPs. An investor investing in SIP for a year gets 10 times the investment value as a life insurance cover, if he continues his investment with us. Customers do not have to shell out any extra amount to get insurance cover,” says Himanshu Pandya, VP & Head-Products & Communication, ICICI Prudential Mutual Fund.

This facility is available for investors between the age group of 18-46 years. The objective of this scheme is to lock in investors with a monthly ticket size of Rs 1,000-Rs 3,000 for a minimum period of five years.

SIPs have been very popular among investors, but these plans have been facing some redemption pressure. ICICI feels that this new add-on feature will make an investor continue his SIP for five to ten years because he can avail a life insurance cover free of cost with the investment.

The insurance cover increases progressively with tenure of investment as follows:

  • Investment for the first year—an investor receives a cover that is 10 times the monthly SIP instalment
  • Year 2—50 times the monthly SIP instalment
  • Year 3 onwards—100 times the monthly SIP instalment.
 
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