DHFL Pramerica Mutual Fund offers free term insurance coverage to SIP investors under Smart SIP. The life insurance cover does not have any waiting period.
The fund house aims to encourage SIP investors to opt for a longer tenor to protect the financial future of the nominee in an unfortunate event.
The nominee will get the benefit of 20 times the monthly SIP amount for the first year, 75 times the monthly SIP in the second year and 120 times the monthly SIP in the third year with maximum sum assured subject to a limit of Rs. 50 lakh.
Investors aged between 18-51 years are eligible to opt for this facility.
Other key benefits
- ‘Declaration of Good Health’ is not required
- Minimum SIP of Rs.500 per month
- Insurance claim payment to nominee of the investor
The facility is available in all open end equity schemes (except DHFL Pramerica Arbitrage Fund), Fund of Funds and hybrid schemes of the fund house.