Mutual Fund Offering “Wealth Creation”, “Free Life Insurance Cover at No Extra Cost” & “Tax Benefits” together!!
In continuation to our last edition based on Reliance SIP Insure, we are covering more features in this facility. Let’s understand as to How does this insurance feature work!!
Reliance SIP Insure – How does this work?
An investor does a monthly SIP of Rs.10,000 for 5 years in Reliance Growth Fund. If he dies after a period of 3 yrs, then his Sum Assured will be = 120 times * monthly sip installment = 120 X 10, 000 = Rs 12,00,000 (12 lacs). This amount will be paid/credited to the Nominee’s bank account directly by the insurance company, in the event of the death of the Unit Holder (subject to the terms and conditions of the insurance, read along with the Certificate of Insurance, of the Group Term Insurance policy).
Commencement of Insurance Cover:
The Insurance cover shall begin after “waiting period” of 45 days from the commencement of SIP installments. However, the waiting period will not be applicable in respect of accidental deaths.
Cessation of Insurance Cover:
The insurance cover shall cease upon occurrence of any of the following:
1. At the end of mandated Reliance SIP Insure tenure. i.e., upon completion of payment of all the installments as registered or till attaining 55 years of age, whichever is earlier
2. Discontinuation of SIP installments before completing the minimum period of contribution (Monthly – 36 installments; Quarterly – 12 installments; Yearly – 3 installments) of the opted SIP tenure
3. Partial or Full Redemption / switchout^ of units purchased under Reliance SIP Insure before completion of the mandated SIP tenure / installments or till attaining 55 years of age, whichever is earlier
This story is from the June 2017 edition of Investors India.
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This story is from the June 2017 edition of Investors India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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