DHFL Pramerica Asset Managers is currently offering complimentary life insurance coverage to SIP investors. SIP investors who are between the ages of 18 years and 51 years can opt for the ‘Smart SIP’, for which life insurance coverage will be offered, provided that the investors opt for schemes that have a term of more than 3 years.
The complimentary life insurance cover is offered for investments made in all ‘hybrid schemes, ‘Fund of Funds’, and open-end schemes, with the exception of the DHFL Pramerica Arbitrage Fund.
The complimentary life insurance coverage that is offered will range between 20 and 120 times the monthly SIP installment or Rs.50 lakh, based on whichever is the lower of the two amounts. The life assured’s nominee can get coverage of up to 20 times the monthly amount that is invested in the SIP during the first year, 75 times the monthly investment during the second year, and up to 120 times the monthly investment during the third year.
The life insurance cover is offered to SIP investors, without them having to provide a declaration of good health. The minimum amount that can be invested on a monthly basis in the ‘Smart SIP’ is Rs.500. There is no waiting period applicable for the complimentary life insurance cover. By way of this offering, the company is encouraging individuals who invest in SIPs to opt for a long tenure to maximise wealth creation and provide financial security to their nominee in case of an unfortunate eventuality.
Source: The Times of India