The demand for life insurance has increased rapidly in the Corona era. Some companies are offering free insurance to people in the age group of 18-51 to invest on SIP.
Benefits of investing in SIP
If you want to invest in SIP then there is a great opportunity for you. In the Corona era, many fund houses are offering free insurance cover with SIP. The SIPs in which insurance cover is also being given include PGIM India Mutual Fund, ICICI Prudential, Nippon India Mutual Fund, SIP Insurance and Aditya Birla Sunlife Century SIP etc. During this time, if the investors start investing with the SIP plan of these fund houses, then they will start getting the benefit of insurance without medical examination.
People are saving more in the Corona era
In the Corona era, people are saving more and more. The habit of saving people has increased. In view of the Corona crisis, people are planning more for life insurance or health insurance at this time. Due to this, the demand for insurance has also increased a lot in the last 1 year. At present, more and more people are planning to invest through Systematic Investment Plans (SIPs) instead of investing directly in equity.
Mutual fund houses are offering
In view of the Corona Crisis, at present, some mutual fund companies are giving insurance cover with SIP for free. Insurance cover is being decided on the basis of SIP amount and tenure.
Getting insurance cover 20 times more than SIP amount
At present, some mutual fund houses are giving 20 times more insurance cover than the SIP amount in the first year. The second year is giving 75 times the amount of investment and the third year giving 120 times more cover. It can be up to 50 lakhs maximum.
Regular investment of at least 3 years is necessary
Let us tell you that if an investor has taken advantage of insurance cover with SIP, then he will have to make regular investment for at least 3 years. If the SIP is discontinued before three years, the benefit under insurance will end. At the same time, even after running SIP for three years, he will continue to get the benefit of insurance. However, the amount of cover will be reduced when the investment is stopped.
Know what you offer
This is a free insurance cover for which one can choose any option while starting SIP. It is being given on all equity and hybrid schemes of most fund houses. Most fund houses are offering SIP insurance to people in the age group of 18-51 who invest in the eligible scheme. Because it is a group insurance policy. In such a situation, there is no need for any medical examination in it. Insurance cover up to the age of 55 years is valid. Therefore, if an investor starts a 10-year SIP at the age of 51, the insurance cover will be available till the age of 55 years. However, some companies are offering till the age of 60 years.
Understand by example
Suppose you have started a 10 thousand monthly SIP. In this case, the first year insurance cover will be 20 times i.e. 2 lakh rupees. At the same time, in the second year it will get a cover of 75 times i.e. 7.5 lakh rupees. At the same time, it will get 120 times or up to Rs 12 lakh cover. That is, if the death of a SIP person becomes third year for some reason, then his nominee will get the sum assured along with the mutual fund units.
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