Reliance SIP Insure facility is an add on feature of life insurance cover under Group
Term Insurance to individual
investors opting for SIP in the designated schemes.
What is the Facility?
Reliance SIP Insure
provides free life insurance cover to investors at no extra cost. In the
unfortunate event of the demise of an investor during the tenure of the SIP,
the insurance cover will take care of the unpaid installments.
Amount of Life Insurance Cover Available
The Life Insurance Cover under ‘SIP Insure’ facility will be enhanced as per the following clauses;
An amount equivalent to the aggregate balance of unpaid SIP installments, subject to a maximum of Rs.10 lakhs per investor across all schemes / plans and folios will be invested in the Nominee’s account.
The amount of life insurance cover shall be invested in the Nominee’s account in the same scheme under which the deceased investor has enrolled for SIP Insure at the applicable price based on the closing NAV on the date on which the cheque for insurance claim settlement is received by the AMC from the insurance company, subject to completion of requisite procedure for transmission of units in favour of the nominee.
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= Unpaid SIP installments= 2 yrs ( 5 yrs-3
yrs) X 12 months X 10, 000 = Rs 2,40,000
This amount will be paid by Life Insurance Company to SIP investors nominee account with Reliance Mutual Fund and will be invested in Reliance Growth Fund (in the same scheme in which the deceased has earlier invested)
The insurance cover shall cease upon occurrence of any of
the following:
·
At the end of mandated
Reliance SIP Insure tenure. i.e., upon completion of payment of all the monthly
installments as registered or till attaining 55 years of age whichever is
earlier.
·
Discontinuation of SIP
installments midway by the investor i.e., before completing the opted SIP
tenure /installments or till attaining 55 years of age, whichever is earlier
·
Redemption /
switch-out 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
·
In case of default in
payment of two consecutive monthly SIP installments or four separate occasions
of such defaults during the tenure of the SIP duration chosen or till attaining
55 years of age, whichever is earlier
Note -There is no
provision for revival of insurance cover, once the insurance cover ceases as
stated above
Load Structure
·
There will an Exit
Load of 2%, if the accumulated units acquired or allotted under Reliance
SIP Insure are redeemed or switched out or the SIP Insure is discontinued or it
is defaulted before the maturity of committed SIP Insure tenure or before
completion of 55yrs of age whichever is earlier as opted in the respective
scheme either by the SIP-Insure unit holder or by the nominee, as the case may
be.
Designated Schemes in which Reliance SIP
Insure will be offered
·
Reliance Growth Fund -
Retail Plan
·
Reliance Vision Fund -
Retail Plan
·
Reliance Equity
Opportunities Fund - Retail Plan
·
Reliance Equity Fund -
Retail Plan
·
Reliance Equity
Advantage Fund- Retail Plan
·
Reliance Regular
Savings Fund – Equity option
·
Reliance Regular
Savings Fund – Balanced option
·
Reliance Banking Fund
– Retail Plan
·
Reliance Pharma Fund
·
Reliance Media &
Entertainment Fund
·
Reliance Diversified
Power Sector Fund – Retail Plan
·
Reliance Natural
Resources Fund – Retail Plan
·
Reliance Quant Plus
Fund – Retail Plan
·
Reliance Tax Saver
(ELSS) Fund
·
Reliance Long Term
Equity Fund
·
Reliance
Infrastructure Fund- Retail Plan
·
Reliance Small Cap
Fund
For Investment in any Mutual Fund : Call Rajendra 8007750904 or SMS " SIP"
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