What is the iPlus SIP facility?
iPlus SIP is a special feature that provides investors with complementary* insurance cover on long-term SIPs. In an unfortunate event of the demise of an investor, the insurance cover will take care of unpaid installments.
Here is a case study to understand the working of iPlus SIP:
Mr. Kumar starts a ʻiPlus SIPʼ for Rs. 10,000/- per month for 10 years. The life insurance aims to cover the residual component of his goal and gets activated after 12 successful installments.
In the 13th month of this SIP, Mr. Kumar gets a Life Insurance policy for the remaining SIP installments. For every SIP installment paid, the insurance coverage falls by the monthly SIP amount.
In the case of Mr. Kumar's unfortunate demise after 3 years, AMF will pay Rs. 8,40,000 to the registered nominee. The amount invested by Mr. Kumar plus capital appreciation (if any) will also be transmitted to the nominee
• Only Resident Individual investors aged above 18 years and not more than 51 years at the time of submission of SIP application shall be eligible for iPlus SIP
• First / Sole unit holder in the folio will only be covered to receive the Life Insurance cover under iPlus SIP. No insurance cover will be provided for second and third unit holders
• Minimum tenure of SIP is 3 years and an investor must have made 12 payments on an existing SIP to be eligible for iPlus SIP
• The minimum SIP installment amount to become eligible for iPlus SIP is Rs. 1,000/- for the Scheme
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