Details of SIP Insurance facility

• Cost of Insurance cover will be completely borne by the Asset Management Company (AMC).
• Investors who fall under the age group of 18 to 51 years can avail the facility of free insurance cover.
• Insurance Coverage:

• Axis and SBI AMCs provide the insurance facility for their Retirement schemes only which has a lock-in period of 5 years or till retirement age whichever is earlier.
• Insurance cover will be available for Resident Individuals & NRIs in case of Nippon and SBI AMCs. While Axis and PGIM AMC’s insurance facility is available only for Resident Individuals.
• Only the First / Sole unit holder will be covered under the insurance.
• Minimum SIP tenure to avail SIP insurance facility is 3 years.
• In case of Axis, Nippon, PGIM and SBI AMCs, insurance cover will continue till the investor completes the age of 55 years.
• Maximum insurance cover across all eligible scheme of an AMC is maximum 50 lacs per investor. So, if one has SIPs in more than two schemes from the same AMC; the combined insurance cover cannot exceed Rs. 50 lakh.
• Any additional purchase made in folios with SIP Insurance facility, the same amount will not be considered for Insurance
• Nominee registered with Investor’s FundzBazar account, will be considered for nomination. Where no nomination is available, investor will be required to appoint nominee first and then proceed to register for SIP.
• In case of death of the applicant, his/her legal representatives/Nominee will have to file a claim directly with the Insurance Company supported by all relevant documents as required by the Insurer and the payment of the claim will be made to the legal representatives by the insurance company.
• Prudent/FundzBazar team will not play any role in claim processing.
• The insurance cover will cease in the following cases:
  • Upon attaining the maximum age criteria
  • At the end of the SIP tenure
  • Redemption / switch-out (fully or partly) / STP / SWP of units purchased under the scheme in which SIP Insurance facility is availed
  • Investor defaults in SIP installments. As the condition differs across AMCs, kindly read SID before investing.

Note - There will be no provision to revive the insurance cover in SIP Insurance facility, once discontinued.

This is just for information purpose and should not in any way be construed as any kind of promotion or endorsement of any insurance product. This information is only indicative, actual details may vary. For more detailed and applicable terms and conditions please refer below links of respective AMCs