{"id":2083,"date":"2012-04-10T19:03:56","date_gmt":"2012-04-10T19:03:56","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=2083"},"modified":"2012-07-01T09:04:32","modified_gmt":"2012-07-01T09:04:32","slug":"birla-sunlife-century-sip-free-life-insurance-with-mutual-fund","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/birla-sunlife-century-sip-free-life-insurance-with-mutual-fund\/","title":{"rendered":"Birla Sunlife Century SIP: Free Life Insurance with Mutual Fund"},"content":{"rendered":"

Mutual Funds<\/strong> (MF) are one of the best investment vehicles to create wealth in the long run. And Systematic Investment Plan (SIP)<\/strong> the best way to invest in them. What if the Mutual Fund companies start offering free insurance with MF SIPs in their schemes! According to me it\u2019s an excellent opportunity to start doing SIP and enjoy the free life Insurance.<\/p>\n

This post talks about one such product – Birla Sunlife Century SIP (CSIP)<\/strong>. I would soon write about other AMCs like Reliance and Kotak offering free life insurance with their schemes.<\/p>\n

\"Birla<\/a><\/p>\n

Birla Century SIP as the name suggests gives you a cover of up to 100 times your monthly SIP.<\/p>\n

Below are the details:<\/p>\n

Investment Amount In Century SIP:<\/h2>\n

Minimum:<\/strong> Rs. 1000 per month<\/p>\n

Maximum:<\/strong> No upper limit<\/p>\n

Investors should note that once CSIP is availed, CSIP amount cannot be changed through the tenure of SIP.<\/p>\n

Eligibility:<\/h2>\n

Minimum Age at entry:<\/strong> 18 Years<\/p>\n

Maximum Age at entry:<\/strong> 46 Years<\/p>\n

In case of joint unit holders in the scheme, only the first unit holder would be eligible for the insurance cover.<\/p>\n

Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs) are elligible to invest in Birla Sun Life Century SIP subject to fulfillment of certain additional criteria.<\/p>\n

Tenure Of Century SIP:<\/h2>\n

Maximum Tenure:<\/strong> 55 Years less the current completed age of the investor<\/p>\n

e.g. For an investor at the age of 40 yrs 5 months, tenure of Century SIP shall be a period of 14 years and 7 months i.e. period remaining for the attainment of 55 yrs of age.<\/p>\n

Discontinuation Of Century SIP:<\/h2>\n

The Century SIP can be discontinued under following circumstances:<\/p>\n

    \n
  1. Investor intimates the AMC to discontinue Century SIP, or<\/li>\n
  2. Investor defaults Century SIP installments for two consecutive months<\/strong> during the tenure of the Century SIP, or<\/li>\n
  3. Investor defaults Century SIP installments for four separate occasions (months)<\/strong> during the tenure of the Century SIP<\/li>\n<\/ol>\n

    There shall be no provision to revive the Century SIP, once discontinued<\/p>\n

    Load Structure:<\/h2>\n

    Load Structure under Century SIP would be:<\/p>\n

    Entry Load:<\/strong> Nil<\/p>\n

    Exit Load:<\/strong> As applicable to respective schemes<\/p>\n

    In the unfortunate event of death of the investor, there is no exit load.<\/p>\n

    Life Insurance Details:<\/h2>\n

    Amount of Life Insurance Cover:<\/p>\n

      \n
    1. Year 1 :<\/strong> 10 times the monthly Century SIP installment<\/li>\n
    2. Year 2 :<\/strong> 50 times the monthly Century SIP installment<\/li>\n
    3. Year 3 on wards :<\/strong> 100 times the monthly Century SIP installment<\/li>\n<\/ol>\n

      All the above mentioned limits are subject to maximum cover of \u00a0Rs. 20 lacs per investor across all schemes\/plans\/folios.<\/p>\n

      If Century SIP discontinues, the insurance cover would be as follows:<\/strong><\/p>\n