myfinology Profile picture
Feb 4 10 tweets 2 min read
How to get Free Insurance of Rs 50 lakh with your Mutual Fund SIP?

PS: It’s not ULIP!🤫

(1/10)

#personalfinance #mutualfunds
Many individuals can’t opt for Term Insurance due to some "Medical Conditions"

What if we say, now you are eligible for it through your Mutual Funds!

But How? 👇

(2/10)
The name of the solution is “SIP Insure”

It’s a Term Group Insurance policy provided by the fund house for SIP investors without charging any additional cost!✌️

⏩ No Insurance Premiums means "free coverage"
⏩ No Medical Check-up means "anyone can be covered"

(3/10)
How does it work?

The SIP component is the same as other MF SIPs, but the insurance coverage and tenure vary from AMCs to AMCs.

(4/10)
Let’s Understand with ABI AMC’s example

Say, if your monthly SIP is Rs 10,000/ month

- Coverage in the 1st yr = 10,000 * 20 = Rs. 2L
- Coverage in the 2nd yr = 10,000 * 50 = Rs. 5L
- Coverage in the 3rd year = 10,000 * 100 = Rs. 10L

(5/10)
T&C of ‘SIP Insure’🧐

- Min age: 18
- Max age: 51
- Min SIP tenure: 3 Years
- Max insurance amount: 50L

(6/10)
But does the AMC provide “Term Insurance”?

The answer is a big ‘NO’ !

AMCs buy Group Term plans from an insurance company to provide the insurance. The AMC bears the premium.

(7/10)
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)
- Investor defaults in SIP instalments

(8/10)
Should you invest?

This largely depends on the performance of the scheme. One should not opt for the “SIP insure” option, just for the ‘insurance component’!

(9/10)
Wish to know our recommendations for a diversified mutual fund portfolio?

Visit: Recipe.finology.in

(10/10)

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More from @myfinology

Feb 5
A new "bad boy" in the Industry : BharatPe's #ashneergrover 🤠

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Read d complete thread to know "What's the buzz all about?"

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It all started on 5th Jan, when a call recording leaked into the public resulting in exposing an ugly side of the Shark.📞

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A must-read thread! 🧵(1/5)

#government #StockMarket
Read the first tweet again.

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Thus trading is outlawed, investing isn't.😋(2/5)
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👉They might also earn undue influence on companies during the ordinary discharge of their duties. (3/5)
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well, invest just Rs 15K per month! 😱
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Don't believe? See, our experts have chalked out a way for you👇👇

(1/9)

#retirementplanning #personalfinance #FinancialFreedom #investing
Owning ur dream house & early retirement are two most important milestones for any individual. However, one often gets compromised for the other! 😕

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(2/9)
⚠️ 83% Indians haven't planned for #retirement !
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Anyway, if u r one of those who haven't planned, worry not. We'll help u👇

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This is a 🧵 on even more shocking facts (1/11) 👇

#personalfinance #FinancialFreedom
Are you just as shocked as we are? 🤔

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(2/11) #FinancialFreedom Image
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A thread! 🧵 (1/9)

#UnionBudget2022 #economy
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