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Aditya Birla mutual fund offers SIP life cover of upto Rs 50 lakhs
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Aditya Birla mutual fund offers SIP life cover of upto Rs 50 lakhs

Agency News

New Delhi, Apr 9: Aditya Birla Sun Life Mutual Fund (ABSLMF) offers Systematic Investment Plan (SIP) with life cover of upto Rs 50 lakhs at no additional cost with Century SIP (CSIP) facility, a statement here on Tuesday said. Earlier CSIP was offered with specific equity oriented schemes only, but now one can choose to invest in select debt schemes also with the CSIP facility.

This allows ABSLMF to offer to its investors’ diversification and balance of asset classes under CSIP. The life cover is available for the entire tenure of the investment or 60 years of age, whichever is earlier.

"Through this an investor has the advantage of life cover benefit up to 100 times the monthly CSIP instalment amount or Rs 50 lakh (whichever is lower) per investor across all schemes/plans/folios of Mutual Fund. CSIP requires an investor to invest regularly for the first 3 years. However, if the investor redeems his investment in the interim (fully/partially) before completion of CSIP tenure, the insurance cover will cease to exist," said A Balasubramanian, CEO, Aditya Birla Sun Life AMC Limited. (UNI)