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1. SIP Plus term insurance is an add-on feature added, optional feature will be available for the schemes mentioned at www.fundvaliz.com/pages/sip-with-insurance-inner.aspx

2. The AMC may provide a Group Life Insurance Cover to all Resident Individual/NRI applicants and fund the premia towards such cover.

3. The insurance cover will be available for individuals aged above 18 years and not more than 51 years, at the time of the first investment.

4. Only the First / Sole unit holder will be covered under the insurance. No insurance cover will be provided for the second / third unitholder.

5. Tenure of SIP: 100 Years less the current completed age of the investor or till the predefined date by the investor. If investor provide SIP tenure less than 3years, investor will not be eligible for insurance cover.

6. Amount of life insurance.

  • If SIP continues, the insurance cover would be as follows

    • Year 1 : 10 times the monthly SIP installment

    • Year 2 : 50 times the monthly SIP installment

    • Year 3 onwards : 100 times the monthly SIP installment

    All the above mentioned limits are subject to maximum cover of Rs. 50 lacs per investor across all schemes/plans/folios.
  • If SIP discontinues, the insurance cover would be as follows:

    • SIP discontinues before 3 years : Insurance cover stops immediately

    • SIP discontinues after 3 years : Insurance cover equivalent to the value of units allotted under SIP investment basis the valuation as on 1st business day of month in which renewal confirmation is given, subject to a maximum of 100 times the monthly installment, capped at the maximum of 50 lacs.

    • Insurance shall continue till the completion of 55 years of age (as on the renewal date), but SIP shall continue till the end of tenure if SIP is registered beyond 55 years of age.

  • Insurance cover shall also cease for respective registration with immediate effect, if redemption/switch out/transfer out transaction is executed (Fully or Partly) Insurance cover will continue in respect of other eligible registrations. Also, AMC reserves the right to discontinue the insurance cover, if any other transaction such as, switch-out, STP, folio consolidation request(in non-specified format) or physical to demat is made under this folio.

7. The investor will necessarily be required to furnish his / her date of birth and gender in the application form, in absence of which, no insurance cover can be availed by the investor. The Group Life Insurance Cover will be governed by the terms and conditions of the insurance policy with the relevant Insurance Company as determined by the AMC.

8. In case of death of the applicant, the nominee may file a claim directly with the designated branch of the Insurance Company supported by all relevant documents as required by the insurer and the payment of the claim may be made to the nominee by the insurance company.

9. All insurance claims will be settled in India and shall be payable in Indian Rupees only. Settlement procedure will be as stipulated by the Insurance Company. Insurance claims will be directly settled by the Insurance Company.

10. The AMC will not be responsible or liable for maintaining service levels and/or any delay in processing claims arising out of this facility.

11. The Mutual Fund, Trustees, AMC, or their Directors, officers or employees shall not be liable for any claims (including but not limited to rejection of any claim, non-settlement, delays etc.) arising out of the insurance cover provided to the unit holder.

12. The AMC is bringing this offer to the investors of the Scheme only as an additional facility and is not acting as an agent for marketing/sales of insurance policies nor soliciting any business.

13. Subject to what has been stated above, the AMC reserves a right to modify / annul the said Group Insurance Cover on a prospective basis. The AMC also reserves the right to change the insurance company from time to time.

14. The Group Insurance cover will be subject to the following exclusions and such other terms and conditions as may be prescribed by the insurance certificate governing the cover:

  • The Group Insurance cover shall not extend to cover instances of death due to suicide in the first year of cover.

  • Death within 45 days from the commencement of the SIP installments except for death due to accident

15. AMC reserves the right to not provide insurance cover where SIP registration is inactive as on the date of insurance registration initiation.

16. The nominees will have to file their claims directly with the insurance company.

17. The AMC will not entertain any request for claims.

18. The provision for the Group Life Insurance Policy does not have any bearing on the performance of the scheme.

19. Applications received under the facility are liable to be rejected where the investor is not eligible for the Group Life Insurance/Term Cover.

20. If SIP is opted and details for SIP TOP-UP and /or demat details are opted by the investor, then AMC reserves the right to process the request as Normal SIP without providing the benefit of Insurance.

21. Incase of any deviation in the applicability of SIP requirements, then AMC reserves the right to process the request as Normal SIP without providing the benefit of Insurance.

22. NRI investors from the following countries will not be covered for insurance under SIP Plus facility:
AfghanistanBurundiCentral African RepublicChadColombiaComorosCameroonCongoDemocratic Republic of Cote d’IvoireDjiboutiEthiopiaGazaGuineaGuinea BissauHaitiIranIraqKorea, NorthIsraelLebanonNigeriaPakistanSolomon IslandsSomaliaSouth SudanSudanSyriaYemenZambiaZimbabweChechnya Republic (Russia). Any other countries which will be added from time to time.

23. TERMS & CONDITIONS FOR NOMINATION FOR INSURANCE COVERAGE BENEFIT:

Nomination mentioned in the SIP Registration-cum-Mandate Form for SIP , shall be considered to avail insurance coverage benefit. In case nominee details are not provided,the single/multiple nominee detail if available in the Common Application Form (CAF) or in the registered folio would be considered as a nominee for insurance. For the purpose of insurance coverage, nominee would remain same across all SIP Registration in the folio. Nomination details will not be overwritten, if investor submits an additional SIP application with a new insurance nominee in the folio. Where no nomination is available in either insurance/mutual fund then 1st Joint holder if available will be considered for insurance nomination. In case of neither nomination nor joint holder details being available, the cover will be provided. However, at the time of claim processing, the respective documents as asked by the insurance provider for no-nomination cases will need to be submitted by the claimant.

24. We endorse you to visit respective AMC's to check all the details of the SIP with insurance on regular basis and keep yourself updated . This website could be unavailable/delayed due to technical maintenance, disruptions and interruptions. There can be factual or typographical errors, unintentional factual inaccuracies on the content/ data/ information/ views/ opinions/ blogs etc. My True Value Capital Advisory Limited , its employees/ vendors/ third party service providers/ directors/ authorized personnel shall not be liable for any direct, indirect, special, incidental, punitive or consequential damages arising out of or in any way connected to the use of this website, in any event.

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Disclaimer

Mutual fund investments are subject to market risk. Please read the scheme information and the related documents carefully before investing. Past performance is not indicative of future returns. Please consider your specific investment requirements before choosing a fund, or designing a portfolio that suits your needs.

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