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The SIP Plus facility is an optional feature which allows a unit holder to add an insurance cover while initiating an Systematic Investment Plan (SIP) in ICICI Prudential Mutual Fund as per the terms and conditions. The insurance cover is an add-on option feature offered by ICICI Prudential Asset Management Company (AMC) on initiating an SIP investment in certain schemes of ICICI Prudential Mutual Funds. Who will be covered under the Group Insurance facility? The Group Life Insurance cover will be available to all Resident Individual/NRI applicants aged above 18 years and not more than 51 years, at the time of the first investment. 

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

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

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

If SIP Plus continues, the insurance cover would be as follows Year 1 : 10 times the monthly SIP Plus installment Year 2 : 50 times the monthly SIP Plus installment Year 3 onwards: 100 times the monthly SIP Plus installment

All the above-mentioned limits are Subject to maximum cover of `50 lakhs per investor across all schemes/plans/folios.

Cost of Insurance cover will be completely borne by the Asset Management Company (AMC).

The insurance cover continues up to the age of 55 years (as on the renewal date).

If SIP Plus registration discontinues, the insurance cover would be as follows: i) SIP Plus registration discontinues before 3 years: Insurance cover stops immediately. ii) SIP Plus registration discontinues after 3 years: Insurance cover equivalent to the value of units allotted under SIP Plus investment at the valuation as on 1st business day of month in which renewal confirmation is given, subject to a maximum of 100 times of the monthly installment, capped at the maximum of 50 lakhs.

The insurance cover will also cease; • Upon attaining the maximum age criteria i.e., completion of 55 years (as on the renewal date). • Redemption / switch-out (fully or partly) of units purchased under the scheme in which SIP Plus facility is availed before the completion of the SIP Plus tenure. •Investor intimates the AMC to discontinue SIP Plus, or •Investor defaults SIP Plus installments for Five consecutive months and SIP Plus is ceased before completion of 3 years. 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.

It will result in discontinuation of insurance cover for all the SIP Plus registrations in the schemes through which the underlying units were garnered. 

The redemptions are processed on FIFO (first in, first out) logic. Any redemption which results in removal of units garnered through installment processing of SIP Plus registration, will result in cease of insurance cover applicable to the respective registration. 

The investor will receive an Insurance Cover Note directly from the insurance Company on yearly renewals via sms/email link. Alternatively, investor can download the same from the insurance website.

Account statement will have “Insurance Provided” mentioned on it. The statement will also contain Policy number in SIP registration details post completion of insurance by the Insurance Provider.

The investor will receive an initial confirmation from AMC on acceptance of SIP Plus registrations and will receive an Insurance Cover Note directly from the Insurance Company subsequently by email/SMS link and through physical mode. The whole process of insurance registration will take a minimum of 45-60 days for completion. Alternatively, investor can down load the Certificate of Insurance (COI) from the insurance website.

The insurance will continue. Insurance will discontinue only on SIP being ceased for before 3 years or in scenarios detailed in points 8-9.

The redemptions are processed on FIFO (first in, first out) logic. Any redemption which results in removal of units garnered through installment processing of SIP Plus registration, will result in cease of insurance cover applicable to the respective registration. 

The insurance will continue. Insurance will discontinue only on SIP being ceased before 3 years or in scenarios detailed in points 8-9.

All folios will be covered, upto a maximum limit of `50 lakhs per investor.

AMC will intimate the investor where insurance is not registered but the SIP is activated, however no separate intimations for Insurance ceasure will be sent as it will be linked to the SIP cease or the points mentioned in point 8-9.

The redemptions are processed on FIFO (first in, first out) logic. Any redemption which results in removal of units garnered through installment processing of SIP Plus registration, will result in cease of insurance cover applicable to the respective registration. 

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.

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: a. The Group Insurance cover shall not extend to cover instances of death due to suicide in the first year of cover. b. Death within 45 days from the commencement of the SIP installments except for death due to accident.

No, the said facility will not be available for SIP Plus folios.

No, in such cases AMC reserves the right to process the SIP Plus application basis the KYC data, however where these details are not available from KYC as well, then the application will be registered for normal SIP and AMC will accordingly intimate the investor on non-issuance of insurance cover.

No, AMC reserves the right to consider the Nominee provided for mutual fund for insurance where available. Where no nomination is available in either insurance/mutual fund then First Joint Holder if available will be considered for insurance nomination. In case of neither nomination nor 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. 

The registration cease process for SIP Plus and Normal SIP is the same i.e. request based. 

Top-Up feature is currently not available in SIP Plus

A separate Insurance Certificate will be issued by the Insurance Company for each registration, subject to a maximum insurance cover cap of `50 lakhs per investor.

No, SIP Plus will not be available for units held in demat mode.

No, cover under existing SIP Plus will continue as per existing contract, enhanced cover will only be applicable to new SIP Plus application as it shall be a fresh contract.

Investor can submit the change in nomination request/nomination form for the particular folio to the AMC.While claiming insurance the company will confirm the nomination status with AMC before processing the claim.

If the activity is completed within the same month the insurance cover will not be ceased, however for cases where the Insurance cover has also been ceased, then AMC would have to initiate a fresh insurance registration effective from prospective basis. 

Currently, there is no such time limit within which claimant has to report the death of the investor. The Insurance Company would settle the claim provided the investor was covered under the policy as on date of death.