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With a view to encourage individual investors to save and invest regularly through
Systematic Investment Plan (SIP) and help investors to achieve their financial
objectives, ‘ICICI Direct SIP Protect’ is provided as an add-on feature of life insurance
cover under Group Term Insurance to individual investors opting for the same, without
any extra cost to the investors. (The cost of the insurance premia will be borne by the
respective AMC).
What is ICICI Direct SIP Protect and its objective?
Only individual investors whose entry age is 18 years & more and less than
51 years at the time of investment are eligible to invest in ICICI Direct SIP
Protect. System automatically calculates the age of the investor while placing
the order in the ICICIdirect.com website.
Which investors are eligible to invest in ICICI
Direct SIP Protect?
ICICI Direct SIP Protect facility is available in more than 70 schemes across 3
AMCs i.e.
• ICICI Prudential AMC
• Nippon India AMC
• Aditya Birla Capital AMC.
Scheme details are mentioned below:
Which are the schemes offering the
ICICI Direct SIP Protect facility?
ICICI Prudential AMC
ICICI Prudential Asset Allocator Fund
ICICI Prudential Long Term Equity Fund (Tax Saving)
ICICI Prudential Large & Mid Cap Fund
ICICI Prudential Multi-Asset Fund
ICICI Prudential FMCG Fund
ICICI Prudential Equity & Debt Fund
ICICI Prudential Technology Fund
ICICI Prudential Multicap Fund
ICICI Prudential Smallcap Fund
ICICI Prudential Bluechip Fund
ICICI Prudential Banking and Financial Services Fund
ICICI Prudential Value Discovery Fund
ICICI Prudential Balanced Advantage Fund
ICICI Prudential MidCap Fund
ICICI Prudential Infrastructure Fund
ICICI Prudential Exports and Services
ICICI Prudential Regular Savings Fund
ICICI Prudential Focused Equity Fund
ICICI Prudential US Bluechip Equity Fund
ICICI Prudential Global Stable Equity Fund
ICICI Prudential Equity Savings Fund
ICICI Prudential Dividend Yield Equity Fund
ICICI Prudential Pharma Healthcare and Diagnostics (P.H.D) Fund
ICICI Prudential Manufacture in India Fund
ICICI Prudential India Opportunities Fund
ICICI Prudential Retirement Fund (Hybrid Conservative Plan)
ICICI Prudential Retirement Fund (Pure Equity Plan)
ICICI Prudential Retirement Fund (Hybrid Aggressive Plan)
ICICI Prudential Retirement Fund (Pure Debt Plan)
ICICI Prudential Bharat Consumption Fund
ICICI Prudential MNC Fund
Nippon India Growth Fund
Nippon India Vision Fund
Nippon India Retirement Fund
Nippon India Tax Saver (ELSS)
Nippon India Large Cap Fund
Nippon India Value Fund
Nippon India Multi Cap Fund
Nippon India Small Cap Fund
Nippon India Banking Fund
Nippon India AMC:
Nippon India Pharma Fund
Nippon India Power & Infra Fund
Nippon India Consumption Fund
Nippon India Focused Equity Fund
Nippon India Balanced Advantage Fund
Nippon India Equity Hybrid Fund
Nippon India Equity Savings Fund
Nippon India Hybrid Bond Fund
Aditya Birla Sun Life MNC Fund
Aditya Birla Sun Life India GenNext Fund
Aditya Birla Sun Life Dividend Yield Fund
Aditya Birla Sun Life Infrastructure Fund
Aditya Birla Sun Life Pure Value Fund
Aditya Birla Sun Life Small Cap Fund
Aditya Birla Sun Life Equity Hybrid '95 Fund
Aditya Birla Sun Life Equity Advantage Fund
Aditya Birla Sun Life Equity Fund
Aditya Birla Sun Life Index Fund
Aditya Birla Sun Life Midcap Fund
Aditya Birla Sun Life Digital India Fund
Aditya Birla Sun Life Frontline Equity Fund
Aditya Birla Sun Life Tax Relief '96
Aditya Birla Sun Life Focused Equity Fund
Aditya Birla Sun Life Regular Savings Fund
Aditya Birla Sun Life Banking And Financial Services Fund
Aditya Birla Sun Life Medium Term Plan
Aditya Birla Sun Life Credit Risk Fund
Aditya Birla Sun Life Retirement Fund - 50Plus Debt Plan
Aditya Birla Sun Life Retirement Fund - 30s Plan
Aditya Birla Sun Life Retirement Fund - 50s Plan
Aditya Birla Sun Life Retirement Fund - 40s Plan Regular Growth
Aditya Birla Capital AMC:
Yes. Nomination is mandatory and following fields need to be provided mandatorily:
1. Name of the Nominee.
2. Nominee Date of Birth (Guardian details if the nominee is minor).
3. Relationship with investor (Mandatory for all nominees).
4. Allocation Ratio
Is nomination mandatory in ICICI Direct
SIP Protect?
How will the sum assured be calculated for
registrations received under SIP Protect facility?
# Illustration for Calculation of Life Insurance Cover
Suppose a person has enrolled for SIP Protect under quarterly frequency with Min
installment amount of Rs. 3000 per quarter for a period of 3 years and also for yearly
frequency with Min installment amount of Rs. 12000 per year for a period of 3 years
Following is the way he should calculate the eligible life insurance cover for different years
Step-2: Now he can refer to the formula for calculation of eligible insurance cover
(under quarterly as well as yearly frequencies each) which is as follows;
The Life Insurance Cover under ‘SIP Protect’ facility will be as per the following clause;
Year 1 – 10 Times the equivalent # Monthly SIP Installment = 10 * 1000 = Rs 10,000
Year 2 – 50 Times the equivalent # Monthly SIP Installment = 50* 1000 = Rs 50,000
Year 3 onwards – 100 (120- In case of Nippon India) Times the equivalent
# Monthly SIP Installment = 100 * 1000 = Rs.1,00,000
Step-1: Before he calculates as per the formula, he should find out the equivalent monthly
installment for his SIP amount.
For Quarterly frequency, it is 3000/3 = Rs 1000 becomes his equivalent monthly SIP installment
For Yearly frequency, it is 12000/12 = Rs 1000 becomes his equivalent monthly SIP installment
Yes, the investor can change the bank details for ICICI Direct SIP Protect during
the tenure.
Can investor change the bank details
for ICICI Direct SIP Protect during the tenure?
The registered nominee in the folio can submit the claim request in case of death of
the insured who has opted for SIP Protect.
Who can submit the claim request in case of death
of the insured who has opted for SIP Protect?
In case of death of the insured, the nominee needs to submit the claim
documents to respective insurance company.
Where does the nominee need to submit the
SIP Protect claim documents in case of
death of the insured?
It takes 45 calendar days for the SIP Protect claim to be processed from the
receipt of claim request by respective Life Insurance Company in case of death of
the insured.
How many days does it take for the SIP Protect
claim to be processed in case of death
of the insured?
The Insurance cover shall commence after “waiting period” of 45 days
from the commencement of SIP installments. However, the waiting period
will not be applicable in respect of accidental deaths.
When will the insurance cover commence
under ICICI Direct SIP Protect?
The insurance cover shall cease upon occurrence of any of the following:
• At the end of mandated SIP Protect tenure. i.e., upon completion of payment of all the
instalments as registered or till attaining 55 years (60 Years in ABCSL AMC) of age
whichever is earlier.
• Partial or Full Redemption / switch-out of units purchased under SIP Protect before
completion of the mandated SIP tenure / instalments or till attaining 55 years (60
Years in ABCSL AMC), whichever is earlier.
What are the scenarios under which the
Insurance Cover would cease to exist?
Note: There will be no provision to revive the insurance cover in SIP Plus, once discontinued for reasons stated
above. 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.
• In case of default in payment of three consecutive monthly / quarterly / yearly SIP
instalments or five separate occasions of such defaults during the tenure of the SIP
duration chosen or till attaining 55 years (60 Years in ABCSL AMC), whichever is
earlier.
• Discontinuation of SIP instalments before completing the minimum period of
contribution (Monthly-36 instalments; Quarterly-12 instalments; Yearly-3 instalments)
of the opted SIP tenure.
No insurance cover shall be admissible in respect of death of the SIP-Insure
unit holder (the insured person) on account of:
• Death due to suicide shall be dealt with as per IRDAI Regulations.
• Death within 45 days from the commencement of SIP installments except
for death due to accident.
• Death due to pre-existing illness, disease(s) or accident which has occurred
prior to the start of cover.
What are the exclusions for insurance cover
in case of ICICI Direct SIP Protect?
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.
Will the investors be intimated on yearly renewal
of the Insurance Cover?
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.
How will the investor be intimated that insurance
is registered for the folio?
ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate,
Mumbai - 400020, India, Tel No : 022 - 2288 2460, 022 - 2288 2470. I-Sec is a Member of National Stock Exchange of India
Ltd (Member Code :07730) and BSE Ltd (Member Code :103) and having SEBI registration no. INZ000183631. Name of the
Compliance officer (broking): Mr. Anoop Goyal, Contact number: 022-40701000, E-mail address:
[email protected]. Investment in securities market are subject to market risks, read all the related
documents carefully before investing. Composite Corporate Agent License No.CA0113, AMFI Regn. No.: ARN-0845. We are
distributors of Insurance and Mutual funds, Corporate Fixed Deposits, NCDs, PMS and AIF products. We act as a
Syndicate, Sub -syndicate member for IPO, FPO. Please note that Mutual Fund Investments are subject to market risks, read
the scheme related documents carefully before investing for full understanding and detail. Insurance is the subject matter of
solicitation. ICICI Securities Ltd. does not underwrite the risk or act as an insurer. The contents herein above shall not be
considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage
of any kind arising out of any actions taken in reliance thereon.
Disclaimer