This plan comes along with free term insurance for an individual of up to 55 years of age, a release issued in Mumbai on Friday stated.

Birla Sun Life MF’s CEO Anil Kumar said: “This is a plan that helps the investor save on a monthly basis accumulate and create wealth over time to meet his long-term financial goals like children’s education, retirement, among others.”

“Additionally, the 100 times insurance cover assures the investor of meeting his financial planning goals in case of any unfortunate circumstances,” he added.

The insurance cover offered to the investor grows with the tenure of the SIP.

In the first year, the investor is eligible for insurance cover of 10 times the monthly instalment while in second year, it would increase to 50 times the monthly instalment.

From the third year onwards, the cover increases to 100 times the monthly SIP instalment, the release said.

In case the investor dies during the tenure of the SIP, the nominee gets the fund value plus the insurance cover up to 100 times monthly SIP instalments. The nominee will get the insurance claim directly from the insurance company.