Birla Century SIP
- Thread starter mrindia
- Start date
Hello!
I am seriously thinking to go for Century Birla SIP plan as I do not have term insurance. I have couple of LIC plain insurance, but the cover is not adequate enough.
I went through the presentation in detail. I have one doubt. I understand that one has to pay monthly SIP atleast for 3 years and thereafter, he can stop, but the life cover still continues.
For example if I opt for 1K per month and stop after 3 years.... is my insurance cover going to be 1K x 100 = 100K?. Moreover, I also understand for the life cover to continue, I cannot redeem the invested amount (i.e 1K x 36 months = 36K) until the maxium years of 55 for this plan. If all goes well, then the amount which I get after age 55 would be ???
Thanks
Jeet
I am seriously thinking to go for Century Birla SIP plan as I do not have term insurance. I have couple of LIC plain insurance, but the cover is not adequate enough.
I went through the presentation in detail. I have one doubt. I understand that one has to pay monthly SIP atleast for 3 years and thereafter, he can stop, but the life cover still continues.
For example if I opt for 1K per month and stop after 3 years.... is my insurance cover going to be 1K x 100 = 100K?. Moreover, I also understand for the life cover to continue, I cannot redeem the invested amount (i.e 1K x 36 months = 36K) until the maxium years of 55 for this plan. If all goes well, then the amount which I get after age 55 would be ???
Thanks
Jeet
Birla century SIP plan seems to be a good plan compared to other traditional Insurance products or ULIP plans. for more information check out the following link.
http://www.mfexpert.com/2008/07/birla-century-sip-plan-investment-plus.html
http://www.mfexpert.com/2008/07/birla-century-sip-plan-investment-plus.html
Hi MFadvisor, Vicky and other Experts.
I fully agree that that Birla Century SIP is one of its kind and has many advantages than the usual traditional and ULIP insurance plans.
However, I am very much skeptical about their below policy condition [as picked up from the below link given by MF-Advisor):
"Exceptions in which the insurance cover will not be available:
Death due to pre existing diseases – this is the biggest and most ambiguous exception – in case someone dies of a disease like heart attack, there are always issues in proving that the disease was or was not pre-existing."
The above is self-explantory. They dont ask for any kind of medical checkup prior to entering this SIP just a mere self declaration formality. Now most of the family members (if not all) are going to be in some sort of mess for proving that a person DID NOT have any sort of illness prior to signing up for this plan in case the concerned person dies mid-way due to some illness.
I would have that it would be much better to have a certified letter from Insurance companies that he or she is not suffering from any ailments before going for their product. This allows no room for doubting the genuinity of the case and the poor departed soul does not have to watch the proceeding helplessly from heaven or hell [whereever he is destined to]
Guys, your view points please......
Regards
Jeet
I fully agree that that Birla Century SIP is one of its kind and has many advantages than the usual traditional and ULIP insurance plans.
However, I am very much skeptical about their below policy condition [as picked up from the below link given by MF-Advisor):
"Exceptions in which the insurance cover will not be available:
Death due to pre existing diseases – this is the biggest and most ambiguous exception – in case someone dies of a disease like heart attack, there are always issues in proving that the disease was or was not pre-existing."
The above is self-explantory. They dont ask for any kind of medical checkup prior to entering this SIP just a mere self declaration formality. Now most of the family members (if not all) are going to be in some sort of mess for proving that a person DID NOT have any sort of illness prior to signing up for this plan in case the concerned person dies mid-way due to some illness.
I would have that it would be much better to have a certified letter from Insurance companies that he or she is not suffering from any ailments before going for their product. This allows no room for doubting the genuinity of the case and the poor departed soul does not have to watch the proceeding helplessly from heaven or hell [whereever he is destined to]
Guys, your view points please......
Regards
Jeet
Last edited:
Due to many such 'catches', I still prefer plain traditional term-end ins. plan.
Mr India
Mr India
Hi MFadvisor, Vicky and other Experts.
I fully agree that that Birla Century SIP is one of its kind and has many advantages than the usual traditional and ULIP insurance plans.
However, I am very much skeptical about their below policy condition [as picked up from the below link given by MF-Advisor):
"Exceptions in which the insurance cover will not be available:
Death due to pre existing diseases this is the biggest and most ambiguous exception in case someone dies of a disease like heart attack, there are always issues in proving that the disease was or was not pre-existing."
The above is self-explantory. They dont ask for any kind of medical checkup prior to entering this SIP just a mere self declaration formality. Now most of the family members (if not all) are going to be in some sort of mess for proving that a person DID NOT have any sort of illness prior to signing up for this plan in case the concerned person dies mid-way due to some illness.
I would have that it would be much better to have a certified letter from Insurance companies that he or she is not suffering from any ailments before going for their product. This allows no room for doubting the genuinity of the case and the poor departed soul does not have to watch the proceeding helplessly from heaven or hell [whereever he is destined to]
Guys, your view points please......
Regards
Jeet
I fully agree that that Birla Century SIP is one of its kind and has many advantages than the usual traditional and ULIP insurance plans.
However, I am very much skeptical about their below policy condition [as picked up from the below link given by MF-Advisor):
"Exceptions in which the insurance cover will not be available:
Death due to pre existing diseases this is the biggest and most ambiguous exception in case someone dies of a disease like heart attack, there are always issues in proving that the disease was or was not pre-existing."
The above is self-explantory. They dont ask for any kind of medical checkup prior to entering this SIP just a mere self declaration formality. Now most of the family members (if not all) are going to be in some sort of mess for proving that a person DID NOT have any sort of illness prior to signing up for this plan in case the concerned person dies mid-way due to some illness.
I would have that it would be much better to have a certified letter from Insurance companies that he or she is not suffering from any ailments before going for their product. This allows no room for doubting the genuinity of the case and the poor departed soul does not have to watch the proceeding helplessly from heaven or hell [whereever he is destined to]
Guys, your view points please......
Regards
Jeet
Checklist for Century SIP:
Friends, please sort following clarifications on following points while investing which are critical in my views:
1. Scheme is open for all equity opended funds. Need to check if scheme is also available for risk averse investors.
2. Cost of Insurance is borne by AMC. Need to check if this is being charged back to respective funds internally.
3. Tenure is from 18 to 55 years, depending on the age, while minimum SIP payment is required for 3 years. Does the insurance cover continue, if SIP is discontinued after 3 years and units are held till 55 years of age?
4. Is there any provision for tax benefit, as available in ELSS? (This is necessary if you are investing for tax planning)
5. In case of unfortunate event of death, claim is to be directly made to insurance provider. Is there any "third party contract" which binds insurance provider to make ur claim good.
6. Incase, death claim is refused by insurance provider, whether we should approach AMFI or IRDA for grievances.
If any of the experts have something more to add, please feel free to do so. It would only give us better of understanding of such products.
Regards
Friends, please sort following clarifications on following points while investing which are critical in my views:
1. Scheme is open for all equity opended funds. Need to check if scheme is also available for risk averse investors.
2. Cost of Insurance is borne by AMC. Need to check if this is being charged back to respective funds internally.
3. Tenure is from 18 to 55 years, depending on the age, while minimum SIP payment is required for 3 years. Does the insurance cover continue, if SIP is discontinued after 3 years and units are held till 55 years of age?
4. Is there any provision for tax benefit, as available in ELSS? (This is necessary if you are investing for tax planning)
5. In case of unfortunate event of death, claim is to be directly made to insurance provider. Is there any "third party contract" which binds insurance provider to make ur claim good.
6. Incase, death claim is refused by insurance provider, whether we should approach AMFI or IRDA for grievances.
If any of the experts have something more to add, please feel free to do so. It would only give us better of understanding of such products.
Regards
Hi MFadvisor, Vicky and other Experts.
I fully agree that that Birla Century SIP is one of its kind and has many advantages than the usual traditional and ULIP insurance plans.
However, I am very much skeptical about their below policy condition [as picked up from the below link given by MF-Advisor):
"Exceptions in which the insurance cover will not be available:
Death due to pre existing diseases this is the biggest and most ambiguous exception in case someone dies of a disease like heart attack, there are always issues in proving that the disease was or was not pre-existing."
The above is self-explantory. They dont ask for any kind of medical checkup prior to entering this SIP just a mere self declaration formality. Now most of the family members (if not all) are going to be in some sort of mess for proving that a person DID NOT have any sort of illness prior to signing up for this plan in case the concerned person dies mid-way due to some illness.
I would have that it would be much better to have a certified letter from Insurance companies that he or she is not suffering from any ailments before going for their product. This allows no room for doubting the genuinity of the case and the poor departed soul does not have to watch the proceeding helplessly from heaven or hell [whereever he is destined to]
Guys, your view points please......
Regards
Jeet
I fully agree that that Birla Century SIP is one of its kind and has many advantages than the usual traditional and ULIP insurance plans.
However, I am very much skeptical about their below policy condition [as picked up from the below link given by MF-Advisor):
"Exceptions in which the insurance cover will not be available:
Death due to pre existing diseases this is the biggest and most ambiguous exception in case someone dies of a disease like heart attack, there are always issues in proving that the disease was or was not pre-existing."
The above is self-explantory. They dont ask for any kind of medical checkup prior to entering this SIP just a mere self declaration formality. Now most of the family members (if not all) are going to be in some sort of mess for proving that a person DID NOT have any sort of illness prior to signing up for this plan in case the concerned person dies mid-way due to some illness.
I would have that it would be much better to have a certified letter from Insurance companies that he or she is not suffering from any ailments before going for their product. This allows no room for doubting the genuinity of the case and the poor departed soul does not have to watch the proceeding helplessly from heaven or hell [whereever he is destined to]
Guys, your view points please......
Regards
Jeet
Thanks for pointing that out jeet!
those fine prints can be really bad. So i guess this would be a good second insurance after we have regular term life & health insurances.
| Thread starter | Similar threads | Forum | Replies | Date |
|---|---|---|---|---|
| S | Birla Frontline Equity fund G | Mutual Funds Discussion Forum | 1 | |
| G | Where can I get more information on Aditya Birla financial services? | General Chit Chat | 2 | |
|
Birla sunlife agents | Your Feedback & Suggestions | 2 | |
|
Birla machining & tooling ltd | Equities | 1 | |
|
|
Birla machining & tooling ltd | Investors Grievances | 1 |
Similar threads
-
-
Where can I get more information on Aditya Birla financial services?
- Started by Gaurav1234
- Replies: 2
-
-
-