DSP Merrill Lynch launches Super SIP

For an investor who eyes both, returns from equity-based investments and a term life insurance policy besides the benefit of a systematic monthly investment, DSP Merrill Lynch Fund has come out with a single financial solution.

It has launched Super Systematic Investment Plan (SSIP), where investments made through a monthly systematic investment plan also provide the investor with a life insurance cover. The insurance cover comes from Bajaj Allianz Life Insurance.

The plan gives access to five equity and balanced schemes of DSP Merrill Lynch Mutual Fund and also gives one the benefits of a systematic monthly investment.

The plan is being offered under two broad options, variable cover option and fixed cover option. While the former is available for six, 11 and 16 years, the latter is for a period of 21 years.

Making a presentation to mediapersons, Anup Maheshwari, senior vice-president and head - equities, said, SSIP under its fixed cover option offers the benefit of a term life insurance up to 240 times the monthly investment.

He said that SSIP also offers high liquidity, where one can withdraw any amount under the variable cover option and up to the capital appreciation after three years under the fixed cover option without a loss of the insurance cover.

"The scheme is open to investors in the age group 18-43 years," he said.