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DSP Merrill Lynch offers SIP with insurance cover

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(From left) Mr Hemendra Kothari, Chairman, DSP Merrill Lynch Fund Manager Ltd, with Mr S. Naganath, President & CIO, and Mr Saurabh Sonthalia, Executive, Vice President and Head of Strategy & Business Development, at a press conference held in Mumbai on Thursday. - Paul Noronha

Mumbai , Aug 25

DSP Merrill Lynch Mutual Fund has launched a product that offers a systematic investment plan (SIP) as well as an insurance cover for the investor.

The idea behind the product called "DSP Merrill Lynch Super S.I.P" is to facilitate investors to save regularly with a financial goal in mind and to provide life insurance to cover the likely deficit in savings because of the premature death.

Mr Hemendra Kothari, Chairman, DSP Merrill Lynch Ltd said the product was targeted at small and mid-sized investors.

The product will have the options of a variable tenure of 6, 11 and 16 years and a fixed tenure of 21 years. The plan also offers access to five equity and balanced schemes and the option to switch among them without any charge.

Mr S. Naganath, President and CIO, DSP Merrill Lynch Fund Managers said that the product encourages investors to invest systematically in equities and thus benefit from rupee cost averaging and the power of compounding.

Bajaj Allianz Life Insurance will be tying up with DSP Merrill Lynch to offer the insurance cover. DSP Merrill Lynch Super S.I.P provides life insurance cover up to Rs 20 lakh without a medical check up.

According to a press release, Mr Sam Ghosh, Country Manager, Allianz and Chief Executive Officer, Bajaj Allianz Life Insurance said, "With the launch of DSP Merrill Lynch Super S.I.P, Bajaj Allianz Life Insurance has pioneered a new trend in providing Life Insurance coverage with a Mutual Fund for the first time in India."

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