 |
1. Designated Schemes for Birla Sun Life Century SIP (Hereinafter Rererred to as Century SIP)
Birla Sun Life Century SIP as an add-on, optional feature will be available under the following Designated Schemes and such other schemes as may be decided by BSLAMC from time to time in compliance with SEBI (Mutual Funds) Regulations 1996.
| Birla Sun Life Infrastructure Fund | Birla Sun Life Small & Midcap Fund | Birla Sun Life Midcap Fund |
| Birla Sun Life MNC Fund | Birla Sun Life 95 Fund | Birla Sun Life New Millennium |
| Birla Sun Life India Opportunities Fund | Birla Sun Life Advantage Fund | Birla Sun Life Frontline Equity Fund |
| Birla Sun Life India GenNext Fund | Birla Sun Life International Equity Fund | Birla Sun Life Tax Relief 96* |
| Birla Sun Life Dividend Yield Plus | Birla Sun Life Special Situations Fund | Birla Sun Life Top 100 Fund |
| Birla Sun Life Commodity Equities Fund | Birla Sun Life Tax Plan* | Birla Sun Life Buy India Fund |
| Birla Sun Life India Reforms Fund | Birla Sun Life Equity Fund | Birla Sun Life Monthly Income |
| Birla Sun Life Index Fund |
2. Eligibility Criterions
Only individual investors, whose age is 18 years and above Provided,
Only individual investors, whose age is 18 years and above Provided,
- Investors enroll for investments through Century SIP, in Designated Schemes.
- Investors sign genuine "Good Heath Declaration" and also provide their Date of Birth, Gender and Nominee details at the specified places in the application form
In case of joint unit holders in the scheme, only the first unit holder would be eligible for the insurance cover.
Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs) are elligible to invest in Birla Sun Life Century SIP subject to fulfillment of certain additional criteria refer "Additional Criteria for availing Birla Sun Life Century SIP (CSIP) for NRI and PIOs" given below
3. Investment Amount in Century SIP
- Minimum: 1000 per month
- Maximum: No upper limit
- Change of CSIP amount is not applicable. Investors should note that once CSIP is availed, CSIP amount cannot be changed.
4. Mode of Payment
- Payment of Century SIP can be through Direct Debit/NECS or post Dated Cheques(PDCs)
- Resident investors may make payment by cheque payable locally in the city where the application form is submitted at the local Birla Sun Life Asset Management Company Ltd. (BSLAMC) Offices / Authorised Collection Centres.
- The cheque should be drawn on any bank which is situated at and is a member of the bankers clearing house. Cheque drawn on the bank not participating in the clearing house will not be accepted
5. Tenure of Century SIP
55 Years less the current completed age of the investor
e.g. Eligible investor may avail of the Century SIP for such period (in years and whole of months) as may be remaining for the attainment of 55 yrs of age. Thus, for an investor at the age of 40 yrs 5 months tenure of Century SIP shall be a period of 14 years and 7 months i.e. period remaining for the attainment of 55 yrs of age.
55 Years less the current completed age of the investor
e.g. Eligible investor may avail of the Century SIP for such period (in years and whole of months) as may be remaining for the attainment of 55 yrs of age. Thus, for an investor at the age of 40 yrs 5 months tenure of Century SIP shall be a period of 14 years and 7 months i.e. period remaining for the attainment of 55 yrs of age.
6. Discountinuation of Century SIP
- Investor intimates the AMC to discontinue Century SIP, or
- Investor defaults Century SIP installments for two consecutive months during the tenure of the Century SIP, or
- Investor defaults Century SIP installments for four separate occasions (months) during the tenure of the Century SIP
There shall be no provision to revive the Century SIP, once discontinued
7. Load Structure
Load Structure under Century SIP would be:
**In the unfortunate event of death of the investor, no exit load on redemption/switching out of units by the nominee/joint holder, as the case may be.
Load Structure under Century SIP would be:
| Entry Load | Birla Sun Life Small & Midcap Fund |
| Exit Load** | Exit load of 2.00% of applicable NAV is payable if units allotted under Century SIP are redeemed /switched out within 1 year from the date of allotment. |
| Exit load of 1.00% of applicable NAV is payable if units allotted under Century SIP are redeemed /switched out after 1 year but upto 3 years from the date of allotment. | |
| Nil: If units allotted under Century SIP are redeemed / switched out after 3 years from the date of allotment. |
8. Group Life Insurance
Amount of Life Insurance Cover:
If Century SIP continues, the insurance cover would be as follows:
Amount of Life Insurance Cover:
If Century SIP continues, the insurance cover would be as follows:
- Year 1 : 10 times the monthly Century SIP installment
- Year 2 : 50 times the monthly Century SIP installment
- Year 3 onwards : 100 times the monthly Century SIP installment
All the above mentioned limits are subject to maximum cover of Rs. 20 lacs per investor across all schemes/plans/folios.
- Century SIP discontinues before 3 years: Insurance cover stops immediately
- Century SIP discontinues after 3 years: Insurance cover equivalent to the value of units allotted under Century investment at the start of the each policy year, subject to a maximum of 100 times the monthly installment.
9. Commencement of Insurance Cover
The Insurance cover will start from the commencement of Century SIP. However, only accidental deaths will be covered for the first 45 days.
The Insurance cover will start from the commencement of Century SIP. However, only accidental deaths will be covered for the first 45 days.
10. Cessation of Insurance Cover
The insurance cover shall cease upon occurrence of any of the following:
The insurance cover shall cease upon occurrence of any of the following:
- At the end of the tenure. i.e., upon completion of 55 years of age.
- Discontinuation of Century SIP installments within 3 years from the commencement of the same
- Redemption / switch-out (fully or partly) of units purchased under Century SIP before the completion of the Century SIP tenure
11. Revival of Insurance Cover
There shall be no provision for revival of insurance cover, once the insurance cover ceases as stated above.
There shall be no provision for revival of insurance cover, once the insurance cover ceases as stated above.
12. Cessation of Insurance Cover
No insurance cover shall be admissible in respect of death of the unit holder (the insured investor) on account of :
No insurance cover shall be admissible in respect of death of the unit holder (the insured investor) on account of :
- Death due to suicide within first year of commencement of Century SIP
- Death within 45 days from the commencement of Century SIP installments except for death due to accident
- Death due to pre-existing illness, disease(s) or accident which has occurred prior to commencement of Century SIP
13. Additional Criteria for Availing Birla Sun Life Century SIP (CSIP) for NRI and PIOS
- The CSIP facility can also be availed by the NRI/PIO provided they reside in one of the following countries: Australia, Austria, Bahamas, Bahrain, Belgium, Brunei, Bulgaria, Canada, China, Croatia, Cyprus, Denmark,Finland, France, Germany, Gibraltar, Greece, Hong Kong, Hungary, Ireland, Italy, Japan, Luxembourg, Mauritius,Moldova, Netherlands, New Zealand, Norway, Oman, Poland, Portugal, Qatar, Romania, Seychelles, Singapore,South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Turkey, UAE, UK, USA
- NRIs / PIOs need to submit a proof of residence duly certified in original by local authority in the country of residence at the time of submission of CSIP Application Form. In case the proof is in any language other than English the same must be translated to English and certified by Government Authority in country of residence or by the Indian Embassy.
- All claims shall be settled in INR only and the then prevailing tax rates if any will be applied.
There shall be no provision to revive the Century SIP, once discontinued
14. Nomination
- The nomination is mandatory for individuals applying for CSIP facility. In case the nomination details are incomplete in any nature, the Century SIP Application will be treated as a normal SIP.
- Unit holder can nominate only one person in whom the units held by him and the eligible insurance cover shall vest in event of his / her death.
- A minor can be nominated and in that event, the name and address of the guardian of the minor nominee shall be provided by the unit holder. The Applicant is advised that, in case of Single Holding, the Guardian to a Minor Nominee should be a person other than the Applicant.
- Nomination can also be in favour of the Central Government, State Government, a local authority, any person designated by virtue of these offices or a religious or charitable trust.
- The Nominee shall not be a trust, society, body corporate, partnership firm, Karta of Hindu Undivided Family or a Power of Attorney holder. A non-resident Indian can be a Nominee subject to the exchange controls in force, from time to time.
- Nomination in respect of the units stands rescinded upon the transfer of units.
- Transfer of units in favour of a Nominee shall be valid discharge by the Asset Management Company against the legal heir.
- The cancellation of nomination can be made only by those individuals who hold units on their own behalf singly or jointly and who made the original nomination.
- On cancellation of the nomination, the nomination shall stand rescinded and the Asset Management Company shall not be under any obligation to transfer the units in favour of the Nominee.
15. Other Terms and Conditions
- The Group Life Insurance Cover will be governed by the terms, conditions & exclusion of the insurance policy with the relevant Insurance Company as determined by the AMC.
- Grant of insurance cover to any individual member shall be discretionary on part of Life Insurance Company.
- A new folio will be created in this facility even for existing customers. Other regular / fresh purchases will not be allowed in this folio, and they will be maintained separately. Consolidation of folios will not be allowed.
- In case of death of the first unit holder, his / her legal representatives may file a claim directly with the designated branch of the Insurance Company supported by all relevant documents as required by the Insurer and the payment of the claim may be made to the legal representatives by the insurance company. All insurance claims will be settled in India and shall be payable in Indian Rupees only. Settlement procedure will be as stipulated by the Insurance Company.
- Insurance claims will be directly settled by the Insurance Company. There will be only one insurance cover linked to unique investor. This offer from the Insurance Company (with whom the AMC ties up) is being brought to the investors of the Scheme by the AMC on a best effort basis. The AMC will not be responsible or liable for maintaining service levels and/or any delay in processing claims arising out of this facility.
- The Mutual Fund, Trustees, AMC, or their Directors, officers or employees shall not be liable for any claims (including but not limited to rejection of any claim, non-settlement, delays etc.) arising out of the insurance cover provided to the unit holder. The Fund is bringing this offer to the investors of the Scheme only as an additional facility and is not acting as an agent for marketing / sales of insurance policies.
- Subject to what has been stated above, the AMC reserves a right to modify / annul the said Group Insurance Cover on a prospective basis. The AMC also reserves the right to change the insurance company from time to time.
- Charges of the insurance cover will be entirely borne by the AMC
- Investors opting for Birla Sun Life Century SIP agree and confirm to have read, understood and accepted the Terms of Century SIP and Insurance cover.
- Insurance is subject matter of solicitation.
All the other terms and conditions of the respective document(s) will remain unchanged.