HSBC launches SIP Plus, with Free Critical Illness Cover

New Product Development: HSBC Investments has launched SIP Plus, with Free Critical Illness cover. The cover is offered in association and tie-up with ICICI Lombard, and would be effective from Oct 1, 2007.

Investors investing with HSBC investments under SIP schemes could now benefit with the insurance cover at no additional cost.

A Systematic Investment Plan (SIP) is an option which allows a investor to invest fixed amounts of money at regular monthly intervals in a mutual fund Scheme / other financial products for a continuous pre-defined period.

A SIP plan can be activated by using an auto debit facility where a fixed amount is debited from your bank account on a monthly basis or by giving post-dated cheques for the duration of the SIP.

HSBC Mutual Fund offers HSBC SIP Plus in the following schemes (open-ended schemes)

• HSBC Equity Fund
• HSBC India Opportunities Fund
• HSBC Midcap Equity Fund
• HSBC Advantage India Fund
• HSBC Tax Saver Equity Fund
• HSBC Dynamic Fund

Free Critical Illness Cover: The Cover will insure you against six illnesses (on diagnosis) or in case of accidental death or accidental permanent total disability, the sum insured is paid.
The scope of the cover is as follows:

• Critical Illnesses
  
  • Cancer
  • End stage renal failure
  • Major organ transplant
  • Stroke
  • Heart valve replacement
  • Bypass surgery
• Accidental death
• Accidental total permanent disability

Exclusions for critical cover

• Any of the critical illness diagnosed within the first 3 months of the inception of the policy
• Survival period of one month post initial diagnosis for the critical illness cover to be valid
• Critical Illness
  • Pre-existing illness
• Accidental death due to
  • Suicide or drinking and driving
  • Mental disorder and psychosomatic dysfunction
• Accidental permanent total disability
  • Any injury, sickness or disease for which medical care,treatment or advice was recommended by or received from a
    doctor or from which the Insured person suffered or which was present before the commencement of the Period of Insurance

Eligibility and Restrictions

• Maximum sum insured / cover is Rs 10,00,000 per person,irrespective of multiple SIPs
• Age limit is 20 years to 50 years of age completed
• Not available to Non Resident Indians
• The Insurance tenure = SIP tenure. The insurance tenure is available in multiples of one year and for a maximum of 5 years
• Applicable only for a minimum monthly SIP of Rs 2,000 and minimum SIP tenure of 36 months.

Claim Procedures: Since the insurance cover is provided with a tie-up from ICICI Lombard, following are the details for claim procedure.

• Expiry of the cover
  
  • The policy expires on occurrence of any of the following:
    
    • Completion of the mandated HSBC SIP Plus tenure
    • Stoppage of SIP midway
    • Default of SIP instalments – 2 subsequent SIPs or 4 defaults totally at different times
    • Payment of personal accident or disability or critical illness claims
  • In case of fraud, misrepresentation, etc.
• Claims Process
  
  • Investor/Investor’s nominee to intimate ICICI Lombard call centre in case of any claim.
  • ICICI Lombard (IL) intimates the claimant about the documents requirement
  • IL collects the documents as mentioned from the customer
  • In case of incomplete forms, ICICI Lombard writes back to customer asking for the pending documents
  • ICICI Lombard’s customer service department to decide the admissibility of any claim after receiving the documents and investigation report, if applicable
  • On admissibility, the payment will be made. The payment will be made within 7 days of receipt of all completed documents
  • In case, the documents are not received form the customer within 3 months of intimation the claim would be closed. However before closing the claim ICICI Lombard would send a letter to customer that the claim is closed because of non-receipt of documents
  • The loss should be reported in writing to the insurance company/call centre within 90 days of happening of the event
  • Any claim due to violation of law or misrepresentation, concealing of facts would not be eligible for any payment.

For further details / queries on terms and conditions, please get in touch with HSBC Investments - http://www.hsbcinvestments.co.in, ICICI Lombard - http://www.icicilombard.com.