Reliance Capital to offer insurance cover on funds

MUMBAI, May 9 (Reuters) - Indian mutual fund firm Reliance Capital Asset Management Ltd said on Friday it will offer life insurance cover investors opting for systematic investment plan (SIP) route in 11 of its funds.

Upon the pre-mature death of an investor opting for SIP of 3-15 years, the firm will pay the balance unpaid SIP installments subject to a maximum of 1 million rupees, the asset manager said in a notice. The scheme will be effective May 12.

SIP allows an investors to invest a fixed amount in a fund on a pre-decided date and periodicity. (Reporting by Nishant Kumar; editing by Prem Udayabhanu)