HSBC Asset Management has launched a new facility where an investor who opts for a systematic investment plan (SIP) in one of its equity schemes will get a critical illness cover of up to Rs 10 lakh. Illnesses that qualify for cover are cancer, stroke, bypass surgery, accidental death and accidental permanent disability. There is a clause though. The cover that can be claimed is proportional to the SIP amount paid every month. For instance, if you invest Rs 2000 per month, you will get an insurance cover of up to Rs 72,000 over three years as that's the minimum period you have to stay invested to claim insurance. Is it a sufficient amount to cure once 'critical illness'.
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