SIP’s need not be very big, it can be as low as 500 per month and has no upper limit. This small contribution helps you feel the pulse of how the investment is growing and then bring confidence to add more.
Also this small amount helps people to bring savings habits with children and the needy. Thereby helping them become independent.
Additional features available for a SIP investor
- You can set up SIP for a specific goal, once the goal is reached, stop the SIP and fulfil the goal.
- You can have alerts set, so as to get a message when the value is down to add more funds into the investment when the market is down.
Step up SIP’s are available which has a present additions to be made to the SIP contribution after completion of a stipulated period. Like you start with a 5000 per month, after completion of 1 year add additional 500 and increase the contribution to 5500 with similar increments after every passing year.
SIP insure is a new concept which helps you have insurance cover as you save. Funds provide upto 100 times the SIP amount as insurance cover for the investor. If you are doing a Rs.5000 SIP for a 3 year period, you get Rs.6 lakhs insurance cover and it stays active till you are invested in the fund. So, no contribution to insurance and all your investment having the highest growth.