DSP Merrill Lynch today launched the DSP Merrill Lynch Super SIP, where investments made through a monthly systematic investment plan also provide the investor with a life insurance cover, provided by Bajaj Allianz Life Insurance.

The scheme offers two options. A 'variable cover' for six, eleven and 16 years and a 'fixed cover' option for a tenure of 21 years. The scheme also offers a high degree of liquidity without loss of the life insurance cover, enabling investors to withdraw any amount under the variable option and up to the capital appreciation after three years under the fixed option.

Speaking at the launch, Saurabh Sonthalia, executive vice president and head of strategy and business development, DSP Merrill Lynch Fund Managers, said, "Until now, the mutual fund industry lacked a complete financial solution for the individual investor. We were merely offering various schemes on the risk-reward spectrum. With the DSP Merrill Lynch Super SIP, we are facilitating investors to save with a goal in mind, and we have structured the product accordingly."

Other benefits of the scheme include investment in equities, which give superior returns among all asset classes in the long term, access to schemes of DSP Merrill Lynch Mutual Fund (auto debit facility, regular account statements, and redemption requests directly credited into the customer's bank account,) systematic monthly investment, attached life insurance cover with no upper limit, life insurance up to Rs20 lakh with no medical check-up, subject to providing a declaration of good health, high liquidity, flexibility of a wide choice of schemes and the option to switch amongst them anytime and any number of times with no charge.