The Systematic Investment Plan is a powerful tool to create long-term wealth by starting with as little as Rs 500. To build a sustainable corpus, one should top up these investments as income rises. However, investors must not compromise their current cash needs with too restrictive SIP commitments. 

Mutual funds have tailor-made SIPs to help investors efficiently manage them. The facilities allow investors to alter SIPs according to different life situations. 

Registration 
An enrolment form must be filled up to register for an SIP. The scheme, SIP date, amount, start date and frequency must be added. It is a good idea to opt for the “perpetual” option so that the SIP does not stop midway. If this option is not available, a date long enough to complete the goal may be chosen. 

Step up SIP 
As and when incomes rise, a step up SIP can be used to increase the SIP amount. The SIP instalment will increase at predetermined intervals to match the rise in income level of the investor. A step up SIP form needs to be filled at the time of SIP registration to use this facility. This facility is also known as top up SIP. 

Pause SIP 
In a cash crunch, one may not want to completely stop SIPs but put them on hold for a while till the situation eases. A pause SIP form may be used to do this. The period for pausing the SIP can be mentioned in the form. A bank mandate also needs to be filled and submitted. 

Flexi SIP 
Many fund houses provide flexible SIP options that allow changes in SIP amounts based on occurrence of certain events or triggers. These triggers may be based on certain pre-determined formula (eg. index level or target amount). Flexi SIP forms need to be filled with minimum and maximum SIP instalment that can be opted. 

Points to note 
1. Registering an auto debit mandate ensures continuity of SIP instalments. 
2. It is important to read instructions applicable to each of these facilities before enrolment.