ICICI Lombard and ICICI Securities launch Secure Mind, an insurance cover for MF SIP investors.
ICICI Lombard General Insurance has along with ICICI Securities launched an insurance cover for mutual funds SIP investors called ‘Secure Mind’. The policy offers multiple covers including accidental death, permanent total disability, critical illness and job loss.
The facility is available only for SIP customers of ICICI direct.com. The policy will be available for all mutual funds schemes that are available on ICICI direct.com.The policy will charge an average premium of 0.9 percent subject to certain conditions. A senior spokesperson of ICICI Lombard explained “If Rs. 5 lakh is the total SIP investment value and we assume a 35-year old investor invests this over a period of 3 years, the SIP would be approximately Rs 13,889 per month for three years. The premium to avail Secure Mind in this case would be Rs. 316 per month.”
The coverage will be available for the age groups of 20-50 years. The premium has to be paid through monthly installments along with SIP investment. The amount of sum insured would be equal to the cumulative value of investment through SIP subject to a maximum of Rs. 15 lakhs and minimum of Rs. 60,000.
Vineet Arora, Executive Vice President, ICICI Securities said,” MF SIP is a popular route to invest for financial goals which are connected to customer’s life stage aspirations and are most close to one’s heart. Unforeseen exigencies like medical, job loss can lead to a discontinuation of these investment plans. We have provided an opportunity to ICICIdirect customers to uninterruptedly meet their financial goals at a very low cost by simply choosing to opt for ICICI Lombard’s Secure Mind while investing through SIP”.
Sanjay Datta, Chief – Underwriting & Claims, ICICI Lombard GIC commented “At ICICI Lombard, we have always attempted to pioneer new ideas and to meet the continuously evolving needs of customers. We are delighted to have introduced this unique product together with ICICI Securities which will enable mutual fund investors to protect their hard-earned investments in times of uncertainty.”
