ICICI bundles insurance with mutual fund through brokerage arm

ICICI Securities Ltd & ICICI Lombard General Insurance Company Ltd. on Thursday launched Secure Mind

ICICI’s insurance and mutual fund have come up with a way to bundle their product through its brokerage.

ICICI Securities Ltd. and ICICI Lombard General Insurance Company Ltd. on Thursday launched ‘Secure Mind.’

The product insures mutual fund investments and will pay out the sum assured based on the cumulative value of the investments made if the investor dies in an accident, is diagnosed with a critical illness or loses his job.

“In case of occurrence of any of these unfortunate events, you need not redeem your mutual fund investments to pay for the consequent expenses. Instead the entire amount of sum insured will be paid upon diagnosis or occurrence of any of the above events as covered under the policy,” said a press statement on the launch.  

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, said the press release.

Vineet Arora, Executive Vice President, ICICI Securities suggested that the product will be offered to brokerage customeRs

“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,” he said.