ICICI Securities and ICICI Lombard General Insurance have launched a general insurance policy ‘Secure Mind’ for Mutual Fund Systematic Investment Plan (SIP) investors.
Using this facility, 2.6 million customers of ICICIdirect.com can protect their investments made in mutual funds from unforeseen risks. This is the first general insurance policy in India to be offered with MF investments.
ICICI Lombard’s policy offers multiple covers including accidental death, permanent total disability and critical illness.
In case of occurrence of any of these unfortunate events, the entire amount of sum insured will be paid upon diagnosis as covered under the policy.
The amount of sum insured would be equal to the cumulative value of investment through SIP subject to a maximum of Rs 15 lakh and minimum of Rs 60,000. The policy also covers loss of job.
ICICIdirect.com offers the insurance policy for a minimum investment in SIP of Rs 60,000 and the maximum coverage is Rs 15 lakh.
Sanjay Datta, Chief – Underwriting & Claims, ICICI Lombard General Insurance, said: “At ICICI Lombard, we have always attempted to pioneer new ideas and to meet the continuously evolving needs of customers. This product will enable mutual fund investors to protect their hard-earned investments in times of uncertainty.”