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Business Economy

ICICI Securities launches SIP Protect

New Delhi, Nov 5 (UNI) ICICI Securities (I-Sec) on Tuesday said it has launched a unique investment plus protection product – SIP Protect, which offers life insurance cover basis one’s Systematic Investment Plan (SIP) investments.
"I-Sec is among the first online distributors to offer this product, which is being made available through the platform," a release stated.
Under SIP Protect, the investor gets free life insurance cover on SIP investments with as many as 70 MF schemes from three leading AMCs – ICICI Prudential AMC, Aditya Birla Capital Sun Life AMC, and Nippon India AMC. Investors get up to 120 times their monthly SIP amount as insurance cover, depending upon the AMC and SIP duration, and don’t need to undergo any medical tests.
''Continuing our stated objective to meet the three key financial needs of our customers – investments, protection, and assets, we are happy to launch SIP Protect, which offers investment and protection needs at the same time, and at no extra cost. We are confident that our 4.6 million strong customers will find a lot of value in this offering,'' said Vijay Chandok, Managing Director & CEO, ICICI Securities.