The SIP ( Systematic investment plan) route is very popular among investors for long term savings towards their financial goals. Banking on this popularity, ICICI Direct, an online trading and investment website, in collaboration with ICICI Lombard General Insurance has launched a product called “Secure Mind”.
This term “micro SIP” came in to existence in 2009, when SEBI relaxed the PAN card requirement norms for investments in SIPs or Systematic Investment Plans where the total aggregate investment made by an investor in SIPs ( incl. multiple SIPs ) in any financial year does not exceed Rs 50,000/-. For such small investors, a valid photo identity submitted along with the application would suffice.