ECICS Insurance has introduced Phillip Protect Personal Accident Insurance (Phillip Protect) for clients of Phillip Securities, the brokerage arm of PhillipCapital.
The move is part of PhillipCapital’s bid to provide a more comprehensive suite of financial services for its customers.
ECICS Insurance is a subsidiary of IFS Capital, a listed insurer chaired by Lim Hua Min, better known as the executive chairman of privately-held PhillipCapital.
Between Nov 14 and Jan 15 next year, clients of the brokerage who fund their accounts with $10,000 for trading or investments will enjoy free personal insurance plan through Phillip Protect.
Phillip Protect, underwritten by ECICS, will give additional coverage of up to $100,000 against permanent disability and death at a monthly cost of $3.
This policy is available for Phillip Securities clients aged between 18 to 65 years old during plan enrolment and is renewable up to 70 years old.
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“Insurance protection is a key component in wealth planning,” says Luke Lim, managing director of Phillip Securities.
“We understand the pain points that it is not always easy to secure reliable personal accident insurance, and we hope Phillip Protect will add an extra layer of coverage for our clients,” he adds.
“It is part of our mission to leverage technology to simplify the process for our clients to get insured,” says Choi Kin Seng, CEO of ECICS Insurance.
