ICICIdirect has introduced a new application by the name of ‘Lifey’ in its online platform that promises to help customers smartly choose and allocate mutual funds from its curated portfolio for meeting their long-term life goals.
According to a press release from the company, the tool is named ‘Lifey – lifestage investments for you’, and will provide customers with the option of setting life-stage milestones based on their individual financial capability and risk appetite.
It will also provide them with access to a comprehensive dashboard where they can track the progress of their investments. The dashboard will provide a seamless and intuitive way of managing important life stage milestones, the statement read.
Anupam Guha, head of private wealth, ICICI Securities, said: “Lifey will assist customers in smart asset allocation and construction of carefully curated portfolios primarily consisting of mutual funds based on fund selection by ICICIdirect’s research. The recommendations are data-driven, based on customer’s risk taking appetite, and aims to guide them in their financial journey.”
ICICIdirect said that ‘Lifey’ offers some salient features, which are namely:
Alignment with risk profile: The tool will take into account the risk profile of the investor and recommend appropriate investment options.
Ultimate flexibility: There is an option to select funds as well as investments both via lump sum and the systematic investment plan (SIP) mode.
Comprehensive tracking: The tool will allow tracking of milestone progress.
Stay on track: Lifey will also provide regular alerts and updates about top-ups to keep the investor on track with his/her investment goals.
Guha added that Lifey is an innovative investment solution that ICICIdirect has devised for its customers. It will also facilitate customers with an option of creating a ‘do-it-yourself’ fund baskets, as well as allow them to create additional customised milestones based on their individual needs.
“Every individual seeks to achieve financial freedom. In this journey there are ‘life stage milestones’, such as owning a new car, purchasing a house, saving for wedding expenses, higher education for children, or wealth accumulation for retirement. ICICIdirect, through the launch of this new tool, ‘Lifey’, will help customers take a well-planned step forward in this direction,” he further said.