Money 038; economy

Reliance Life Insurance Company has launched Reliance Life Traditional Investment Insurance Plan.

Reliance Life Insurance launches Traditional Investment Insurance Plan

Reliance Life Insurance Company has launched Reliance Life Traditional Investment Insurance Plan. It is a regular premium plan that will offer a guaranteed investment return at the beginning of every financial year during the product term. The accumulation rate for financial year 2010-11 is 7.75 per cent per annum. It will also offer a separate account 8211; accumulation account 8211; for each policyholder to maintain their guaranteed investment returns for every year. Anybody with the age bracket of 30 days up to 70 years can buy this policy. The fixed sum assured under the plan is 7.5 times of the annualised premium,while the minimum tenure of the policy is 10 years and the maximum is 30 years.

Tata Mutual Fund revises exit load structure under its Treasury Manager Fund

Tata Mutual Fund has revised the exit load structure under its scheme Tata Treasury Manager Fund. As per the revision,scheme will charge an exit load of 0.25 per cent,if units are redeemed within 30 days from the date of allotment. Currently,the scheme does not charge any exit load. The revision will be effective from June 1,2010. The revised load structure will also be applicable for subscription through systematic investment plan SIP and systematic transfer plan STP. Tata Treasury Manager Fund is an open-ended debt scheme that invests predominantly in a portfolio of money market and other short term debt instruments.

Mirae Asset Mutual Fund launches Mirae Asset Emerging Bluechip Fund

Mirae Asset Mutual Fund has launched Mirae Asset Emerging Bluechip Fund,a new open-ended equity scheme. The new fund offer will be open for subscription from May 24 to June 22. The scheme will invest predominantly in domestic equities and equity-related securities of companies that have market capitalisation of atleast Rs 100 crore at the time of investment but are not a part of the top 100 stocks by market capitalisation. It will charge an exit load of 1 per cent,if the units under the scheme are redeemed within a year from the date of allotment. The scheme will be managed by Gopal Agrawal and Neelesh Surana and benchmarked against CNX MIDCAP Index.

Reliance MF changes minimum investment amount under its scheme

Reliance Mutual Fund has decided to change minimum investment amount under Reliance Dynamic Bond Fund. As per the revision,the minimum investment amount will be Rs 5,000. The change will be effective from May 31. Reliance Dynamic Bond Fund is an open-ended income scheme with investment objective to generate optimal returns consistent with moderate levels of risks. This income may be complimented by capital appreciation of the portfolio. Accordingly,investments shall predominantly be made in debt instruments. The scheme is managed by Prashant Pimple and benchmarked against Crisil Composite Bond Fund Index

Axis Mutual Fund unveils Axis Income Saver

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Axis Mutual Fund has launched Axis Income Saver Fund,a new open-ended income fund. The new fund offer will be open for subscription from May 24 to July 16. The scheme will generate regular income through investments in debt and money market instruments,along with capital appreciation through limited exposure to equity instruments. It also aims to manage risk through active asset allocation. The scheme plans to allocate assets between equity and debt through a quantitative asset allocation tool with a target of limiting maximum downside to 5 per cent in a calendar year. The maximum exposure to equity would be maintained at 35 per cent. The scheme will be managed by Ninad Deshpande and Pankaj Murarka.

Oriental Bank of Commerce ties up with Birla Sun Life MF to distribute mutual funds

Oriental Bank of Commerce has tied up with Birla Sun Life Mutual Fund to distribute its mutual fund schemes through its bank branches across the country. The arrangement is excepted to symbiotic to both partners as Birla Sun Life Mutual Fund will be benefited by extensive network of the branches of Oriental Bank of Commerce. This will help the AMC widen its reach. Oriental Bank of commerce on the other hand will be able to provide a bouquet of products,offered by different mutual fund companies,suited to cater different segments of investors community.

Birla Sun Life Basic Industries: Discontinuation of dividend trigger plan

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Birla Sun Life Mutual Fund has decided to discontinue the dividend trigger plan under Birla Sun Life Basic Industries,with effect from July 1. The fund house will not allow issue of any fresh purchase or additional purchase or swith-ins in DTP offered under the scheme with immediate effect. The existing unitholders can either redeem or switch their investment to any other open-ended scheme of Birla Sun Life Mutual Fund from June 1 to June 30 without any exit load. Those who do not opt the exit option by June 30 would automatically be converted and served under dividend payout facility.