Features of UTI-ULIP Enhanced Now available through SIP route
UTI Mutual Fund has enhanced the features of UTI-Unit Linked Insurance Plan (UTI-ULIP) and has introduced Monthly Systematic Investment Plan (SIP) under the scheme
/Finance News Articles/ - Mumbai, India, July 13, 2008 - UTI Mutual Fund has enhanced the features of UTI-Unit Linked Insurance Plan (UTI-ULIP) and has introduced Monthly Systematic Investment Plan (SIP) under the scheme.
UTI-ULIP is an open-end tax saving cum insurance scheme. The investment objective of the scheme is primarily to provide returns through growth in NAV or through income distribution and reinvestment thereof. It is a unique product, which provides multiple benefits to its investors viz. Life Insurance Cover without any medical examination, Accident Cover up to Rs.50,000/-, Tax benefits under sec 80C of Income Tax Act, 1961, Easy Liquidity and Ability to time investments for payment of renewal contribution
To provide additional benefits to investors, UTI Mutual Fund has further enhanced the features of UTI-ULIP namely:
• Target amount increased from Rs.5 lakhs to Rs.15 lakhs.
• Flexibility to invest higher than the maximum target amount.
• Higher Insurance cover upto Rs.15 lakhs
• Fixed Term Cover introduced under the scheme. Choice given to investors for Fixed or Declining Term Cover
• Membership to continue even in the event of non-receipt of installment. Premium will be paid to Life Insurance Corporation of India by redeeming existing units.
To provide greater flexibility and easy convenience to investors, UTI Mutual Fund has introduced Monthly Systematic Investment Plan (SIP) under UTI ULIP. The features of ULIP-SIP are as under:
Minimum SIP Installment: : Rs.500/- and in multiples of Rs.100/-
Minimum Target amount under
10 year Plan : Rs.60,000/- and in multiples of Rs.12000/-
Minimum Target amount under
15 year Plan : Rs.90,000/- and in multiple of Rs.18000/-
Eligibility : a. Under 10 year Plan: Between the age
group 12 years- 48 ½ years
b. Under 15 year Plan: Between the age
group 12 years - 42 ½ years
Entry Load : 2.25% (Nil for Direct Applications)
Exit Load : 2% for premature withdrawal
Shri Jaideep Bhattacharya, Chief Marketing Officer, UTI AMC said, "UTI ULIP helps investors to create wealth at low cost while safeguarding their families from any unforeseen event. The scheme offers its investor multiple benefits with the convenience of investing through monthly systematic investment plan with as low as Rs.500/- per month."
"UTI ULIP is positioned as a balanced fund with not less than 60% of the funds are invested in debt instruments with low to medium risk profile and not more than 40% of the funds are in equities." he added
About UTI Mutual Fund
UTI Mutual Fund is a SEBI registered mutual fund whose Sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India The total assets under management ("AUM") equalled Rs. 495,418 million, as of September 30, 2007 and have approximately 8.1 million client accounts.
"UTI AMC is proposing, subject to market conditions and other considerations, a public issue of its equity shares and has filed a Draft Red Herring Prospectus with SEBI. The Draft Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and the respective websites of the BRLMs at www.jmfinancial.in, www.citibank.co.in, www.enam.com, www.gs.com/country_pages/india, www.ibb.ubs.com/Corporates/indianipo, www.icicisecurities.com, www.sbicaps.com and www.india.clsa.com. Potential investors should refer to the DRHP for Risk Factors and other information. This advertisement is restricted and not for publication or distribution in or into the United States. This advertisement is not for offer or sale in or into the United States of any equity shares or any other security of the company. The securities of the company have not been and will not be registered under the US Securities Act of 1933, as amended from time to time and may not be sold in the United States absent registration under US securities laws or an exemption from such registration. There will be no public offering of any equity shares or any other security of the company in the United States."
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Registered Office: UTI Tower, 'Gn' Block, Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051. Statutory Details: UTI Mutual Fund has been set up as a trust under the Indian Trust Act, 1882. Sponsors: The State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India. ( Liability of sponsors limited to Rs. 10,000/-) Trustee: UTI Trustee Co. (P) Ltd. (Incorporated under the Companies Act, 1956) Investment Manager: UTI Asset Management Company Ltd. (Incorporated under the Companies Act, 1956). Risk Factors: All investments in Mutual Funds and securities are subject to market risks and the NAV of funds may go up or down depending on the factors and forces affecting the securities markets. There is no assurance that the Fund's objectives will be achieved. Past performance of the Sponsor / Mutual Fund / Scheme(s) / AMC is not necessarily an indicative of future results. UTI ULIP is only the name of the fund/scheme/plan and does not in any manner indicate the quality of the fund/scheme, its future prospects or returns. There may be instances where no Income Distribution could be made. Realisation of all assurances and promises made, if any are subject to the laws of the land as they exist at any relevant point of time. The scheme is subject to risks relating to Credit, Interest rates, Liquidity, Securities Lending, Investment in Overseas markets, Trading in Equity and Debt derivatives (the specific risk could be Credit, Market, Illiquidity, Judgemental Error, Interest Rate Swaps and Forward Rate Agreements). ). For information on general services offered, Entry/Exit load etc please read the Offer Document carefully before investing
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