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UTI introduces Monthly Systematic Investment Plan
UTI Mutual Fund has enhanced the features of UTI-ULIP and has introduced Monthly Systematic Investment Plan under the scheme. The investment objective of the scheme is primarily to provide returns to investors.

UTI-UNIT Linked Insurance Plan (ULIP) is an open-end tax saving-cum-insurance scheme. The investment objective of the scheme is primarily to provide returns through growth in Net Asset Value (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 section 80C of the Income Tax Act, 1961, easy liquidity, and ability to time investments for payment of renewal contribution

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To provide additional benefits to investors, UTI Mutual Fund has further enhanced the features of UTI-ULIP namely:

  • Flexibility to invest higher than the maximum target amount.
  • Higher Insurance cover upto Rs15 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 instalment. 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 Rs100.

Minimum target amount under 10 year plan : Rs 60,000 and in multiples of Rs12000.

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 per cent (nil for direct applications)

Exit load : two per cent 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 per cent of the funds invested in debt instruments with low to medium risk profile and not more than 40 per cent 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 4,95,418m, as of September 30, 2007, and have approximately 8.1m client accounts.

Target amount increased from five lakh rupees to Rs15 lakhs.

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