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.
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.