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UTI Unit Linked Insurance Plan (UTI-ULIP) announces a bonus of 1:10 (1 unit for every 10 units held of face value Rs.10/- each). Pursuant to the payment of bonus, the NAV of the scheme would fall to the extent of bonus units allotted and statutory levy if any
The record date is February 23, 2010.
The NAV per unit was Rs.18.3713 on February 17, 2010.
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
Mr Amandeep Chopra, Head-Fixed Income and the Fund Manager of the scheme said, “UTI’s ULIP is the first insurance linked mutual fund product in the country with a corpus of approx. Rs.3000 crore. The scheme is positioned as a debt oriented balanced fund with a long term investment objective aiming to deliver capital appreciation. Given the long term nature of the product, emphasis is laid on adjusting the asset allocation and the mix within an asset class depending on the prevailing market conditions. The scheme is ideally suited for investors looking for growth over a horizon of 10-15 years with added benefits of life insurance cover, accident cover and tax benefits.”
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.
UTI Mutual Fund has assets under management (average) of Rs.74509.87 crore and investor accounts of 1 crore under its 73 domestic schemes (as of January 31, 2010).