LIC Mutual Fund on Thursday said it has introduced a daily SIP scheme, a move which will help it achieve 30 per cent growth in its SIP portfolio.
Under the plan, LIC MF is offering investors the option to invest in SIPs (systematic investment plans) with as low as Rs 300 per day, which would be available in five equity schemes. These are LIC MF Equity Fund, LIC MF Growth Fund, LIC MF Midcap Fund, LIC MF Infrastructure Fund and LIC MF Index Fund. Investors can also put in daily SIPs in two hybrid schemes, LIC MF Balanced Fund and LIC MF Monthly Income Plan.
The fund house which clocks an SIP inflow of around Rs 230 million every month expects the number to go up to Rs 300 million (30 per cent growth) following the rise in daily inflow.
"Through daily SIP, the fund house is trying to promote the habit of investing daily and the aim is to create wealth through investing daily with a minimum sum of Rs 300 across 22 working days, which will lead to a monthly investment of Rs 6,600," LIC MF said in a statement.
"Mutual Fund SIP is gaining recognition among the investors as it encourages investing in a disciplined manner without worrying about market volatility and timing the market," Patwardhan said.
"We believe that while SIP is a better route to invest in equity, daily SIP will further help in beating the market volatility and benefit our investors from rupee cost averaging," he added.