Prudential Icici Monthly Income Plan On The Anvil

The MIP would invest 85 per cent of the corpus in Debt instruments and other fixed income securities, while the remaining 15 per cent would be invested in equities to provide the necessary 'kicker'.

This 15 per cent investment in equities has almost become the norm in any new income product with most of the funds invested to that extent in equities to earn better returns for investors coupled with safety.

Prudential ICICI--a 55:45 joint venture between Prudential PLC of UK and ICICI--has more than Rs 4669 crore of corpus under management with sectoral, diversified, balance, and growth funds with different name and amount under management. With the launch of this fund P-ICICI would enter into the MIP segment, where until now UTI had a major presence.

 

It is one of the fastest growing private sector mutual fund in India having grown 2,800 per cent or 29.18 times within 20 months of inception.