The scheme that is called, ICICI Prudential Long Term Wealth Enhancement Fund will deploy at least 80 percent of its corpus in Equities
ICICI Prudential Mutual Fund has filed an offer document with the Securities and Exchange Board of India seeking approval to launch a 10-year close-ended fund, according to a draft offer document on SEBI website.
The scheme called, ICICI Prudential Long Term Wealth Enhancement Fund, will deploy at least 80 percent of its corpus in equities, cumulative convertible preference shares and fully convertible debentures and bonds of companies.
It also has the provision to invest up to 20 percent of its assets in debt and money market instruments.
ELSS schemes can be used to save income tax of up to Rs 1.5 lakh under Sector 80C of the Income Tax Act.
Options: Growth and dividend
Minimum investment: Rs 500 and in multiples of Rs 500 thereafter
Performance benchmark: Nifty 500 Index
Fund Manager: Sankaran NarenFollow @HimadriBuch