The record date is September 30,2008. The NAV per unit was Rs.15.5370 on September 23, 2008.
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.
Recently UTI Mutual Fund has further enhanced the features of the scheme namely:
Target amount increased from Rs 5 lakhs to Rs 15 lakhs.
Flexibility to invest higher than the maximum target amount.
Higher Insurance cover upto Rs 15 lakhs
Fixed Term Cover introduced under the scheme. Choice given to investors for Fixed or Declining Term Cover
Membership to continue even in the event of non-receipt of installment. Premium will be paid to Life Insurance Corporation of India by redeeming existing units.
To provide greater flexibility and easy convenience to investors, UTI Mutual Fund has also introduced Monthly and Quarterly Systematic Investment Plans (SIP) under UTI ULIP.
Amandeep Chopra, 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 Rs 3118 crore. The scheme is positioned as a balanced fund with a long term investment objective aiming to deliver reasonable return in comparison with similar products. Given the long term nature of the product, emphasis is laid on adjusting the asset allocation 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.”