ICICI Pru MF floats Multiple Yield Fund

ICICI Pru MF new issue closes on 15th December

ICICI Prudential Mutual Fund has launched ICICI Prudential Multiple Yield Fund–Series 2-Plan B, a close-ended income scheme.

The primary objective of the plans under the scheme is to seek to generate returns by investing in a portfolio of fixed income securities/debt instruments. The secondary objective of the scheme is to generate long term capital appreciation by investing a portion of the scheme’s assets in equity and equity related instruments. The tenure of the scheme is 1,100 days.

The new issue closes on 15th December. The minimum investment amount is Rs5,000.

CRISIL MIP Blended Index is the benchmark index. The fund manager Chaitanya Pande will manage the debt portion of investments under the scheme. The equity portion will be managed Mrinal Singh.

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Hiring activity down marginally in November: Monster.Com

Monster.Com’s monthly employment index, which reflects online job demand, dipped to 117 last month from 119 in October

Against the backdrop of uncertain economic conditions, hiring activities witnessed a marginal slowdown in November, according to a report.

Monster.Com’s monthly employment index, which reflects online job demand, dipped to 117 last month from 119 in October.

However, the index recorded a 7% growth in November in comparison to the same period a year ago, leading job portal Monster.Com said. “... A slightly more cautious approach by companies in view of the economic scenario is evident by the easing of online demand levels from October to November,” Monster.Com managing director (India/West Asia/South-East Asia) Sanjay Modi said.

Banking, financial services and insurance registered significant month-on-month growth of 15% following a dip in activity in the previous month, owing mainly to sharp growth in the insurance sector, it noted.

According to Monster.Com, hiring activities declined in the IT hardware and software sectors last month, compared to October. Modi pointed out that the employment index showed continued positive growth in recruitment activity from an annual perspective, led by key industries like telecom IT, and financial services.

In terms of cities, Bangalore registered “the first positive month-on-month growth in recruitment activity since July 2011”.

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Kotak Life Insurance launches Kotak Invest Maxima

Kotak Invest Maxima offers additional survival units of up to 2% of fund value starting from 10th year and every 5th year thereafter

Kotak Mahindra Old Mutual Life Insurance Ltd has launched Kotak Invest Maxima, an investment oriented unit linked insurance plan (ULIP).

While the plan’s zero premium allocation charge feature maximizes the investible component, the choice of three different portfolio management strategies affords customers tremendous flexibility in managing their portfolio. Customers can choose from (a) Self Managed Strategy which offers a choice of 5 attractive funds options, or, (b) Systematic Switching Strategy which enables the customer to invest in the equity market in a systematic manner over a period of time or (c) A customized combination of the two. In the last policy year, customers can choose to exit the policy in a secure and systematic manner, by selecting the Systematic Exit Strategy option which gradually diverts all fund balances into a lower risk money market fund, to avoid volatility and safeguard returns on maturity.  

Apart from regular premium payment option, the plan also offers limited and single premium payment options. Optional rider benefits can be bought to guard against unforeseen situations such as critical illness, accidental death and permanent disability. The maturity benefit is higher of sum assured or fund value.

The plan offers additional survival units of up to 2% of fund value starting from 10th year and every 5th year thereafter. The plan also allows the policyholder to pay top up premiums at zero percent allocation charge

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