ICICI Prudential Mutual Fund unveils one year fixed maturity plan

ICICI Prudential Mutual Fund new issue closes on 26th May

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 57-1 Year Plan A, a close-ended income scheme.

The investment objective of the plan under the scheme is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan under the scheme. The tenor of the plan is one year.

The new issue closes on 26th May. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.

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EPFO won’t look at past performance while making new AMCs

EPFO is in the process of appointing multiple fund managers for managing its funds for a three year period beginning 1st July

Retirement fund body EPFO (Employees’ Provident Fund Organisation) will not take into account the past performance of previously engaged ICICI Pru, HSBC AMC, SBI and Reliance Capital while finalising the new asset management companies (AMCs) for managing its Rs3 lakh crore corpus.

“Since the returns on investment provided by four fund managers were above the benchmark level of 8.52%, past performance as EPFO’s fund manager would not be given any weightage while making fresh appointments,” a source privy to the development told PTI. EPFO is in the process of appointing multiple fund managers for managing its funds for a three year period beginning 1st July.

The meeting of the committee to recommend the appointment of the fund managers for EPFO to its trustees is likely to be held next week where the panel would shortlist eligible AMCs.

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IRDA may allow banks to sell products of multiple insurers

“The regulator is considering to open up distribution channel... The final call by IRDA will be taken soon,” Life Insurance Council Secretary General SB Mathur said

To increase insurance penetration, the regulator IRDA (Insurance Regulatory Development Authority) is contemplating allowing banks to sell products of more than one insurance firm.

“The regulator is considering to open up distribution channel... The final call by IRDA will be taken soon,” Life Insurance Council Secretary General SB Mathur said on the sidelines a conference of CEOs of insurance companies.

As per the current practice, a bank is allowed to sell products of a life insurance company, a general and a health insurance firm. There has been long pending demand from insurers for relaxing bank distribution channel.

To study distribution channels–agency, bancassurance, referrals, direct sales etc, the regulator had set up a 10-member committee, headed by former LIC chairman NM Govardhan in 2007. The committee which submitted 60-page report in 2009, suggested various measures for increasing distribution.

Mr Mathur also said the life insurers are expecting 15% rise in new business premium in the current fiscal. The new business premium grew 14.5% to Rs1,25,800 crore in 2010-11 from Rs1,09,894 crore in the previous year.

Despite an uncertain environment the total premium of life insurance industry increased by 8% compared to Rs2,86,500 crore in the previous fiscal, he said.

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