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Personal finance Wednesday

IDBI MF launches IDBI Nifty Junior Index; Principal MF launches Principal Pnb Fixed Maturity Plan-91 Days-Series XXIII; Kotak Mahindra MF launches Kotak FMP 370 Days Series 7; DSP BlackRock MF signs distribution agreement with CBI; SBI Life launches two new ULIPs

IDBI MF launches IDBI Nifty Junior Index

IDBI Mutual Fund has introduced a new fund named as IDBI Nifty Junior Index Fund, an open ended passively managed equity scheme tracking the CNX Nifty Junior Index (Total Returns Index). The new fund offer (NFO) price for the scheme is Rs10 per unit. The new issue opens for subscription on 2 September and will close on 15 September 2010. The investment objective of the scheme is to invest in the stocks and equity related instruments comprising the CNX Nifty Junior Index in the same weights as these stocks represented in the Index with the intent to replicate the performance of the Total Returns Index of CNX Nifty Junior Index. The scheme will adopt a passive investment strategy and will seek to achieve the investment objective by minimising the tracking error between the CNX Nifty Junior Index (Total Returns Index) and the scheme. The scheme offers two options - growth and dividend option (payout and reinvestment). The minimum investment amount is Rs5,000 and in multiples of Rs100 thereafter. The fund seeks to collect a minimum target amount of Rs1 crore under the scheme during the NFO period. Entry load charge is not applicable for the scheme. The scheme will charge an exit load of 1% for exit on or before 1 year from the date of allotment.

Principal MF launches Principal Pnb Fixed Maturity Plan-91 Days-Series XXIII

Principal Mutual Fund has launched Principal Pnb Fixed Maturity Plan-91 Days- Series XXIII, a close ended debt scheme. The new fund offer (NFO) price for the scheme is Rs10 per unit. The new issue opens for subscription on 1 September and will close on 8 September 2010. Entry load charge is not applicable for the scheme. The investment objective of the scheme is to build an income oriented portfolio and generate returns through investment in debt/money market instruments and government securities. Minimum investment amount is Rs5,000 and any amount thereafter. The scheme has two options-growth and dividend. The Benchmark Index for the scheme would be CRISIL Liquid Fund Index.

Kotak Mahindra MF launches Kotak FMP 370 Days Series 7

Kotak Mahindra Mutual Fund has launched Kotak FMP 370 Days Series 7, a close ended debt scheme. The new fund offer (NFO) price for the scheme is Rs10 per unit. The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to reduce the interest rate risk. The new issue opens for subscription on 1 September and will close on 6 September 2010. The minimum investment amount is Rs5,000 and in multiples of Rs10 thereafter. The exit load for the scheme is nil. The scheme has two options-growth and dividend (payout). The maturity of the scheme is 370 days after the date of allotment.

DSP BlackRock MF signs distribution agreement with CBI

DSP BlackRock Investment Managers has signed a distribution agreement with Central Bank of India (CBI) to increase their retail presence. CBI will distribute DSP BlackRock Mutual Fund schemes through its various branches spread across the country.

SBI Life launches two new ULIPs

SBI Life has launched two new unit linked insurance plans (ULIPs)-Smart Performer and Unit Plus Super. These plans provide customers a strong rationale to participate in equity markets. These plans also offer higher protection, multiple investment options and a range of riders offering additional protection. Smart Performer offers automatic rebalancing and highest daily net asset value (NAV) guarantee. It offers a policyholder 5% more return than the highest NAV during the first seven years or NAV at maturity. It also includes automatic rebalancing that allows a consumer to avail the potential of higher gains, as only 20% of the premium goes to index fund and 80% goes to daily protect fund. Also, gains of over 15% from the index fund are auto-transferred to the daily protect fund. Unit Plus Super offers guaranteed addition, partial withdrawals and premium redirection. It also provides life insurance coverage, with minimum sum assured, based on the policyholder's age.
 

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