LIC Mutual Fund has reduced the daily Systematic Investment Plan (SIP) amount to Rs 100 and in multiples of Re 1 thereafter for select schemes managed by the fund house. LIC MF has also introduced a daily SIP plan in LIC MF Liquid Fund effective from October 16.
The fund house informed about this to its unitholders through a notice-cum-addendum.
Further, the AMC has reduced the monthly minimum SIP investment limit to Rs 200 and quarterly minimum SIP investment limit to Rs 1,000 for select schemes of LIC Mutual Fund. The details are as follows:
Also, the minimum amount step-up facility is revised to Rs 100 and in multiples of Re 1 thereafter. All the above reduction is applicable to all the existing schemes offering SIP except LIC MF ELSS Tax Saver and LIC MF Unit-Linked Insurance Plan.
The small ticket SIP was recently announced by market regulator SEBI to improve access to mutual fund investments in India.
“The launch of small-ticket SIPs will enable healthy participation of retail investors into mutual funds from smaller cities and towns to further drive financial inclusion across the country. The benefit of India’s stable and consistent economic growth should reach the common man” said RK Jha, Managing Director and Chief Executive Officer, LIC Mutual Fund.The minimum amount and minimum instalments of quarterly frequency SIP offered under LIC MF ELSS Tax Saver shall be revised to Rs 1,000 and in multiples of Rs 500 thereafter with minimum six installments.The notice also mentioned that the minimum amount for availing STEP-UP Facility shall be revised to Rs 100 and in multiples of Re 1 thereafter with effect from October 16.
This notice cum addendum shall form an integral part of SID and KIM of the aforesaid schemes and SAI of LIC Mutual Fund as amended from time to time. All other terms and conditions of the aforesaid schemes and SAI of LIC Mutual Fund will remain unchanged.