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Saturday, January 03, 2009

Birla Sun Life introduces new option

With an immediate effect

Birla Sun Life Asset Mutual Fund introduces monthly dividend sweep option under the Birla Sun Life Fixed Maturity Plan – Annual Series with effect from 2 January 2009.

Details of the option

Name of the Option: Monthly Dividend Sweep Option

Features: under this option the unitholder can opt for switching the dividend earned under the scheme into any other open ended equity scheme of Birla Sun Life Mutual Fund. Accordingly, dividend earned by the unitholders shall be automatically switched either into any other open ended equity scheme of BSL Mutual Fund as opted by the unit holder. The dividend shall be switched subject to minimum investment/sweep amount of Rs 1000 or the minimum investment eligibility criteria of the scheme into which the dividend is sweeped in. whichever is higher, at applicable NAV based prices plus applicable load. The sweep into the respective open-ended equity scheme will be done on the immediately succeeding business day after the record date. Further this facility shall not allow for switch of partial dividend or switch of dividend to multiple schemes.

Dividend Frequency: Under this option, the record date will be the 30th day from the last day of specified subscription period/previous record date, as the case may be, subject to the availability of distributable surplus. However, it must be distinctly understood that actual declaration of dividends and frequency thereof is at the discretion of trustees.

Minimum application amount: Minimum of Rs 3 lakh and in multiples of Re 1 thereafter during the Specified Subscription Period(s).

The option introduced under the scheme will have the same investment objective, portfolio, liquidity, applicable load structure and expense ratio as that of existing options.

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