An Open Ended Retirement Benefit Scheme
Axis Mutual Fund has filed offer document with Sebi to launch Axis Retirement Planning Fund, an open ended retirement benefit scheme. The New Fund Offer price is Rs 10 per unit.
The AMC shall apply to Central Board of Direct Taxes, Ministry of Finance for approval of the scheme as a Notified Pension Fund under Section 80C(2)(xiv) of the Income Tax Act, 1961. On being notified as a Pension Fund, investment made in the scheme will be eligible for tax benefit under Section 80C of the Income-tax Act, 1961.
Investment objective: The objective of the scheme is to provide a long term investment vehicle that can be used for retirement planning. The fund will invest in both equity and debt. The investment objective of the fund will be to generate long-term capital appreciation through investments in equity & equity related instruments along with income by investing in debt & money market instruments.
Plans: Regular plan and direct plan
Sub-plan under each plan:
Compulsory Lock-in: Investment will be locked-in till investor turns 60 years of age. Investment may be redeemed after investor is 60 years of age or any time after 3 years from the date of allotment whichever is later
No Lock-in: Investment will not be locked-in & can be redeemed at any point of time at NAV based prices subject to exit load
Options under each sub-plans:
- Growth
- Dividend (Dividend Payout and Reinvestment Facility)
- Bonus (available under sub-plan No Lock-in only)
Benchmark: Crisil Balanced Fund Index
Entry Load: Not Applicable
Exit Load:
Compulsory Lock-in: No exit load post lock-in period
No Lock-in:
3% if exited within 1 year
2% if exited after 1 but before 2 years
1% if exited after 2 but before 3 years
No exit load post 3 years
Minimum Application Amount: Rs.5,000 and in multiples of Re 1 thereafter.
Minimum Target Amount: Rs. 10 crore
Asset Allocation: The scheme shall invest 65-75% in equity and equity related instruments and 25-35% in debt & money market instruments
Fund Managers: Pankaj Murarka and R. Sivakumar
Axis Mutual Fund has filed offer document with Sebi to launch Axis Retirement Planning Fund, an open ended retirement benefit scheme. The New Fund Offer price is Rs 10 per unit.
The AMC shall apply to Central Board of Direct Taxes, Ministry of Finance for approval of the scheme as a Notified Pension Fund under Section 80C(2)(xiv) of the Income Tax Act, 1961. On being notified as a Pension Fund, investment made in the scheme will be eligible for tax benefit under Section 80C of the Income-tax Act, 1961.
Investment objective: The objective of the scheme is to provide a long term investment vehicle that can be used for retirement planning. The fund will invest in both equity and debt. The investment objective of the fund will be to generate long-term capital appreciation through investments in equity & equity related instruments along with income by investing in debt & money market instruments.
Plans: Regular plan and direct plan
Sub-plan under each plan:
Compulsory Lock-in: Investment will be locked-in till investor turns 60 years of age. Investment may be redeemed after investor is 60 years of age or any time after 3 years from the date of allotment whichever is later
No Lock-in: Investment will not be locked-in & can be redeemed at any point of time at NAV based prices subject to exit load
Options under each sub-plans:
- Growth
- Dividend (Dividend Payout and Reinvestment Facility)
- Bonus (available under sub-plan No Lock-in only)
Benchmark: Crisil Balanced Fund Index
Entry Load: Not Applicable
Exit Load:
Compulsory Lock-in: No exit load post lock-in period
No Lock-in:
3% if exited within 1 year
2% if exited after 1 but before 2 years
1% if exited after 2 but before 3 years
No exit load post 3 years
Minimum Application Amount: Rs.5,000 and in multiples of Re 1 thereafter.
Minimum Target Amount: Rs. 10 crore
Asset Allocation: The scheme shall invest 65-75% in equity and equity related instruments and 25-35% in debt & money market instruments
Fund Managers: Pankaj Murarka and R. Sivakumar
