LIC Mutual Fund is launching LICMF Children's Fund. The initial offer commences from 26th September 2001 and closes on 16th October 2001. The earliest closing is 5th October 2001. One can invest a minimum of Rs.5000 and thereafter in multiples of Rs. 500. The fund would invest a minimum 80% to 100% of its investment in debt and a maximum of 20% in equity. After the initial offer period, it will charge an entry load of 1%. For repurchases made within 3 years of investment, an exit load of 3% would be charged, and for repurchases made after 3 years of allotment of investment but before the unit holder completes 18 years of age an exit load of 1.5% would be levied. The fund would not charge any load where the investment has completed 3 years and where the unit holder is over 18 years of age.
The scheme has no lock-in period. It offers facilitation like Systematic Investment pan and Systematic Withdrawal Plan. A Free Personal accident cover is also available to domestic resident unit holders equal 10 times the amount invested, subject to a maximum of Rs. 3 Lacs.