UTI has announced an annuity/appreciation of 9% under its Senior Citizens' Unit Plan (SCUP). Investors in the scheme as on 18th July 2002 will be eligible for the same. This translates in to addition of Rs 0.90 per unit on the NAV of Rs 10.39 as on June 30, 2001. Thus the current NAV as on July 10, 2002 is Rs 11.29.
SCUP is designed mainly to take care of the hospitalisation needs of investors when they are 58 years and above. The medical cover ranges from Rs.2.50 lakh to Rs.5 lakh. Once the member reaches 58 years, he is eligible to receive the annuity. The rate of annuity/appreciation is declared by the AMC in July every year.