Reliance Mutual Fund is set to launch an equity linked savings scheme. Named as Reliance Tax Saver (ELSS) Fund, it will be initially available for subscription from July 25 to August 23, 2005. Being an ELSS, the fund will come with a lock-in of three years and investments up to Rs 1 lakh by the eligible investor as per the income tax act will qualify for income tax deduction.
Benchmarked against BSE 100, the fund intends to invest 80-100 per cent of its assets in equities, while allocating upto 20 per cent in debt and money market instruments. The fund will disclose its portfolio on a half-yearly basis.
The minimum investment amount is kept at Rs 500 and in multiples of Rs 500 thereafter. During the initial subscription period, the fund will not charge any entry or exit load.
As an additional benefit, the fund will provide a personal accident death insurance cover for all eligible investments as per the following scheme.
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The insurance cover will be linked to the investment value of the individual & not to the capital appreciation on his investment. This means that if his capital appreciates on account of market conditions, his insurance cover will not change.
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