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LIC Mutual Fund Launches FMP


LIC Mutual Fund has launched a fixed maturity plan (FMP). The fund will provide two plans: a six month plan and a 12 month (366 days) plan. The fund will be available for subscription from September 16 to September 20, 2005. The minimum investment amount has been kept at Rs 25,000. The fund will not charge any entry load. However, it will charge an exit load if the investments are redeemed before maturity under both the plans. Under the six month plan, an exit load of 1 per cent will be charged upon redemption within 90 days of allotment, and 0.50 per cent if the investment is withdrawn after 90 days but before maturity. Under the 12 month plan, an exit load of 1.5 per cent will be charged upon redemption within 180 days, while a load of 1 per cent will charged upon redemption after 180 days but before maturity.