Axis Mutual Fund has launched a new closed-ended debt scheme called Axis Fixed Term Plan — Series 41 — with a maturity period of 546 days from the date of allotment. The subscription closes on October 4. The NFO price for the scheme is R10 per unit and the minimum application amount is R5,000 and in multiples of R10 thereafter. Two options available under the plan are growth and dividend. The investment objective is to generate returns by investing in a portfolio of debt and money market instruments. The scheme will allocate 60-100% of asset in debt securities and 0-40% of asset in money market instruments.
SBI Life’s Smart Power Insurance
SBI Life Insurance has launched SBI Life Smart Power Insurance. The product is designed to take care of an investor’s twin needs of insurance and investment and is open for the age group of 18 to 45 years with the maximum age of maturity being 65 years. The cover has an inbuilt Accelerated Total and Permanent Disability (TPD) benefit. The policy term options are 10, 15 or 30 years. The minimum sum assured will be either 10 times the annual premium or 0.50 multiplied by the term and annual premium, whichever is higher. The minimum premium payable works out to R2,000 monthly, R5,500 quarterly, R9,500 half yearly and R15,000 annually.
Bajaj Allianz ties up with banks
Bajaj Allianz Life Insurance has tied up with Axis Bank and Allahabad Bank and service outlets such as Suvidhaa for accepting renewal payments from policy holders. Through these tie-ups, Bajaj Allianz will add over 17,600 customer touch points, apart from its own existing branches and distribution network. Though Bajaj Allianz customers can now make their renewal payments at the nearest Axis Bank branch across India, the tie-up with Allahabad bank is only in Maharashtra. Customers need to provide simple basic information for verification and pay the premium. They will be given a receipt or an acknowledgment of the premium paid by them at these touch points. Payments can be made through local cheque, demand drafts or cash at the bank branches and the maximum limit for cash payments is R50,000.
Morgan Stanley revises exit load
Morgan Stanley Mutual Fund has revised its exit load for its short-term bond fund. The fund house will now charge an exit load of 0.5% for every redemption made on or before the expiry of the tenure of six months. Till now, the fund house used to charge an exit load of 0.50% for investments redeemed on or before the expiry of three months from the date of allotment for the short-term bond fund. The revised exit load will be applicable from October 1.
Baroda Pioneer declares dividend
Baroda Pioneer Mutual Fund has declared dividend under the quarterly dividend option of Baroda Pioneer MIP-DQ. The quantum of dividend shall be R0.2 per unit and the record date has been fixed as October 7.