ICICI Prudential Mutual Fund today announced the launch of ‘Retirement Fund’, an open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier).
Sharing his views about the fund, Mr. Nimesh Shah, MD & CEO, ICICI Prudential AMC said, “The best time to plan for your retirement is when you are young and working. Investing in a long-term mutual fund schemes enable in building a good retirement corpus. It also gives flexibility of Systematic Withdrawal Plan (SWP) to meet regular cash flow needs, post retirement.”
He further added, “Mutual fund is a long-term vehicle to plan for retirement. With costs of living, medical expenses and inflation rising with each passing year, it has become important to plan for one’s retirement years early in life. The retirement fund also aims to address the emerging realities of India where people live long after retirement and also people now aspire to retire earlier than before.”
The scheme offers four different options:
- Pure Equity Plan – recommended to investors between 25-45 years with an aim to generate long-term capital appreciation and income generation.
- Hybrid Aggressive Plan – recommended to investors between the age group of 46 – 50years with an aim to benefit from asset allocation.
- Hybrid Conservative Plan – recommended to investors with the age group of 56 – 60 years with an aim to generate regular income through investments predominantly in debt and money market instruments.
- Pure Debt Plan – recommended to investors between 56 – 60 years with an aim to generate income through investing in a range of debt and money market instruments.
The Equity portion of the Scheme will be managed by Mr Mrinal Singh & Mr Ashwin Jain and the Debt portion by Mr Manish Banthia & Mr Anuj Tagra, and will have a minimum application amount of Rs. 5000 (an in multiple of Re. 1 thereafter). Alongside them, Ms Priyanka Kandelwal will be looking after the overseas investment for the fund.
Investors can invest in growth and dividend options under the Scheme. Currently, there is no exit load under the Scheme.
