LIC Nomura Mutual Fund launches LIC Nomura MF RGESS Series 3

Mumbai, January 16, 2015: LIC Nomura Mutual Fund today launched its Rajiv Gandhi Equity Saving Scheme (RGESS) Series 3, a close ended equity scheme which shall invest in eligible securities as per Rajiv Gandhi Equity Savings Scheme, 2012.

The New Fund Offer (NFO) opens for subscription on January 16, 2015 and closes on January 30, 2015. 

Under this scheme, investment up to Rs.50,000 would bear exclusive 50% deduction from income under Sec 80CCG of IT Act, 1961. Investment above Rs.50,000 would benefit deduction under Section 80C.

The allotment date of the scheme will be February 05, 2015 with the maturity of 3 years from the date of allotment i.e. February 05, 2018.

This fund facilitates tax savings of Rs.2,575 for investors under 10% slab and Rs.5,150 for investors under 20% slab and Rs.7,725 for investors under 30% slab.

Speaking on the launch, Nilesh Sathe, Director  & Chief Executive Officer, LIC Nomura MF said “Through this scheme we wish to capitalize on our understanding about the diversified needs of the investors, and translate that into a basket of products. We strive to bring forward products that are suitable instruments for wealth creation and benefit the investors through good returns”

The investment objective of the scheme is to generate capital appreciation from a portfolio that is substantially constituted of equity securities which are specified as eligible securities for Rajiv Gandhi Equity Saving Scheme (RGESS). The scheme may invest a certain portion of its corpus in cash equivalent and money market instruments from time to time.

The benchmark index for the fund is BSE 100 Index.   

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