Reliance pondering for common man SIP @ 10 per month

Kolkata, July 2 (UNI) Reliance Mutual Fund, an Anil Dhirubhai Ambani Group's investment management group, is pondering to launch a common man's SIP (systematic investment plan) at Rs 10 per month to build confidece rpt confidence of the investors.

Reliance Capital Asset management Ltd's chief executiv officer Vikrant Gugnani announced this today while launching RMF's SIP + Insure, a long term investment that offers life insurance cover to investors automatically.

Unique of SIP + Insure's is investing Rs 2400 per month with assumed rate of interest of ten per cent per annum for 15 years could make an investor a millionaire, said Gugnani.

The launch of Reliance SIP + Insure coincided with the current economic scenario of rise in inflation and impact on individual's monthly expenses. "As other convenstional investment options are drying out, we believe an SIP helps inculcate saving habits and eliminates the need to time the market," Gugnani added.

While the minimum investment per installment is Rs 2000 per month and in multiple of Re 1 thereafter. There is no upper limit in the SIP+Insure.

He said the launching of SIP+Insure was to get back to the basis of investment so that investors have confidence in money managment group and on MF.

Gugnani said the company planned to open 200 new branches by this yearend from existing 306 branches.

He said the company was planning to launch a Rs 10 per month SIP in near future so that the common man like daily wage earner can have planned investment for future.

For now Reliance Mutual Fund is Indian's No 1 MF, offering a well rounded protfolio of productrs to meet varying investors requirements. With a focus on retail investments, Reliance Mutual Fund has presence in over 300 cities across the country. It has an invetor base of over 65.68 lakh and has average assets under management over Rs 98,430 crroe as on May 31, 2008.

UNI PC PL RN/1716