UTI launches new plan for elderly

Mumbai: Country's sixth largest fund house UTI Mutual Fund is aiming to double its assets under management (AUM) for each of its two existing schemes through a new facility called UTI Family.

The fund house has introduced the facility UTI Family (Father and Mother I Love You) under the growth option of its existing schemes, MIS Advantage Plan and Wealth Builder Fund, to provide regular pay-out to the parents.

The new scheme offers investment route to the children to take care of parents. Mode of payment through both the schemes under the facility will be systematic withdrawal plan.

MIS Advantage Plan is a debt-oriented scheme where up to 75 percent of funds will be invested in debt and the balance in equities. Wealth Builder Fund is an equity fund.

"We are looking at doubling the AUM of both these schemes through the launch of UTI Family facility over the next one year," R Raja, products head of UTI MF, told PTI.

"While we are looking at increasing AUM of MIS Advantage Plan to Rs 1,000 crore from Rs 600 crore now, we are also aiming at increasing the AUM of the Wealth Builder Fund to Rs 2,000 crore from Rs 900 crore this year," he added.