Reliance Tax Saver no longer to provide insurance cover
July 3rd, 2007
Starting July 2, 2007, investors in the Reliance Tax Saver, an ELSS open ended equity linked savings scheme will not carry the personal death insurance cover, as per an amendment released by Reliance Mutual Fund.
The scheme’s objective is to generate long-term capital appreciation from a portfolio that is invested predominantly in equity and equity-related instruments. The scheme invests 80-100% in Equity and Equity-related securities and the remaining upto 20% in Debt and Money Market Instruments. The scheme opened in September 2005.
A maiden dividend of Rs. 1 per unit in this scheme is announced on February 21, 2007.
Reliance Tax Saver has given a 1-year return of 46.10% with an expense ratio of 1.93% (as of June 30, 2007) and is one amongst the top tax savings mutual funds.
Entry Filed under: Mutual Funds, Reliance MF, Fund Houses & AMCs
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