Religare Fund has announced that Religare Infrastructure Fund which is a close ended scheme will be converted to an open ended scheme. The change will be effective from 23rd November, 2010. Investors who do not agree with the conversion may redeem or switch their units between the periods of 22nd October, 2010 to 22nd November, 20100 without paying any exit load. After the conversion to open ended scheme the fund will charge 1 per cent exit load if units are redeemed within 1 year from the date of allotment. The scheme is benchmarked against CNX 500 and is managed by Mr. Pardeep Kumar.
ICICI Pru LifeTime and ICICI Pru Lifestage are Unit Linked Pension Plans. Such insurance linked retirement plans are neither good investments nor do they offer sufficient insurance cover. As you can see, these have turned out to be bad deals. In the Lifetime plan, the fund value is not even equal to the total premiums that you have paid and in the Lifestage plan your return is just about 6% which is quite low. The mortality charges are as per your age which is why they have increased. Moreover, once these plans matures, you will have to compulsorily opt for annuity (regular income) and the annuity rates are generally modest. Assuming these plans mature in the next one year, it will be wise to surrender the plan now and curb your future commitments. Before you choose to buy a term plan, you have to consider a few points. You need to insure yourself, only during the time you are working and your family is financially dependent on you. At the age of 59, not all insurance companies w...
