‘Birla Sun Life Tax Relief 96’, the unique ‘Systematic Investment Plan’ (SIP), to invest in Mutual Funds with tax relief under section 80C of Income Tax Act, offering free life insurance cover of 100 times the paid up monthly installment (from the 3rd year) and other M.F. products of Birla Sun Life will be distributed from the selected branches of South Indian Bank.
Presiding over the inaugural function held at Taj Residency, Ernakulam, Mr. M. Valsan, Executive Director of South Indian Bank said that large number of NRI customers and young account holders of the bank which has a strong presence in Kerala with about 300 CBS branches will be highly benefited by this arrangement. The Bank has tied up with reputed aggregators for facilitating online MF investment and utility bill payments by its net banking customers.
Mr. Valsan also said that as a tech-savvy Bank with a CBS network of 502 branches, it is the desire of the Bank to offer more and more convenience and innovations in banking to its customers.
Mr. Kalpen Parekh, National Head-Sales of Birla Sun Life Mutual Fund, Mr. Alex Mathew, General Manager, Mr. C.J. Jose Mohan, Dy. General Manager and Mr. A. Narendran Asst. General Manager of South Indian Bank also spoke on the occasion.
Birla Sun Life Mutual Fund which has emerged as one of India’s leading Mutual Funds managing assets of a large investor base, is now offering a range of investment options which include diversified and sector-specific equity schemes, fund of fund schemes, hybrid and monthly income funds, a vide range of debt and treasury products and offshore funds.
Birla Sun Life-AMC will be bearing the cost of insurance of the’ Century SIP’ products. Minimum/maximum entry for insurance cover is 18 years/below 46 years and the cover continues up to the age of 55. Whereas insurance cover is not provided by other companies if SIP stops before maturity, for investors in ‘Century SIP’ of Birla Sun Life, insurance cover continues even if SIP stops before maturity.
Systematic investing is very similar to a Recurring Deposit with a Bank. It is a very prudent method of investing pre-determined amounts of money regularly to benefit from the stock market volatility. Investing under ‘SIP’ is also convenient and hassle-free with automatic investments by giving a one-time instruction. It is also light on the wallet – as low as Rs 1000 per month can be invested.
(Photo: Mr.M.Valsan, Executive Director (middle), Mr. C.J. Jose Mohan, Dy. General Manager (left extreme) and Mr. Alex Mathew, General Manager of SIB and Mr. Kalpen Parekh, National Head-Sales of Birla Sun Life Mutual Fund (2nd from right).
Press Statement
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