Chennai, Jan 1 (IANS) Anil Ambani-led Reliance Group's fund house Reliance Capital Asset Management (RCAM) will come out with an equity oriented pension scheme with tax benefits in the middle of this month, an official said Thursday.
"We have all the approvals to launch the equity oriented pension scheme. The scheme will offer tax benefits (under section 80 C of the Income Tax Act) to investors and approval from the tax department is also there," RCAM chief executive Sundeep Sikka told IANS.
Not wanting to put any number as to amount of fund to be mobilised Sikka said the concept is new and there is good potential in the country.
He said only miniscule population is covered under organised pension scheme and there is good potential.
"The scheme would offer monthly as well as one time investment facility and pension would start when the investor turns 60 years of age," Sikka said.
Sikka said the two existing pension schemes from competition are debt oriented ones.
He said the proposed scheme would offer options for investments in equity and debt.
Globally pension is a big segment that provides long term fund for infrastructure development.
"The tax benefit is only the first trigger. The life expectancy in India has gone up. So people have to save for their post retirement life," Sikka said.
India and the US will conduct military drills near the Line of Actual Control (LAC) with China am
Mamata wishes to meet Modi for debt waiver
Kolkata, Feb 25 (IANS) West Bengal Chief Minister Mamata Banerjee Wednesday said she has writte
'Whoever hides in the dark, I meet him there...', Trailer release of Ajay Devgan's 'Rudra'
Fans were waiting for a long time for the digital debut of Bollywood's 'Singham' Ajay Devgan. The
Australia defeated India by 10 wickets in the second ODI match played in Visakhapatnam on Sunday.
Facebook, WhatsApp and Instagram users from all over the world could not use these social sites f
Literature, cultures merge at Sahitya Akademi festival
New Delhi, March 10 (IANS) More than 170 writers and scholars from across India have converged
Manohar talks to Haryana Roadways driver in UP, a police officer suspended
Chandigarh Taking cognizance of a driver of Haryana Roadways, Chief Minister Manohar Lal spoke to
The National Investigation Agency (NIA) has taken major action on Tuesday morning. The National I
Twitter New Work Policy: New Boss Of Twitter Ordered! work 12 hours a day seven days a week or quit
Elon Musk, the world's richest man and the new boss of Twitter, is known for his fast-paced decis
South superstars Vijay Deverakonda and Rashmika Mandanna are in the news these days due to the ne
