Reliance Mutual to launch equity oriented pension scheme

Posted on 3rd Jan 2015 06:31 pm by ram kishor

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.

Other news

Nitish, legislators leave for New Delhi; Manjhi announces quotas

Patna, Feb 10 (IANS) Aiming to put pressure on Bihar Gove

Terrorists were walking with India's convoy, 120 such people were brought to India from Kabul amid aerial firing

120 people from India, who were airlifted from Kabul, reached Delhi on Tuesday. The second batch

Waqf Bill: The effect of the bill will be seen from the Northeast to tribal-dominated states; claims on protected monuments will end

Under pressure from allies, the BJP made some compromises in the provisions of the Waqf Amendment

Joshimath Crisis: The situation became more dangerous, crack was marked in 14 new buildings in 24 hours, and 10 families shifted

Joshimath Crisis: Cracks continue to grow in houses in disaster-hit Joshimath. Cracks were identi

After returning to the series, now there is an equal chance: Bhuvi can become the number-1 bowler against South Africa, know the playing-11 of both the teams

After losing the first two matches against South Africa, Team India came back strongly in the thi

Nitish Kumar, Modi main rivals in Bihar's 'Pichkari' Market

Patna, March 5 (IANS) Bihar Chief Minister Nitish Kumar and Prime Minister Narendra Modi are ri

IFFI jury head called The Kashmir Files a vulgar and propaganda film, Anupam Kher and Ashok Pandit protested

Vivek Agnihotri's film The Kashmir Files, which is one of the highest-grossing films of the year,

'You got the benefit of the schemes, now will you bless me?', PM Modi said to the beneficiaries of the Vikas Bharat Sankalp Yatra.

PM Modi Vikas Bharat Sankalp Yatra Prime Minister Narendra Modi today virtually interacted with t

Trump On Ceasefire: '12 hours of complete ceasefire'; Trump said- War ends after Israel-Iran's final missions..

On June 13, Israel carried out rapid attacks on Iran's nuclear bases. After this, the confrontati

Weather Update Today: Chance of rain in Delhi-UP and a hailstorm in Punjab, snowfall alert in the valley today

There is currently relief from the cold in many states of North India. The Meteorological Departm