LIC Mutual Fund rolls out daily SIPs of ₹100, monthly of ₹200. Check details here

LIC Mutual Fund has rolled out daily systematic investment plan (SIP) of ₹100. The minimum number of instalments of daily SIPs is 60. The asset management company has announced the minimum SIP amount and number of instalments for various tenures i.e., daily, monthly and quarterly.

These SIPs will be applicable for all the existing mutual fund schemes which offering SIPs except LIC MF ELSS Tax Saver and LIC MF ULIP.

While the daily SIP can now be of ₹100, the minimum monthly SIP amount has been kept at ₹200 while the minimum number of monthly instalments must be 30. 

Additionally, quarterly SIPs can be of ₹1,000 with a minimum number of 6 instalments.

Daily SIPs can be made on all business days and monthly, quarterly SIPs can be done on any date between 1st and 28th of month.

This holds a lot of significance in the wake of Sebi chairperson Madhabi Puri Buch expressing a desire to develop micro SIPs in association with fund houses with a minimum contribution of ₹250 a month.

While speaking about micro SIPs, Preeti Zende, a Sebi-registered investment advisor and founder of Apna Dhan Financial Services, said “By just sparing a small amount, one can easily be a part of the equity asset class and be a part of a highly regulated and managed wealth creation product.

It helps those who earn less or just started earning, those who get a small stipend or pocket money as well as housewives and retirees who never invested in equity MFs and can with the smaller SIPs and see how this investment works.”

LIC MF ELSS Tax Saver

The minimum amount and instalments of quarterly frequency SIP offered under ELSS Tax Saver Scheme also stands revised with effect from October 16, 2024. Now one can invest a minimum of ₹1,000 and in multiples of ₹500 thereafter via quarterly SIP. The minimum number of instalments is six.

Necessary changes have been made in the minimum amount of Step-up facility wherein the minimum amount is revised to ₹100 and in multiples of Re 1 there after.

A step-up SIP enables investors to raise the amount of SIP by a fixed amount at regular intervals.