Aditya Birla Sun Life Mutual Fund has launched an open-ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age, whichever is earlier, according to the press release from the fund house.
Subscription to Aditya Birla Sun Life Retirement Fund will remain open until March 5.
The fund offers four investment options designed as per suitability of various age groups. This includes the 30s plan where 80-100 percent of the corpus will be invested in equity and equity related instruments and the rest in debt and money market instruments.
The 40s plan has a flexible equity exposure between 65-80 percent and the 50s plan has a flexible debt exposure in the range of 75-100 percent.
In addition to these, there is a 50s Plus Debt Plan for those nearing retirement age, which invests its entire corpus in debt and money market instruments.
The fund will be managed by Ajay Garg and Pranay Sinha and has no exit load.
Commenting on the launch, A Balasubramanian, Chief Executive Officer, Aditya Birla Sun Life AMC, said: "Aditya Birla Sun Life Retirement Fund provides investors an investment solution to plan their retirement from as early as in their 30s to factor in the rising cost of living. Efficient retirement planning is extremely important to manage future expenses."