The mutual fund arm of the insurance company has started with a daily SIP for investors for as low as Rs. 300 per day.
The SIP on a daily basis shall be allowed in the company's five equity schemes including are LIC MF Equity Fund, LIC MF Growth Fund, LIC MF Midcap Fund, LIC MF Infrastructure Fund and LIC MF Index Fund.
Daily SIP option can also be opted for two of the LIC's hybrid schemes called LIC MF Balanced Fund and LIC MF Monthly Income Plan.
In a statement LIC Mutual fund said, "Through daily SIP, the fund house is trying to promote the habit of investing daily and the aim is to create wealth through investing daily with a minimum sum of Rs300 across 22 working days, which will lead to a monthly investment of Rs6,600".
The additional amount will enable the entity to clock additional growth of 30% with a daily inflow into these SIPs. At present the company mops up Rs. 23 crore on a month on month basis from SIPs which is expected to increase to Rs. 30 crore.
With Inputs From PTI