The new scheme offers investment route to the children to take care of parents. Mode of payment through both the schemes under the facility will be systematic withdrawal plan. MIS Advantage Plan is a debt-oriented scheme where up to 75 per cent of funds will be invested in debt and the balance in equities. Wealth Builder Fund is an equity fund.
"We are looking at doubling the AUM of both these schemes through the launch of UTI Family facility over the next one year," R Raja, products head of UTI MF, told PTI.
"While we are looking at increasing AUM of MIS Advantage Plan to Rs 1,000 crore from Rs 600 crore now, we are also aiming at increasing the AUM of the Wealth Builder Fund to Rs 2,000 crore from Rs 900 crore this year," he added.
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