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PNB MetLife India Insurance Company Ltd (PNB) has launched the Bharat Manufacturing Fund, a new fund option within its Unit Linked Insurance Plan (ULIP) category.
The fund offers policyholders an opportunity to invest in the manufacturing sector, and will be available at an initial unit price of ₹10 during the New Fund Launch period from August 1 to August 15, 2024.
Customers can invest in the Bharat Manufacturing Fund through a variety of existing PNB MetLife ULIPs, including the PNB MetLife Goal Ensuring Multiplier, PNB MetLife Smart Platinum Plus and PNB MetLife Mera Wealth Plan, the private life insurer said.
These ULIPs provide benefits such as life insurance protection, flexible investment options, and personalised wealth creation solutions. All these plans can be purchased online, offering a smooth investment experience, it added.
Sanjay Kumar, Chief Investment Officer at PNB MetLife, said: “With the launch of this fund, PNB MetLife is offering customers a unique opportunity to align their financial aspirations with the growth of India’s manufacturing sector, which could contribute ~25% of the nation’s aspirational $30 trillion GDP by 2047. This fund provides the potential for significant returns, thereby, supporting our customers in their financial journey.”
He said India is on track to become the world’s third-largest economy, driven by key manufacturing sectors such as automobiles and auto ancillaries, capital goods, healthcare, commodities, chemicals and textiles.
The fund leverages the manufacturing sector’s stellar performance, as evidenced by the Nifty India Manufacturing Index’s significant outperformance versus the Nifty 50 Index. The index has delivered 5-year annualised returns of 25.3 per cent versus 15.3 per cent for Nifty 50 (as of 30 June 2024).
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