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UTI Mutual Fund has entered into an arrangement with Srei Sahaj for the distribution of its micro pension products across Assam, Bihar, Orissa, Tamil Nadu, Uttar Pradesh and West Bengal.
The initiative would provide social security cover to workers in the unorganised sector and people living in rural areas, according to Mr Jaideep Bhattacharya, Group President and Chief Marketing Officer, UTI.
Under the initiative, investors would have to contribute a minimum amount of Rs 200 per month towards UTI-Retirement Benefit Pension Fund to enable them to receive pension in the form of periodical income after they attain the age of 58 years.
“More than 87 per cent of the Indian workforce does not have access to formal or informal pension at present. There has been a significant increase in life expectancy. As per UN projections, there has been 300 per cent growth in the elderly population in the country. This signifies that there is a latent demand for pension product in the country,” Mr Bhattacharya told newspersons on the sidelines of a press meet to announce the tie up here on Wednesday.
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