LIC Mutual Fund introduces Auto Switch Facility during NFO Period

LIC Mutual Fund has introduced an auto switch facility during the new fund offer period of newly launched schemes with immediate effect.

The fund house informed about this to its unitholders through a notice cum addendum dated September 12.

The fund house mentioned that this facility shall be available for existing and new investors of LIC Mutual Fund wherein the investors can invest in LIC MF Overnight Fund during the NFO period of a newly launched scheme and schedule a switch out of such invested units of the source scheme to the newly launched scheme on the last date of the NFO period.


The fund house mentioned following terms and conditions of the facility:

• Investments shall be allowed only under growth option of both regular and direct plan offered by the schemes (the source scheme and newly launched scheme)

• The purchase/switch in application should meet the minimum application amount requirement under each scheme

• In case the investor has existing investments in the source scheme and makes additional purchases through the said facility, the switch will be affected on first in first out (FIFO) basis to the extent of the additional units purchased through this facility

• Switch out will be subject to applicable taxes and exit Load, if any in the source scheme

• This facility is applicable for units held in non-demat mode

• Investment in specified source scheme under this facility shall be accepted till applicable cut-off time of the last day of NFO period

• For complete details in this regard, please refer to the ‘Auto Switch Facility Form’ available on the AMC’s website

The fund house reserves the right to discontinue or modify the above terms and conditions/ facility at any time. However, the change will be effective only on a prospective basis. This notice cum addendum forms an integral part of SAI of LIC Mutual Fund.