HDFC MF, Indian Cancer Society to launch Debt Fund for Cancer Cure

India Infoline News Service | Mumbai |

Investors will get a receipt and an 80G certificate from Indian Cancer Society

As a part of philanthropic initiative, HDFC Asset Management Company Limited, one of the most trusted and premier fund house in association with Indian Cancer Society (ICS) today announced the launch of HDFC Debt Fund for Cancer Cure 2014 (HDFCC14) that would help the investors preserve their own capital and also donate for the cause of cancer cure.
HDFC Debt Fund for Cancer Cure 2014 is a 100 per cent debt oriented 3-year close-ended capital protection oriented mutual fund scheme. HDFCC14 will remain open for subscription from February 25, 2014 to March 11, 2014.
HDFC AMC Ltd, as a part of its contribution towards this social objective, would not levy any investment and advisory fee to manage HDFCC14 and would also bear the distribution and marketing costs.
Speaking on the occasion, Mr. Milind Barve, MD, HDFC AMC said: “We remain committed to this cause and we are not only launching a new series but HDFC AMC will contribute an amount equal to the dividends to be donated to ICS by the investors, to a maximum of Rs. 5 crores every year.”
Donations received from HDFC Debt Fund for Cancer Cure over last three years have transformed the lives of needy cancer patients. These donations have made a difference to over 500 patients till December 31, 2013, most are less than 30 years of age, from 20 states across the country.
HDFCC14 is designed in such a way that capital which is locked in, for a period of three years, is fully protected (the portfolio will comprise AAA rated debt instruments, reviewed periodically) while the dividend earned during this period is donated towards the cause of the cancer patients through Indian Cancer Society. The scheme has been rated [ICRA] AAAmfs(SO) by ICRA which indicates highest degree of safety regarding timely payments from the investments that the scheme has made.
The minimum amount for investment in HDFCC14 would be Rs. 50,000, with investment amount to be repaid at the end of the term of 3 years. Investor Donors have the option of donating either 50% or 100% of the dividend that is announced periodically – either half-yearly or annually. Balance dividend amount net of donation and statutory levies, would be payable to investor. HDFCC14 will be listed on NSE and BSE to ensure liquidity of the investment.
Investors will get a receipt and an 80G certificate from Indian Cancer Society. At the end of the year, donor investors will be given a report on the patients who are supported with funds, by name and with details of type of cancer, hospital, treating doctor, cost of treatment, amount disbursed, outcome if known etc. The selection of the patients will be made by an all India due diligence team based on clearly defined criteria by the Governing Advisory Council comprising of highly reputed personalities.
Cancer is one of the most common non-communicable diseases in India that affects a million people every year and kills nearly 6 lac cancer patients each year. However, if detected early, cancer is curable in many cases. Unfortunately, Cancer cure is unaffordable to most families in India because of prohibitive treatment costs that approximately range from Rs. 1 to Rs. 12 lacs. Thus, HDFCC14 will help contribute to bridge the gap between cost of treatment and individual affordability through the financial aid secured from the donations.
The Scheme is "oriented towards protection of capital" and "not with guaranteed returns". The Scheme does not guarantee any returns. The orientation towards protection of capital originates from the structure of the Portfolio of the Scheme and not from any Bank guarantee, Insurance Cover etc.
 

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