ICICI Prudential Long Term Equity Fund (Tax Saving) Growth
ICICI Prudential Long Term Equity Fund (Tax Saving) Growth4Morning Star
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Min amount: ₹500
- Save up to Rs 46,800 in taxes every year.
- Highest returns compared to other 80C investments.
- Lowest lock-in of 3 years
|Tax Saving FD||PPF||ELSS|
|Average Annualised Returns i||6%||8%||12%|
|Tax rates i||30%||Not taxable||10%*|
|Returns after tax i||4.2%||8.00%||10.80%|
|Current rate of Inflation i||4%||4%||4%|
|Real Rate of Return i||0.2%||4.00%||6.80%|
|Lock-in Period i||5 years||15 years||3 years|
- Fund Summary
- More about Fund
- Related funds
- Why Cleartax
|Risk||Moderately High risk|
|Fund Type||ELSS (Tax Savings)|
More about this fund
|Bharti Airtel Ltd||7.01%|
|ICICI Bank Ltd||6.56%|
|HDFC Bank Ltd||5.79%|
|Hindalco Industries Ltd||4.1%|
|Oil & Natural Gas Corp Ltd||4.04%|
|Axis Bank Ltd||2.9%|
|State Bank of India||2.84%|
About ICICI Prudential Long Term Equity Fund
ICICI Prudential Long Term Equity Fund is an open ended equity linked saving scheme. It has a statutory lock in of 3 years and provides tax benefits Section 80C of the Income Tax Act up to Rs. 1.50 lakh. The fund aims to attain long term wealth maximisation by investing predominantly in equity instruments and the remaining assets in debt and money market instrument and cash. However, the scheme does not guarantee assured returns due to presence of market risks.
Pros & Cons of ICICI Prudential Long Term Equity Fund
ICICI Prudential Long Term Equity Fund offers the following benefits: 1. Save upto ?46,800 in taxes under section 80C of Income Tax Act, 1961 (by investing in ELSS funds) 2. Shortest lock-in period allows the fund manager to take better decision and look through the interim volatility. 3. Being a star-rated fund, it has been able to beat the benchmark by wide margins in 1 year, 5 year and 10 year period respectively. However, it underperformed the category in 3 year and 5 year period.
Fund Information and Statistics of ICICI Prudential Long Term Equity Fund
i) Inception / Launch date
ICICI Prudential Long Term Equity Fund was launched on 19 August 1999 by ICICI Prudential Mutual Fund.
ii) Risk level
Being a multi-cap fund, ICICI Prudential Long Term Equity Fund is a moderately high risk bet and suitable for investors who have a long-term investment horizon of more than 5 years.
Redemption of Units can be made only after the expiry of the lock-in period of three years from the date of allotment of units which the holder has proposed to redeem. It will be done by a repurchase/buyback by the fund house. Under normal circumstances, your fund house will dispatch the redemption proceeds within 10 business days from date of receipt of request.
iv) Fund Manager
Mr. Sankaran Naren and Mr. Harish Bihani, who holds a rich experience of fund management with prestigious fund houses, has been managing the ICICI Prudential Long Term Equity Fund since November 2018.
v) Entry / Exit load
The fund house does not charge any entry load and exit load for investing in ICICI Prudential Long Term Equity Fund
Tax benefits of investing in ICICI Prudential Long Term Equity Fund
ICICI Prudential Long Term Equity Fund has a lock-in period of three years which is the lowest amongst all other tax saving alternatives available in India. It helps you to claim a tax deduction of up to Rs. 1.5 lakhs under Section 80C from your Gross Total Income and enables saving taxes up to Rs. 46,800.
About ICICI Prudential Mutual Fund
ICICI Prudential Mutual Fund is a joint venture between ICICI Bank and Prudential Plc. Prudential Plc is one of the largest players in UK financial services sector. The fund house offers investment options such as diversified to sector specific equity schemes, balanced and fixed income funds. Mr. Nimesh Shah is MD & CEO of the Fund House.
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Min amount: ₹500
All investments come with risk. Risk is the volatility or fluctuation in the price (and returns) of the investment. Usually,
- High Risk = High possible returns
- Low Risk = Stable, relatively lower returns