Canara HSBC Life Insurance on Thursday announced the introduction of India Manufacturing Fund to its ULIP range.

Customers can subscribe to the limited-time New Fund Offer (NFO) until 21st Nov, 2024 at NAV of Rs 10.

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This fund is designed to generate long-term capital appreciation by harnessing the potential of India’s vibrant manufacturing sector, offering investors a diversified equity portfolio, the insurer said in a statement.

Canara HSBC Life said it seeks to create opportunities for investors which enable wealth creation over the long term through exposure to equity and equity-related securities in the manufacturing sector.

The fund will focus on companies primarily involved in sectors such as Automobiles, Capital Goods, Defence, Healthcare, Metals, and more. The benchmark for the fund will be the Nifty India Manufacturing Index representing a wide range of sectors within the Indian manufacturing ecosystem.

The index is based on free-float market capitalization, with a maximum weight of 5% for any individual stock. Alongside opportunities to grow wealth, the life insurance component of the offering provides financial security, safeguarding against unforeseen events and enabling peace of mind for the investors.

Jyoti Vaswani, Chief Investment Officer, Canara HSBC Life Insurance, said “The India Manufacturing Fund is designed to align with India’s growth story, particularly in the manufacturing and industrial sectors, which are the backbone of growth for any rising economy. We believe this fund offers a unique opportunity for investors to benefit from exposure to some of India’s most promising companies in the manufacturing sector.”

Notably, the India Manufacturing Fund follows a structured asset allocation strategy, primarily investing in equity and equity-related instruments with an allocation range of 60% to 100%.