Max Life Insurance on Friday launched the ‘NIFTY Smallcap Quality Index Fund’ in the ULIP segment. This first Smallcap Index Fund of the life insurance industry is based on the NIFTY Smallcap 250 Quality 50 Index that has delivered 22 percent 10-year CAGR+. It is designed to provide investors with an opportunity to capitalize on the growth potential of Smallcap companies, aiming for long-term index-linked returns.

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The New Fund Offer (NFO) window will remain open till August 25, 2023, at Rs 10 per unit, applicable only during the NFO period.

Mihir Vora, Senior Director and Chief Investment Officer, Max Life said, "We are launching our first-ever Smallcap Index Fund to offer investors a low-cost value proposition. Over the past years, the small-cap and mid-cap indices have given stellar returns. This fund is suited for investors with high-risk tolerance looking to generate good returns over the long term."

The fund will be available with the product – online savings plan with zero allocation and admin charges, along with the Platinum Wealth Plan available with guaranteed wealth boosters and additions during the NFO period. The fund will also be available with some other ULIP products, Max Life said.

Max Life Insurance is a joint venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group.

(Edited by : Anshul)