Addendum No. 4/2011-12 May 2, 2011
Risk Mitigation process against Third Party Cheques
The Initial and renewal contribution/s received under UTI-Unit Linked Insurance Plan (UTI ULIP) for investment in the name of the spouse/children above the age of 12 years is exempted from the applicability of Risk Mitigation process against third party cheques with immediate effect, subject to the compliance of the following requirements.
1. For the initial investments made under UTI ULIP with effect from 1st January 2011, it is mandatory for both, the person investing and the Unit Holder / Guardian in case of minor, to be KYC compliant as below:
(a) In case of investment made by Guardian in the name of minor, the guardian is required to be KYC compliant.
(b) In case of investment made in the name of spouse, both the spouses i.e the unit holder in whose name the investment is made and the person making the investment are required to be KYC compliant.
2. The spouse / guardian are required to submit in the application form, the details of the bank account from which the payment is made and specify relationship of the remitter with the unit holder.
All other features of the UTI-Unit Linked Insurance Plan remain unchanged. This addendum is an integral part of the Scheme Information Document (SID)/Key Information Memorandum (KIM) of the UTI-Unit Linked Insurance Plan and Statement of Additional Information (SAI) and should be read in conjunction with the SID/KIM/SAI. For UTI Asset Management Company Limited Sd/- Authorised Signatory
In case you require any further information, please contact the nearest UTI Financial Centre.