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| As stipulated by IRDA, the Net Asset Value (NAV) computation formula for Linked Funds stands modified effective August 18, 2011 |
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"We wish to intimate all our policyholders that pursuant to the Insurance Regulatory and Development Authority circular dated 29th July 2011 the formula for computation of the Net Asset Value Per Unit (NAV) for Linked funds stands modified as under:
Old Formula: (As prescribed by IRDA and as Stated in the policy document)
The basis used for calculation of NAV would be the Appropriation Price and Expropriation Price.
The Appropriation Price shall apply in a situation when the company is required to purchase the assets to allocate the units at the valuation date
The Expropriation Price shall apply in a situation when the company is required to sell assets to redeem the units at the valuation date.
The NAV per unit of each Investment Fund will be calculated as per the prevailing IRDA guidelines mentioned below
When Appropriation Price is applied: The NAV shall be computed as:
(Market Value of Investments held by the fund + The Expenses incurred in Purchase of the Assets + Value of Any Current Assets + Any Accrued Income Net of Fund Management Charges - Value of any Current Liabilities - provisions, if any)
Divided by the number of units existing at valuation date (before any new units are allocated)
When Expropriation Price is applied: The NAV shall be computed as:
(Market Value of Investments held by the fund - The Expenses incurred in Sale of the Assets + Value of Any Current Assets + Any Accrued Income Net of Fund Management Charges - Value of any Current Liabilities - provisions, if any)
Divided by the number of units existing at valuation date (before any new units are allocated)
Modified Formula: (As stipulated by IRDA effective August 18, 2011)
(Market Value of Investments held by the fund + Value of Any Current Assets - Value of any Current Liabilities & Provisions, if any)
Divided by the number of units existing at valuation date (before creation or redemption of any units)
Please note that the above change is effective 18th August 2011 and all the policy contracts issued by us (linked funds) stands modified to the above extent. |
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