The scheme targets an initial corpus of Rs 100-150 crore. ``Being an open-ended income scheme, investors will move in and out of the scheme depending on the performance of the scheme,'' said the chief executive officer of Jeevan Bima Sahayog AMC, RG Sharma.

LIC mutual fund recently closed Dhanvarsha (13), a five year close-ended assured return scheme, with collections of around Rs 165-170 crore against the target amount of Rs 150 crore.

Earlier this year, Dhanvarsha (11) and Dhanvarsha (12) were launched with a return of 13.5 per cent per annum on Dhanvarsha (12) as compared to 14 per cent on Dhanvarsha (11). Dhanvarsha (11) had managed to rope in Rs 40 crore while Dhanvarsha (12) collected over Rs 150 crore.

``We should now try to move away from assured return products. Although the market has a very big appetite for assured incomeproducts, mutual funds have to try and move away from them,'' said Sharma.

The asset management company had targeted a mobilisation of Rs 500 crore for the financial year 1998-99. This year, the fund has already mobilised an amount of around Rs 350 crore from its new schemes.

The fund had mobilised close to Rs 104 crore in the financial year 1997-98. The public sector mutual fund currently manages assets worth Rs 1,500 crore. ``With all the schemes that were launched in the last two years doing well and the image of the fund increasingly becoming that of a promise keeper, the fund will be able to meet investor requirements and promised returns.

The amount that we aimed at is within reach as the market indicators are good and the investors are satisfied with the performance of our recently floated schemes,'' said Sharma.