According to Mr Barve, unlike other mutual funds Children's Gift Fund would be mainly targeting investors from semi-urban areas. The initial public offer opens on January 25 and closes on February 2, 2001. CGF is an open-ended Balanced Fund targeted at parents keen on investing in their child's future. Addressing the press conference, Mr Barve said that the scheme would help parents to meet the financial goal for their children's secure future, which has become increasingly difficult to meet in this age of rising inflation and taxes. The primary objective of the scheme is to generate long-term capital appreciation for investors. The minimum amount required as initial investment in the scheme is Rs 3,000 and in multiples of Rs 1,000 thereafter. Parents can invest in the name of a child, less than 18 years of age. A unique feature of the HDFC CGF is that unit holders are entitled to a personal accident insurance cover (for resident unit holders only) equivalent to 10 times the face value of units held by theunit holder under all the applications/account statements subject to a maximum of Rs 3 lakh per unit holder.