Birla Sun Life Mutual Fund renames three monthly income plans

Birla Sun Life Mutual Fund has decided to change the name of 3 monthly income plans with effect from May 27.

Birla Sun Life MIP will be renamed to Birla Sun Life Long Term Accrual Fund, Birla Sun Life Monthly Income to Birla Sun Life Low Duration Fund and Birla Sun Life MIP II Savings 5 Plan to Birla Sun Life Credit Opportunities Fund.

These schemes were earlier hybrid schemes and invested in both equity and debt instruments, but the renamed schemes will invest only in debt instruments.

Other features of the scheme shall remain unchanged.