ICICI Prudential Income Plan

The ICICI Prudential Income Plan is a mutual fund in which investors aim at creating wealth over a long term. It invests in only in the debt markets with investments being split between the long and short term maturity instruments. The fund also offers investors features like systematic withdrawal and investment plans, 0 entry loads and 0 exit loads for investments that last longer than a year. Investments in this fund can also start with a sum as small as Rs. 5,000.

Type or nature of fund

This is an open-ended debt fund

Investment objective

The objective of the investments made in this fund are to generated fixed returns and to create wealth through a long term investments. It does this by investing in fixed income products as well as other debt instruments so as to make the most of the interest and increase in the value of the capital.

Fund information

Inception date 9 July 1998
CRISIL rank 3 as of June 2015
Plans Regular Direct
Options NA
  • ICICI Prudential Income - Direct Plan - Growth
  • ICICI Prudential Income - Direct Plan - Half Yearly Dividend
  • ICICI Prudential Income - Direct Plan - Quarterly Dividend
  • ICICI Prudential Income - Direct Plan - Annual Dividend
  • ICICI Prudential Income - Regular Plan - Annual Dividend
  • ICICI Prudential Income - Regular Plan - Bonus
  • ICICI Prudential Income - Regular Plan - Growth
  • ICICI Prudential Income - Regular Plan - Half Yearly Dividend
  • ICICI Prudential Income - Regular Plan - Quarterly Dividend
  • ICICI Prudential Income Plan - Institutional - Dividend
  • ICICI Prudential Income Plan - Institutional - Growth
  • ICICI Prudential Income Plan - Institutional - Quarterly Dividend
Entry load None however if the scheme is invested in through distributors then the investor may have to pay the distributor a commission.
Exit load 1% if the amount withdrawn or switched has been invested for less than a year.
Minimum investment
  • Rs. 5,000 for new investments
  • Rs. 1,000 for additional investments
  • Rs. 1,000 for investments through monthly SIPs.
  • Rs. 5,000 for investments through quarterly SIPs
Product label
  • The risk rating of this fund is Moderate
  • It is aimed at those looking for long term wealth creation through investments in the debt markets.
Benchmark Crisil Composite Bond Fund Index This is the index that is used to track the performance when investments include government securities as well as corporate securities that have CRISIL AAA or AA ratings.
SWP The minimum amount that can be withdrawn through an SWP is Rs. 500.
STP Available with a minimum transfer amount of Rs. 1,000 and a maximum tenure of 10 years.
Redemption The minimum amount that can be withdrawn from the fund is Rs. 500.

Fund manager(s)

Manish Banthia

  • Education: B.COM, CA and MBA
  • Past experience:
    • Aditya Birla Nuvo Ltd. – From May’05 to Oct’05
    • Aditya Birla Management Corporation Ltd
  • Other funds managed
    • ICICI Prudential Balanced Advantage Fund – Debt Portion
    • ICICI Prudential Equity Arbitrage Fund - Debt Portion
    • ICICI Prudential Short Term Plan
    • ICICI Prudential Blended Plan A – Debt Portion
    • ICICI Prudential Long Term Plan
    • ICICI Prudential Gold Exchange Traded Fund
    • ICICI Prudential Regular Gold Savings Fund
    • ICICI Prudential Child Care Plan – Study Plan – Debt portion

Investment philosophy or strategy

The investment philosophy of this fund is to invest only in the debt market. These investments are made in both government and corporate securities of both long and short term maturities. It also tries to balance the risk from liquidity and interest rates as much as it can.

Portfolio (As of June 30, 2015)

Company/Sector Investment
Long Terms Government Securities
  • 07.40% GOI 2035 SOV 13.60%
  • 08.60% GOI 2028 SOV 10.53%
  • 08.30% GOI 2042 SOV 10.24%
  • 08.24% GOI 2033 SOV 6.92%
  • 07.88% GOI 2030 SOV 5.63%
  • 08.17% GOI 2044 SOV 4.93%
  • 08.15% GOI 2026 SOV 4.72%
  • 07.95% GOI 2032 SOV 4.72%
  • 08.30% GOI 2040 SOV 4.04%
Corporate Securities
  • Nuclear Power Corporation of India Ltd. CRISIL AAA 7.05%
  • Reliance Utilities & Power Private Ltd. CRISIL AAA 4.06%
  • Power Grid Corporation Of India Ltd. CRISIL AAA 3.76%
  • IDBI Bank Ltd. CRISIL AA 2.66%
  • Reliance Gas Transportation Infrastructure Ltd. CRISIL AAA 1.82%
  • HPCL - Mittal Pipelines Ltd. ICRA AA- 0.94%
  • Power Finance Corporation Ltd. CRISIL AAA 0.86%
Short Term Government Securities
  • 01.44% GOI IIB 2023 SOV 5.94%

Risk measures

Sharpe ratio NA
Alpha NA
Portfolio beta NA
Std deviation 5.64% annual


AUM Rs. 4129.87 crores
NAV (As of June 30, 2015)
  • Regular Plan Growth Option: Rs. 43.2827
  • Direct Plan Growth Option: Rs. 44.4005
Expense ratio 4NA


2014-2015 (Absolute Returns) 2013-2014 (Absolute Returns) 2012-2013 (Absolute Returns) Compound Annual Growth Rate (Since Inception)
Scheme 10.64% 1.33% 12.58% 9.01%
Benchmark 11.1% 4.60% 10.72% -
NAV (in Rs.) 39.12 38.6 34.29 -

If an amount of Rs. 10,000 had been invested in this fund when it was introduced in 1998, then the value of that money would today be Rs. 43,282.7. This is assuming that the NAV is Rs. 10.

Expert view of the fund

This is a fund that is meant for those who are interested in investing in the debt markets. It invests the larger share of the funds in government securities, about 75%, and the remainder in corporate securities. Of the investments that are made in government securities, the largest part of the investment is in the long term instruments while only about 6% is invested in short term instruments.

How to apply

To be able to invest in this fund, investors have two choices. The first is to invest in the fund online through the ICICI Prudential website which allows both new and old investors to register and start investing. Once they have fulfilled basic requirements like KYC, they can go ahead and choose to invest in this fund in SIPs or in lump sum payments.

The other option available to them is that of starting the investment the offline way, which is by visiting the ICICI Prudential office and getting help from them with understanding the fund and filling out the paperwork. Once all that is done, payments towards these funds can be done through cheques, demand drafts, direct debits from accounts, NEFT/RTGS transfers and via debit cards.

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