How mutual funds have been buying life for cancer victims in India

In the world of mutual funds, your dividends, interest rates, risks et al are calculated to bring returns on every penny that is invested. But did you know that there was a scheme that not only brought returns to its investors but also brought life to many cancer patients across India? And that you could also determine the amount of smiles you can generate in a universe that lives off meager earnings and cannot even dream of being cured of a life-threatening disease? [caption id=“attachment_1418191” align=“alignleft” width=“380”]  Milind Barve, Managing Director, HDFC Asset Management Co. Ltd. at Indian Cancer Society’s Rehabilitation Centre in Parel[/caption] Three years ago, in perhaps one of the most sustainable ways of giving back to the society, HDFC AMC kick-started an initiative that not only earned returns on its investments but also made cancer cure affordable to many cancer victims. Under this scheme HDFC Mutual Fund’s investors have contributed generously to the Indian Cancer Society (ICS). Approximately Rs. 11 crores have been donated by investors over the past three years, Smita Aggarwal, member of the National Managing Committee at ICS, told Firstpost. The fund has financially supported many cancer victims who could not afford medical treatment. “My 8-year-old son knows I have cancer but also knows that his father will get well soon,” said Narendra Patil, 34, a Burkitts’s Lymphoma patient and a farmer from Jalgaon, Maharashtra. Patil, has a family of seven and earns Rs. 1600 a month. Through the HDFC Debt Fund for Cancer Cure he received help of Rs. 1.5 lakhs. Another such beneficiary is Athira P.P., a 19-year-old girl from Kerela. She is an Acute Myeloid Leukemia (AML) patient and her dream is to become a teacher. Her father, a daily wage labourer earns Rs. 2000 a month and is the sole bread winner for his family of five. Now studying for her final exams in college, Athira is confident of surviving cancer after receiving funds for her treatment. Over thousands of others have been able to embrace life with the cancer fund. HDFC Debt Fund for Cancer Cure has begun new fund offer from 25th February which will run until 11th March, 2014 for its second series of a three-year run. HDFC Debt Fund for Cancer Cure 2014 It’s a 3 year closed-ended capital protection oriented income scheme which works as a fixed maturity plan. Under this scheme, investors can choose to donate either half of the declared dividend to ICS or 100 percent of the dividend earnings. Minimum investment starts from Rs. 50,000. A maximum of Rs. 4 lakhs are donated to each patient. Aggarwal believes that in a general scenario, cancer treatments are not affordable despite donations because the contributions of a few thousand rupees can’t match up to treatment costs. To ensure that the donations go to the right hands, the HDFC team along with ICS officials verifies medical background, kinds of treatment required and other details of prospective beneficiaries. Recommended cases are then screened by a governing advisory council (GAC) which is led by Usha Thorat, Former Deputy Governor, Reserve Bank of India. So, the benefit it holds for debt fund investors is not only the satisfaction of knowing that their donations are going to the right hands but also eligibility for income-tax deduction under section 80G. And it ensures, that many Athiras can fulfill their dreams and many more Narendras can see their sons and daughters grow up without worrying about cost for their cancer treatment.