LIC is good or bad
I need your suggestion as I have one query
I bought 3 LIC policies for 25 years and already paid 10 years premium and 15 years premium is still pending.
Shall I surrender the policy or continue to pay the premium?
My LIC policy is endowment and I checked the surrender value of one policy which is 1.4lakh and I paid the premium till this year is 1.9 lakh.
So pls share your view on this.
Thanks in advance
I understand that you have three Endowment policies, all in your spouse's name?
Suggest you surrender them and re-invest the proceeds towards your financial goals.
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May I know, do you have an adequate life cover through a Term Life for self & Health Insurance Plan for self and/or family?
Suggest you to super-top-up your health insurance
If you have been investing in mutual funds, you may kindly share the scheme names?
May I know the number of years left to reach these goals?
You may continue with your investments in these schemes.
Can add an hybrid equity fund like Mirae hybrid equity or HDFC hybrid equity to your kid's education goal (can divert a portion of your surrender lic policies premiums to this fund)
Invest for your retirement plan as well!
Dont just go by the name of a Mutual Fund scheme.
Any mutual fund scheme can be mapped for a retirement goal.
You may pick a multi-cap or index fund (nifty 50 or nifty next 50), mid-cap and equity hybrid fund for your long-term goal.
Suggested reading : HDFC Retirement Savings Fund – Tax Saving cum Pension Scheme – Details & Review
Plz dont think you are bothering me! not at all dear!
Kindly dont worry too much about the fund size and exit load (as your investments are for long term).
You already have exposure to quant fund..