Hello Sree,
As of now I have only LIC( Endowment plan –Jevan Anand) with sum assured 10Lacks with 40k premium \year for 20 years. I have 3 lacks medical cover via my company for me and for parents 1 lakhs with 5-7 K premium\year.
Except this I don’t have any other investments currently and I am loosing terribly on TAX and I am looking for finical planning advice.
- I am planning for long term investment plans with good returns open for SIP or Yearly, Please advise best way to invest and also suggest 3 options where to invest and with tax benefit.
- Is LIC plan which I have currently, is it good and can I continue or shall I surrender this and plan of alternate options, like Online Term Insurance Plans?
- Medical policy- since I have dependents, do we have any online policies which I can opt for or shall I continue with company medical policy.
3 Answers
Dear Kishore,
1 - If you have family member(s) who are financially dependent on you, suggest you to buy a Term insurance plan with adequate life cover.
The traditional plans like Jeevan Anand have high premium rates with low life cover and these kind of plans can at best give you returns of around 4 to 6%.
Kindly read :
https://www.relakhs.com/traditional-life-insurance-plan/
https://www.relakhs.com/term-insurance-plan-a-waste-of-money/
https://www.relakhs.com/insurance-importance-life-health-accident-covers/
https://www.relakhs.com/best-online-term-insurance-plans-india/
2 - Also, consider buying a Personal accident cover. Do not depend entirely on Company provided group health cover. In case, you are married, can consider buying a family floater plan for self + family and stand-alone mediclaim/family floater plan for Parents.
Kindly read :
https://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/
https://www.relakhs.com/factors-tips-best-health-insurance-plan-india/
https://www.relakhs.com/employer-based-health-insurance-plans-vs-individual/
https://www.relakhs.com/best-family-floater-health-insurance-plans-details-checklist-comparison/
3 - Once you buy a term plan, can consider discontinuing your existing life insurance policy.
https://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/
4 - Besides, tax saving, may I know your Investment Objectives / Financial goals??
Thanks Sreekanth for your reply, My investment Objectives is to investing in MF or other good options which can help in save tax and also which give good returns. Currently I have 60K unused from1.5Lack cap to start with.
Do you recommend tax saving (ELSS) funds over the other permitted options? If yes, Can I go for Tax Saving (ELSS) funds option?
Please tell me best ELSS FUND preforming last 7 years with return wise.
Hi,
If you can afford to take risk, ELSS can be one of the best investment options for tax saving + long term wealth accumulation.
Kindly read :
https://www.relakhs.com/best-elss-funds-2017-2018/
https://www.relakhs.com/tax-saving-investment-options-us-80c/
https://www.relakhs.com/list-of-best-investment-options-schemes-in-india/
Hello Sree,
Thanks for reply and it is help full .
which one will you suggest for ELSS, 1)Birla Sun Life Tax Relief 96 or 2)Axis Long Term Equity Fund .Or can I invest 30K in each. can I opt for 5 years or 10 years.
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