Hi Sir,
I am Naveen and 34 years old. I have nuclear family and have one year old kid. I have HDFC Endowment Assurance for I which I have paid five premium. I took this policy so that I can save some tax but not knowing the benefits. Should I continue this policy and invest the lum sum money in other investment options?
Currently I am paying 25,473 per year and maturity date is 24-7-23. Apart from that I have LIC The Endowment Assurance Policy with yearly premium 3,544 which i took on 14/07/2009.
I took these policies without knowing there benefits. I took LIC's JEEVAN TARUN for my kid with Annual premium 25000 this year. My wife has no policies. I guess I am not with my investments .Can you please advise me some better option.
Thanks in advance.
Regards,
Naveen
1 Answers
Hi,
Suggest you to kindly take a Term insurance plan with adequate cover,a Personal Accident insurance plan and then can discontinue the existing traditional plans.
You may surrender the old policies and discontinue (lapse) the new Jeevan Tarun policy, after taking Term plan.
Kindly read:
How to get rid off unwanted life insurance policies?
LIC Jeevan Tarun : Review.
Traditional life insurance plans - A terrible investment option?
If life is unpredictable, insurance cant be optional!
Best Term insurance plans
Best Personal Accident insurance plans.
Term insurance + PPF Vs Traditional plans.
Claimed Tax benefits - they can be revoked?
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