Hi Sreekanth,
I am 30yrs old, married and blessed with baby. i am working in private firm as Sales executive and my income approx 5.4L PA.
Its all begin when i started to explore for investment related things over net and that to mainly education investments for my child. i came across your site and started studying your articles and Q&A. i have to appreciate you for doing this, congrats.
currently what i am holding
1) on me two LIC bonds sum assured of 1L.75T and premium of 7500 PA (both together).
2) on my spouse sum assured of 3L and premium paid of 10500PA. After reading to your articles (best TIP, rid off unwanted LIP,etc) i am just thinking to rid off above planes.
3) apart from my Apollo Health.IP from company, this year opted for ICICI Lombard Complete Health Insurance for SI of 7lac for me and spouse. next year i will include my child too.
Now coming to my Questions and doubts, please find below things
Term Insurance Plan:
After reading to your article, i thought of going for Term.IP and selected
ICICI, HDFC, LIC, SBI in each & every policy again there are 3 to 4 options to select. for eg in ICICI there are Life, Life +, L&H, All in one.
which one to select? and how to judge that this will be the best?. whether policy term period is better for 30 or 40 years??
Health Insurance Plan:
As i mentioned above, already opted for HIP. hope that is sufficient.
Child education investment Plan:
As i said above, Actually my goal was to start this investment at right place and in right direction so that i can get good returns which will be helpful for my child education. please check below plans
1) SBI life - Smart Scholar (linked insurance plan )
2) Icici Pru smart kid (unit linked life insurance plans)
3) Hdfc life - young star (3 plans are available)
apart from above please find the below link in which stating so many other company plans https://www.policybazaar.com/life-insurance/child-plans/
with respect to education plan my quires are as below.
- we are looking for a period of 20 year from now, so how to choose/select/look at a company for investment, over a period of time any thing can happen.
- all the above plans are linked plans i.e invested money will kept in the mutual funds. so how can we trust the market and its up and downs.
- there is option by over self we can change the ratio or that particular company will do which is better.?
- what is your suggesting related to child education investment??.
- what is your opinion on birla sun life and UTI plans??
2 Answers
Hi,
1 - Kindly share details of your existing life insurance policies - Plan name, commencement date, tenure etc.,
2 - You are the best person to judge which is suitable to you, as per your requirements. But, my suggestion would be to buy a Term plan with basic cover and then a stand-alone Personal Accident Insurance plan (if you do not have one) and also a Critical illness plan (if required).
Kindly read below article ;
http://www.relakhs.com/aegon-life-iterm-insurance-plan-benefits/
3 - You may avoid buying Child oriented life insurance plans.
4 - Suggest you to buy a Term plan with adequate cover and can start investing in mutual funds.
Kindly read :
http://www.relakhs.com/personal-financial-planning-articles-list/
http://www.relakhs.com/calculate-kids-education-goal-amount/
http://www.relakhs.com/list-of-best-investment-options-schemes-in-india/
http://www.relakhs.com/top-up-health-insurance-plans-super-top-up-india/
Hi,
Good to know that you have taken Term insurance and Health insurance covers.
Existing Life Insurance policies :
- You may surrender LIC Jeevan Saral & Endowment plans
- May I now if your spouse is an earning member of your family?
- The three LIC plans are traditional plans, at best we may expect returns of around 4 to 6%.
My wife is not a earning member of my family can i opt for term insurance for her.
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