My Investment & Insurance Planning- need suggestion

Q & A Forum › Category: Financial Planning › My Investment & Insurance Planning- need suggestion

Siva prasad asked 7 years ago

Hi sir, my self siva prasad. I have the below investments. 1)jeevan anand started in 2013 Per year investment 20008 Policy term 77yrs /need to pay 25yrs 2)jeevan labh started 2018 Per year investment 22785 Police term 25yrs/need to pay 16yrs I have started investing in mutual funds from one year till now save 49k in that through a advisor. Investing 4000 ( 2000 ,1000,1000(Elss)) in different funds. Now I feel i have done wrong in choosing jeevan labh. My age is 29 Now my package is 3.1L I have only health insurance provided by company 14lakhs per anuum for that my contribution is 5500/- per year. I dont have any term insurance. Could you please suggest me how to mover further, if i drop from jeevan lab and invest in mutual fund and do i need take any term plan . I am totally confused of planning

4 Answers

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Sreekanth Staff answered 7 years ago

Hi, 1 - Jeevan Aanand is ok kind of Plan but Jeevan Labh is not a good plan, you may discontinue it. May I know, if you are married and have dependents? Kindly read :

2 - Kindly share the MF scheme names that you have invested in.. 3 - Kindly do not depend entirely on Employer provided health cover only. Read :

Difference Between Individual (Personal) & Employer based Health Insurance Plans – Pros & Cons

Siva prasad replied 7 years ago

Hi sir,
Thanks for your response

I am unmarried .
Below are the funds i am investing
1) Reliance Large gap fund growth
2)aditya birla sunlife equity fund growth
3)reliance tax saver elss fund growth

My father is retierd employee

Could you please suggest me how to plan my investments from now for the future.

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Sreekanth Staff answered 7 years ago

Hi, In case, your father is dependent on you financially, suggest you to buy a Term life insurance cover and discontinue LIC Jeevan Labh plan. Get your self covered under a Health insurance plan.If required, buy a separate mediclaim cover for your father as well. You may continue with your investments in the above mentioned funds. Kindly read :

rajpurohit_np replied 7 years ago

Sir I am having maxlife endowment plan starting from 2015 to 2035 maturity I have to pay 50000 per year for 10 years ftill now I paid 2lakhs but I am not able to pay 50000 premium now I have to pay 50000 so what to do I if I withdraw than i would get only 1.23laks so what to do if I continues than maturity guaranteed amt is 585000and non guaranteed amount will be slab like 4%=6%=8%. 10 laks will be highest amount if get 8% . Maturity will b 2035

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khandelwalnavin answered 7 years ago

While insurance is a good way to secure your future, the returns in case of insurance is comparatively less. A better option would be to choose systematic investment plans of good Mutual Funds. You can use the SIP calculators available on the net to decide the right amount you need to invest. Pick a plan that offers better returns at lower risk.

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khandelwalnavin answered 7 years ago

Thank you!