i am a central govt. employee, i need to save(invest) around 90k for this F.Y 2019-20 as to get my total taxable income below 5 lacs.till date , i never made savings in LIC or PLI except in NPS..yearly my NPS contribution is around 65k..so now i decide to invest these 90k in both lic policy (samridhi) and PLI ..i heard lic is not so good..
so please can u give any ideas & suggestions regarding this issue?
Kindly note that the current FY is 2018-19.
I am assuming you would like to plan for FY 2019-20, from now itself..
May I know if you have adequate life insurance cover? Do you have family members who are financially dependent on you?
yes, i am planning for FY 2019-20, from now onwards.
no, dont have any life insurance till date except National pension scheme.
my family members are not financially dependent on me..
In case you are married, you may buy a Term life insurance plan instead of Traditional Life insurance plans like money-back or Endowment.
You may consider saving in Public Provident Fund and ELSS mutual fund scheme for long term.
Can consider taking a Health insurance plan.
Kindly read :
- Top 9 Best Online Term Insurance Plans in India
- Traditional Life Insurance Plan – A terrible Investment option?
- Income Tax Deductions List FY 2019-20 | List of important Income Tax Exemptions for AY 2020-21
- Best ELSS Mutual Funds to invest in 2019 & beyond | Why to Pick ELSS Funds for Tax Saving?
- List of all Popular Investment Options in India – Features & Snapshot
thank u Srikanth!!