sir,
my son is Malaysia. now he is paying tax at 21%. he does not have any pf and pensions.but if he is invested in life insurance in india, he have been exempted from tax. so , i suggest him any ulip .in order tax to exemption . basically , iam against ulips. but in this situation , i suggest him ulips for 10 years. i feel that it is better investing in ulips than endowment policies. what is your suggestion. if agree what are the best ulips in india.
thanking you
regards
paturi.
4 Answers
Hi,
Investing in ULIPs for long-term is definitely a better suggestion than opting for Traditional plans like Money-back or Endowment plans.
Suggestion from my side ; May I know if he has any existing Life Insurance policies? In case if he has dependents and/or have financial liabilities/obligations, you may suggest him to buy a Term Insurance plan.
Kindly go through below articles;
If Life is unpredictable, insurance can't be optional.
Best Term insurance plans in India.
Thank you for your reply.
As per your mail,
He is having 2 laks ringets or 32 lakhs provided the company under group insurance scheme.
Further, he is having 5 lakhs endowment policies in l.ic. he is having wife and one male child aged about 4 years. He wii be provided medical insurance all the members of the family by the company.
Child education will be taken care by me under assets like real estate etc., as i having only one child . only he has to save for retirement
Now he wants some investment in ulips which fetch some insurance .
As some doubt, usully , ulips provided by 10 x or 6 x of insurance premium paid by him. If he wants
To reduce the insurance component by 50%, is the mortality charges will be reduced to that extent?
Becuse he want to ulip investment is purely investment but not insurance. So 98 or 96 % PREMIUM by him shouldgo investment.
So, the he is having in option to minimise the insurance component , then he is willing to term policy about 20 lakhs or so .
Please advice on this.
Keeping in view above points , please suggest him one or two good policies under ulips for investment purpose. He ishaving long term 15 or 20 years . since to exempt from i.tax in malysia.
Please advice alternatively for best method of investing for i shall be grateful to you sir
May god bless you sir
Sinerely,
p.bapaiah
Hi,
Kindly re-assess his life insurance requirement (risk cover only). I believe it is always advisable not to depend only on Employer's provided group cover, (life or health insurance).
My sincere advice is to buy a stand-alone Term insurance plan and I believe that his employer will accept the premiums paid towards Term insurance plan for tax deduction.
After buying this plan, he may consider investing in HDFC online ULIP plan 'Click2Invest' plan. It is considered to be the cheapest ULIP plan available in the market.
Kindly read:
Best Family Floater Health insurance plans.
Best Portals to compare health plans.
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