Sir,
I h've started to invest in HDFC SL sampoorn samridhi PLAN from the year 2013,my annual premium is of Rs 22,000/-(lumpsum) and my investment period is 20 years Amount that is assured to me is Rs 400,000/-. and I may get returns varying between 6% to 10%.I've already paid THREE installments .I must admit that this was my first and un-planned investment.I seek your advice that whether I should continue with it or I should surrender and If I h've to surrrender what will be the right time.
THANKS
1 Answers
Hi,
HDFC Life Sampoorn Samridhi Insurance Plan is a traditional plan with 2 unique options of Enhanced Cash and Enhanced Life Cover.
If you have opted for Enhanced Cash Option, you would get the usual Maturity Benefits along with additional Bonus. If Enhanced Life Cover is chosen, then you will get life long protection (risk cover) till 99 years of age.The second option is a whole life cum endowment plan.
However, if the life insured dies within the policy term, then the Sum Assured along Bonus accumulated till then would be paid to the nominee.
These kind of traditional plans can give around 3 to 6% (avg) maturity returns and not advisable to invest. Your expectation of returns between 6% to 10% may not be achievable.
You may SURRENDER this plan and allocate the saved premium to term plan (if you do not have) or invest in better investment alternatives as per your financial goals.
Kindly read:
http://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/
http://www.relakhs.com/traditional-life-insurance-plan/
http://www.relakhs.com/list-of-best-investment-options-schemes-in-india/
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