SUSHRUT Q: My monthly salary is Rs 1 lakh. Age 35 yrs. no loan, one son, wife is working 50,000 per month after watching u r show. i took term plan of 1 crore for 30 yrs, from Kotak preferred term plan with premium of 20,400 in Jan 2011. I am already having two LIC policy. 1) LIC Bima kiran since 1995, cover Rs.2,30,000 premium 1919, for 30 yrs. 2) LIC Jeevan Anand since sept. 2009 cover 10 lakh, premium 54,646 for 21 yrs. (2 premium paid) Question 1) is it worth continuing Lic Jeevan Anand or invest the same amount in other instruments like mutual fund? 2) Does my wife needs insurance as my family is not depend on her income? Ans: It is very nice that you have taken a good term insurance cover. You can add one more term plan after 2 to 3 years. LIC Jeevan Anand can serve as a good savings option for your family given that the policy is also eligible for bonus. But investing Rs. 54646 for another 20 odd years is surely a big amount. You can look at mutual funds and SIP as they are capable of some good returns. But before you surrender the policy, seek some professional advice on where to invest and then exit from these two policies. If your wife is earning and you have children then you can consider an insurance plan for her. Otherwise you can look at some savings or monthly income plan options for her.
Visibility: 6707
Duration: 3m 54s
Rating: 15