"LIC" v/s "HDFC SLI + Mutual fund"?
I enjoy 2 LIC Jeevan Anand Policies for which I am paying 26,000 /- p.a. (they are only 1 year old)
Assured shelter = 5 lakh, returns on parenthood = 10-15 lakh (as per my knowledge)
Recently I hear of HDFC SLI which can bequeath you protection shield of > 15 lakh for merely 5000/- p.a. (but no returns on maturity).
I am not long married and my age is 27 yrs.
So I hold 2 priorities-
(1) secirity shiled to family
(2) investment in open market (e.g. mutual fund) a.s.a.p. to carry more benefit of compounding.
so I be wondering to close my LIC policies and distrucute my money as-
(1) 5000/- in policy liek HDFC SLI, so that my ancestral will bring deposit of > 15 lakh
(2) 21,000/- within mutual funds which after 20 years will afford me returns far better than LIC (as per my knowledge)
I know that MF is riskier than LIC, and I will hold to keep hold of regular keep under surveillance on it, so that I can divert / cancel money when marketplace go down.
Am I thinking of right odds ? or I am putting my money in risky means of access ?
Answers:
I am a financial advisor and my belief is Insurance is not Investment. i repeat, Insurance is not investment.
My recommend to you is You already own insurance policies. why are you still planning to buy more. Insurance is outstandingly expensive my friend. Especially surrounded by luggage of Market Linked Insurance Policies it is deeply vastly expensive. Also you own to clear the premium for at lowest possible 3 years even if you know that it is not performing capably.Go for the mutual funds. They administer you better return on long occupancy. and you own the odds to switch to another fund if the one you enjoy is not performing resourcefully. and It is really cheaper.
Insurance is just benificial to their agents not investor. So judge twice.
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Assured shelter = 5 lakh, returns on parenthood = 10-15 lakh (as per my knowledge)
Recently I hear of HDFC SLI which can bequeath you protection shield of > 15 lakh for merely 5000/- p.a. (but no returns on maturity).
I am not long married and my age is 27 yrs.
So I hold 2 priorities-
(1) secirity shiled to family
(2) investment in open market (e.g. mutual fund) a.s.a.p. to carry more benefit of compounding.
so I be wondering to close my LIC policies and distrucute my money as-
(1) 5000/- in policy liek HDFC SLI, so that my ancestral will bring deposit of > 15 lakh
(2) 21,000/- within mutual funds which after 20 years will afford me returns far better than LIC (as per my knowledge)
I know that MF is riskier than LIC, and I will hold to keep hold of regular keep under surveillance on it, so that I can divert / cancel money when marketplace go down.
Am I thinking of right odds ? or I am putting my money in risky means of access ?
Answers:
I am a financial advisor and my belief is Insurance is not Investment. i repeat, Insurance is not investment.
My recommend to you is You already own insurance policies. why are you still planning to buy more. Insurance is outstandingly expensive my friend. Especially surrounded by luggage of Market Linked Insurance Policies it is deeply vastly expensive. Also you own to clear the premium for at lowest possible 3 years even if you know that it is not performing capably.Go for the mutual funds. They administer you better return on long occupancy. and you own the odds to switch to another fund if the one you enjoy is not performing resourcefully. and It is really cheaper.
Insurance is just benificial to their agents not investor. So judge twice.