Sir, my wife is a primary school teacher earning 32000 per month. She is 27 and a mother of 3 years old girl . I want to buy an LIC policy for her. I don\’t have any idea about LIC policies. So please suggest some best Best LIC policy for child future according to the above-mentioned condition ASAP.
My answer is NONE. Because such so-called child plans not even able to beat the general inflation (forget about kid’s future education and marriage inflation). A product like Sukanya Samriddhi Account or PPF may be better than LIC child plans.
You must buy insurance only to protect your life risk. Hence, I recommend you to buy term insurance to the tune of 15-20 times of your yearly income. Then start investing around 30% in Sukanya Samriddhi Account or PPF. Rest 70% must be in equity mutual funds.