A) I have three policies :
1. Jeevan Sathi : SA : 100000 (premium ~5200Yearly) – (for 21 years) (Start date : 2010)
2. Jeevan Saral : SA : 125000 (premium ~6005 Yearly) – (for 21 years) (Start date : 2010)
3. Jeevan Saral : SA : 125000 (premium ~6005 Yearly) – (for 21 years) (Start date : 2010)
Should I continue this policies? What max. return I get with vested bonus ? for each policies (approx idea is enough)
If I discontinue, How much I get on surrender?
B) I have one home loan (~25000 EMI) with term plan. If something happens to me, My family need not to pay any further home loan EMI. Is it enough term insurance for me OR Should I go for additional term plan ? Please advise.
C) I am planning to Invest in Sukanya Smriddhi scheme? 3000 RS. / Month. Is it good scheme for girl child?. Wanted to ensure some amount for children education.
D) I wanted to have ~ 50 Lacs at retirement? What should I do? SIP or PPF else?
My yearly income is ~ 12 Lac. I am 30 years old. I am the only one source of income for my family. Five Family member.
Thank you for your advise in advance.
A) If you feel the return of around 5% to 6% is BEST, then continue both Jeevan Sathi and Jeevan Saral. Otherwise, strictly surrender at the earliest.
B) Your existing term insurance ONLY covers the home loan. But about the future protection for your family? How they can survive in your absence? You have to buy another term insurance with approximate sum assurance of around 15-20 times of your yearly income.
C) It is pure debt product and also a pure political idea behind it. No one care when the present NDA Govt replaced by new one in future. There is a political risk involved. Hence, stay away from such products.
D) Rs.50 lakh in today’s term or future term? Currently Rs.50 lakh may seems to be BIG. However, when we consider the inflation, then it is totally less amount. If your retirement goal is more than 10+ years or so, then the best option for you is to go with equity-oriented mutual funds.