I have 4 Lic policies Jeevan Mitra and Jeevan Saral taken in 2010 with a sum assured of Rs.3 lacs with a yearly premium of Rs.14400. Then in 2014 got Jeevan Rakshak sum assured Rs.2 lacs with yearly premium of Rs.7000 and in 2016 Jeevan Anand with Rs.4 lacs sum assured and Rs.18000 yearly premium. I am 31 years and I need Rs.20 lacs after 15 years for child education and then good amount for retirement shall I close any of my Lic policy and switch to SIP Mutual Funds or LIC?
I need your suggestion what should i do shall I surrender or what to do m confused please suggest.
If you feel for your long term goals 5% to 6% returns are BEST, then definitely you must continue your all LIC policies. Otherwise, you must come out of all those dumb products at the earliest.
To me, what you are investing in LIC products, is the BIGGEST MISTAKE.
Please suggest what should i do?
Thank u for quick response I have Medicalim for my family n myself n will go for a term plan n what about jeevan Anand have started in August n will switch to sip but which plan in sip ?
If policies completed 3 years, then first surrender all (I know in some policies you may receive less than what you paid, but it is required). Then immediately buy a term plan of around 15-20 times of your yearly income. Then buy accidental and health insurance for your family. Create an emergency fund of 6-12 months of your expenses. Once, these are met, then we discuss further.