I have taken SBI smart scholar for my children(older kids 9yrs old,younger one 4 years old) education expenses 10 and 15 years later.Paying term is ten years of which two years completed.As I had no prior knowledge of mf,100%equity allotment has been done.Pls guide as to by how much I should reduce equity for each kid’s goal.Thee seems to be equity optimiser fund( 60 to 100%in equity,nil-20% in debt and money market),growth fund(40-90%in equity,10-60%in debt,nil -40% money market),balanced fund(40-60%equity,20-60%debt,nil-40% money market) .
The biggest mistake you did is that you considered this product as Mutual Fund. But it is actually ULIP sold to you by SBI Life but not by SBI Mutual Fund.
Second, considering the cost involved in such products, I don’t think it is prudent to continue. But no option to continue up to 5th year and then discontinue. These are most hazardous products to invest.
Are all children money back policies equally hazardous??
Thank u for Ur valuable guidance. have taken money back policy from lic also.Is it prudent enough to continue?
This comment applies to LIC’s plan also “Avoid products which combines Insurance with Investment (Endowment, Money Back, Children Plans or ULIPs). Also, avoid plans which sold as CHILD PLANS.”
Avoid products which combines Insurance with Investment (Endowment, Money Back, Children Plans or ULIPs). Also, avoid plans which sold as CHILD PLANS.
Sir,is there any damage control possible by switching fund options in SBI till I continue for five years and if so pls suggest from the above options so that atleast I get back what I had paid as premiums.