My mother recently retired from Railways & has a corpus of around 60 lakhs to invest immediately. My mother & father both are now retired with no dependents & outstanding loans. For now, there are also no big-ticket expenses planned.
A bank’s RM where my mother has an account has suggested a ULIP plan to invest 50% of the corpus (wherein the RM has quoted a returns of around 14%) & the rest in a combination of FDs & savings account.
I have read multiple times that ULIPs are not a great investment product, more so for individuals who does not need insurance & MFs are better alternatives. I did a quick research & found that she should rather choose to invest the corpus in a combination of SCSS, Balanced MFs & FDs.
Kindly guide me if my above understanding is correct & also an investment plan for the mentioned corpus.
Thank you in advance.