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HI, I AM A MARINE ENGGR.,AM 43 YEARS OLD,AND WISH TO TAKE ENDOWMENT POLICIES,HAVE 2 KIDS,7 YEARS,AND 4 YEARS OF AGE,I WOULD LIKE TO HAVE A AMOUNT OF RUPEES ONE CRORE,BY THE TIME I AM 6O YEARS,OF AGE.KINDLY ADVICE ME.,ALSO LET ME KNOW,WHAT SHOULD BE THE THE RIGHT POLICY.TO BUILD UP TO THE AMOUNT.I HAVE MENTIONED.
Pawan
Why do you want to buy Endowment polocies.. do you know the return they provide in long run in % terms , you should use equity for your long term goals . Endowment policies is not the right approach .
to make 1 crore in by the time you are 60 yrs (in 17 yrs) you have to invest around 15,000 per month assuming 12% return. You might have to invest 30,000 per month if you go with Endowment policies or anything which gives around 6% return .
Manish
THEN.IN THIS CASE,WHICH INSURANCE POLICY,SHALL,I BUY,I WOULD LIKE TO MIX,INSURANCE WITH INVESTMENT,PS. ADVICE ME?
Pawan
Dont mix insurance and investment .. Take pure term cover through Term policy . You can choose out the companies yourself. . mix 2 in one .
Manish
HI THERE,I AM 43 YEARS,OF AGE,HAVE TWO KIDS,ONE IS 7YEARS,AND THE OTHER IS 4 YEARS,OLD,I AM INTERESTED IN BUILDING A CORPUS OF ONE CRORE,BY THE TIME I AM 60 YEARS,OF AGE,WHICH INSURANCE POLICY GIVES ME A MAX. COVER,SHOULD I MIX,UP INSURANCE,WITH INVESTMENT,WHAT SHOULD BE MY APPRAOACH,PS. GUIDE ME.?
Sir,
I am 53 yrs old Chem Engg working in the oil industry 4 the last 30 yrs (the last 8 yrs in Kuwait). This yr I plan 2 quit and go home. My asset allocation is at present 63% debt & 37% equity. I hv pure equity, balanced MFs,Bank FD’s, PPF, PO-MIS & LIC Annuity. I am now looking for some schemes that give me regular monthly income (hv exhausted the MIS limit). What is yr opinion on MIP’s of MF’s? Where else can I park som funds?
Thanks & Warm regrds
Nihar
your asset allocation seems perfect considering your age . Why dont you think about Senior citizen saving schemes also . you can use that to get some good monthly income with good return . You can also opt for some MIP from mutual funds , just that the returns from them will be volatile depending on equity allocation . So better go for something which is more stable over long term and have less standard deviation in returns . See valueresearchonline.com for details and comparision .
What is your age ? You dont have anything in real estate as investment ? because a good rental income can also be alternate to pension .
Manish
dear manish ,
u have a very broad analysis for the jeevan tarang plan wherein by facts and figures
u do convince everyone not to buy an endowment cum whole life plan but i would like to point out a few things
i am 28 yrs old i have a daughter who is 2.5 yrs old
i have received an illustration from a lic agent as follows
i shall opt for a policy in my childs name at age 2
by opting fort a 10 lac cover premium payble is coming to rs 48ooo/-
now comes the best part
*****the policy has even a premium waiver rider wherein if i die the policy shall continue for the entire period of 20 yrs and premeium shall be paid by lic
so if i do survive my kid shall receive a lumpsum bonus amount of rs 960000/-back in the 21st year of premium where my babys age would be 23 years
and she shall receive 55000/- i.e 5.5% annuity till death lets assume if my daughter does survive up to age 75 she shall receive a sum of rs 55000 for 50 yrs ie rs 27,50,000/-
and on death she shall receive rs 10,00,000/-
with all the sums guarnteed by the lic
dont u still feel its a better child plan than compared to any thing offerd by any company
in market
kindly be feel to respond on same
regrds khushal
mr Khushal
THe point is again the same . The premium waiver option is not free , everything comes with a cost and that cost is factored in your premium . I would again like to say the same thing , that you can create a better thing yourself . You can take term insurance upto a amount that incase you die , a lumpsum amount of 10 lacs can be used at the time of death and some part can be invested for long term , so that when the daughter is age 23 , she recieves a lumpsum amount again . I still dont see LIC JT performing better than MF + Term combo .
Yes , all this takes effort , but if one wants a single policy to perform everything , then it comes with a cost and JT will offer that happily because thats how they make money .
What do you think ?
Manish
hi manish,
I wanted to know how would “mahindra satyam” stock perform in 2010.
Is this a right time to go for it.
Sourabh
I am not sure if I can help on that . I am not following stocks there days . But to answer your question , the best thing would be that you list out the reasons on why you feel it can perform and then we can brainstorm on that. just getting a yes or no will be fruit less . atleast for long term learning .
Manish
Sir, I am 23 years old & earn just about 20000 per month. Which is the best place to invest for me. Should I invest in monthly SIP. Which SIP will be better for me?
Harpreet
thanks for your first comment on this blog . There is nothing like best place to invest, its all about your risk appetite and time frame and return expectations . You can look at http://www.jagoinvestor.com/2009/08/list-of-best-equity-diversified-mutual.html for long term investments . Dont take ULIP’s please .
Hey Manish,
I came to know about your site from one of my friend. It is really interesting. Its a one stop for all the financial queries.
I would like to know if you know anything on the “Max Mangal Life insurace”, it is a endowment policy for which i have to pay for 6 years and the insurance is covered fo 12 years. I had to take this policy without knowing any details about this, as the Barclays finance company said this is mandatory for approving any loan
, not sure how far it is correct. But as I was running out of time, i opted for it.
I just want to know, is this a good one to keep or stop paying the premium for the Next years.
Thank you in advance,
Narasimha
Narshimha
I dont think it has anything good in it . its a regular endowment plans and we hate them at this blog here
. So try to get out of it and utilize your money in better way , see if they have left any less pain ful exit door for you or not .
I cant imagine this that they said its “mandatory” to buy this plan for loan approval . These can not be mandatory and if it is then make sure you never deal with this company again . its un ethical , complain to that company ombudsman and escalate to consumer court of not a faithful service
Manish