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POSTED BY ON January 21, 2013 9:54 am COMMENTS (3)
My age-32,Male,married.Annual income-5 lacs,Home Loan EMI-16,000/month,Income tax-25,000/year
From year 2006-
LIC Jeevan Anand Policy of premium-Rs.5,000/year–sum Assured-1Lac afer 25 years
LIC Jeevan Saathi Policy of Premium-Rs.27,321/year-Sum assured—5lac
LIC Jeevan Surabhi Policy of Premium-Rs.15,000/year
I want to know-Should I continue with the above LIC Policies.By going through this forum,I felt bad that all I have done in LIC is of no use & I have to go for SIP & a good Term Insurance plan to start with.Please comment.I am better late than never for financial planning.Thanks to Jago Investor & Team.
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As per my knowledge, tax is not deducted on any interest paid on any savings account or deposit in any of your recurring deposit account, be it with any bank, or Co-operative credit society or Cooperative bank. In case you are looking for investments, I’ll recommend you to opt for a medium term investment. Check with DBS Bank India as I have heard they offer good services in this segment.
http://www.dbs.com/in/personal/investments/alternates/private-equity-fund.aspx
Dear Archana, the title & the content of your post are not matching.
for your insurance needs please purchase a term cover of at least 15 time sof your annual income + home loan. So it roughly translates into a term cover of 1Cr. Rs.
Please divert your saved prem. as well as surrender amount into MFs for long term investing.
The RD interest is taxable but not subject to TDS. Interest is calculated on qtly basis.
Thanks
Ashal
Please get yourself term insurance after calculating your insurance needs.
Then surrender these polices. Use the money being paid as premium and the surrender value to invest for your goals using mutual funds and debt instruments
Dont see relevance to the title and your question but anyway:
Yes RD is taxable as income. The compounding for most banks is done quarterly basis