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POSTED BY ON July 20, 2012 10:37 am COMMENTS (4)
Hello
My husband is 34years old and below are his investments in LIC policies . 1.MARKET PLUS 2.MONEY BACK 3.JEEVAN ANAND 4. JEEVAN ANAND (with profits) 5.HEALTH PLUS 6 .JEEVAN TARANG 7.PROFIT PLUS 8.NEW BIMA GOLD .
Please suggest if any corrections need to be made on the above policies or can be replaced with any new policies .
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Hi Ramesh,
Can you please elaborate more on “Your husband NEEDS a proper life insurance cover, which I do not think is being provided by all those plans.”
What do you mean by proper life insurance?
I am asking because I also have LIC policies like Jeevan Mitra, Jeevan Bima Gold.
Proper Life Insurance – If you keep digging these 3 words , you will get the answer yourself .
What is proper life insurance – A life insurance which can help my family provide all that I always wanted to give them and might be able to provide them if I am alive in my life. It should make sure that they have a house , they should reach all their fianncial goals like children education , marriage, car , a good life style – which would cost Rs 50,000 per month increasing by 8-10% each year.
How much money can provide this ? – Rs 1-1.5 crore atleast in today’s value
Now go back and ask – “If I die today , will my insurance policies give that much to my family ?” – Answer is NO for 99% people who have taken life insurance in India. It adds up only anything between 5 lacs to 20 lacs , Or to put it in a better way 2X of their annual income , a person earning 5 lacs in all probability does not have life insurance of more than 10 lacs , thats average !
Manish
Perfectly written.
1. Please check out a decent financial planner.
2. Your husband NEEDS a proper life insurance cover, which I do not think is being provided by all those plans.
3. Check out books by Manish (Jagoinvestor) and PV Subramanyam (Retire Rich @ 40 a day).
Do read a lot, understand and learn.
Ramesh