How to get better coverage and better returns on my investment ?

POSTED BY adityasidhaye ON January 25, 2015 5:58 pm ONE COMMENT

Hello,

I have a LIC Jeevan Saral Policy since October 2008 (7 premiums paid) and with a yearly premium of Rs 36030 for 35 years. I have claimed 80C for all years but I feel the cover is in adequate. I feel I should surrender the policy and invest this amount into a term life insurance approximately Rs 12000 and invest Rs 2000 per month through SIP in an ELSS. This should still guarantee the 80C deduction while giving me better coverage and better value (hopefully) at maturity. Please advise whether my thought process is in the right direction.

Thank you.

Aditya

One reply on this article “How to get better coverage and better returns on my investment ?”

  1. S T says:

    Aditya,

    I am no expert, but I feel you are headed in the right direction now. This is what I have done as well.

    Also take into account, you PF deduction which is part of 80C. The reason is, if your PF, Term Insurance and little bit of ELSS can take care of your 80C, then you can invest rest of the amount in an non-elss fund, which has a lesser lock-in period.

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