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POSTED BY ON March 29, 2012 3:32 pm COMMENTS (10)
Hi This is Sivananthan I happened to see ur website while i was searching for a term plan, Ur site is very informative and easy to understand Currently i have the following policies and SIP
Iam paying Rs.1,36,000 per annum towards 2 jeevan anand policy with sum assured of Rs.32 lakhs for me and my wife
Iam also paying Rs.2000 towards Sundaram select mid cap for the last 8 months and Rs.2000 for Reliance Gold SIP for the last 8 months
I want to invest for my child future , she is 2.5 yrs old. Iam 36 yrs old. I also want to save for my future and build a good corpus for retirement.
I also don’t have a term plan and planning to take one since i have a housing loan for 37 lakhs and car loan of Rs.5 lakh and Rs. 6 lakh towards plot loan and i also need to pay another Rs.10 lakhs to my parents.
I earn around Rs.10 lakhs per annum and my wife is a central govt doctor and she also earns the same amount per annum Can u pls let me how u and ur team can help me meet my financial goals Looking forward to ur reply Warm Regards, E.Sivananthan
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@Siva
You are paying 1,36,000 premium/year and you are not ready to surrender or make it paid up.So be it
You have income of 10L +10L what amount of it is savings as of now meaning what is the surplus you are left with monthly after your expenses (including the policy premium you are paying already) ?
Hi Siva,
I can appreciate your views in terms of resistance to book losses into your existing policies.
You should have a read of this http://insight.banyanfa.com/?p=348 which tries to explain how you can build your own retirement / child plan without relying upon the Insurance policies. What you have done till now is a past. You must now invest agressively and prevent investing into any debt instrument as your existing policies can count towards the debt part of your portfolio. But you need to make sure that your total insurance over can meet your lifestyle.
Regards
BFA
It will be a good idea for you to have a financial planning service for yourself, rather than trying to implement things by online advice.
Siva, your insurance cover is not only low but also of wrong choice. You are paying too high premium to cover your life. You need insurance (term plan only) cover of around Rs 75 to 80 lakh based on current income. That should take care of all of your liabilities. This cover you can get at arnd 1/10th of the current premium that you are paying. Since you are young, you can go for higher equity exposure for your retirement corpus. If you are not comfortable with direct equity investment, increasing your SIP would help you in equity investment. As far as planning for your child is concerned, you can opt for either debt plans or PPF or NSCs or plain bank deposits that are giving you anywhere between 8 to 9 % as of now…That would not only be safe but would also give you good returns if planned accordingly…For eg: going for one year RD would give you 9 % as of now and the maturity proceeds could be transferred to PPF next year either in your child’s name or in your wife’s name…This you can continue for next 15 yrs…
Dear Siva, May I know from how long these Jeevan Anand policies are active?
Thanks
Ashal
Dear Mr.Ashal
thanks for your reply
Iam paying for Jeevan anand since 2/ 2006 in my name (20 lakh sum assured – Premium – 81912 per annum) and in my wife name (12 lakh sum assured – 47892- per annum) snce 1/2005
Dear Siva, are you ready to correct your mistakes? It means surrendering of your existing Jeevan Anand policies at a heavy loss as of now?
Thanks
Ashal
Dear Ashal
iam not having plans of surrendering my jeevan anand policy . thanks for your advice
There is another option called making your policy “Paid up”. I am not sure whether this is applicable for “Jeevan Anand” Policy. You need to enquire in LIC office.
This may work out to be a better option for you if you do not want to cut losses in terms of money. If you are not happy with this option also, then you do not have anything but to continue with the policies with whatever advantages/disadvantages the plocy has
Dear Siva, Can you share your own view, why? you are reluctant to surrender these policies?
Thanks
Ashal