Investing superannuation benefits

POSTED BY Shanmughan Tharayil ON July 10, 2012 9:00 pm COMMENTS (3)

I got Rs.20 lakhs at my retirement at the age of 60 years. I invested this as follows:-
1. Rs.10 lakhs with SBI Sr.Citizen account @9.5% interest.
2. Rs.2 lakhs with DMGP-Reliance dual advantage fixed tenure fund-II-PlanA-Growth – Invested in March 2012
3. Balance Rs.3 lakhs I took 1883-ICICI Prudential Capital Protection Oriented Fund II Series VII – 24 Months Plan Cumulative.
4. I also took one ICICI PRU LIFE STAGE Wealth II 21 policy – Rs.7 lakhs / 10 years term / premium tenure 5 years / premium 1 lakh per year / commencement date 4 Feb 11 and maturity date Feb 21. In order to pay this premium I opened 4 FDs with Shriram Finance for 1 year/2years/3years and 4 year duration.
I have following LIC policies :-
MarketPlus-191-Single premium-Commencement date5-Jan-10 maturity date:5-Jan-20
Jeevan Saral with profits-165 “Maturity sum assured: Rs.78,980 Death benefit Rs.5 lakhs
Accident benefit Rs.500000” Term: 11 years Premium: 2042 monthly DoC: 26-Oct-09 DoM: 26-Oct-20
Please advise if I need to make any corrections in the investments done.
Thanks and regards,
T Shanmughan

3 replies on this article “Investing superannuation benefits”

  1. Dear T Shanmughan, around age 58-60, what was the pressing need to go for so many life insurance policies? Regarding course correction, Yes, Jeevan saral & IPru policies need to be surrendered.

    Thanks

    Ashal

    1. Shanmughan Tharayil says:

      Thank you Ashal. I will go ahead with the correction suggested by you.

      Regards,

      T Shanmughan

  2. Ramesh says:

    @60, why are there so many insurance policies.

    I am appalled, to be honest.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today