POSTED BY January 4, 2011 10:41 am COMMENTS (13)ON
I recently started to take interest in my financial health. Have been a regular reader of this site and various others from the past few weeks, and I should say it has been very enlightening.
I have a few queries and need your valuable comments and suggestions.
My Current Situation:
– I am 26 years old and I have been investing 25K per year in a ULIP (ICICI Pru Life Gold). I have completed my 3 year lock-in period this month.
– I usually invest the money as a lump sum in January every year for the tax benefits which I realized is big mistake just recently. Hence u haven’t invested anything till now this year.
– I will get married in 2011 and should be able in invest in funds where I can withdraw when needed.
– I need a Life insurance, for which I will take a Term Insurance policy (mostly an online policy so that I can save some money on agent commission).
– I want to surrender the ULIP which I am holding now.
– Should I surrender the ULIP I have invested 25K per year for 3 years i.e., 75K. Now the value of my units is around 93K. Should I continue investing in this?
– I know that the best way to invest in a mutual fund is through SIP. But I haven’t invested till now. Please suggest any fund/instrument for tax saving.
– Where should I invest so that it can act as an Emergency fund (so that I can take the money when I need it).
– Any other suggestion which suit my situation.
Sorry for the long post. Any comments feedback is highly appreciable.