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POSTED BY ON December 11, 2011 8:09 am COMMENTS (3)
1. I have a Home loan of 27 Lakhs from IDBI bank , Indira Nagar branch Ban and for which iam paying 30220 INR permonth as EMI. while i was taking the loan in 2009, the bank agent in home load dept told that it is mandatory that to home insurance and was issued a home insurance policy from IDBI fortis. and paid insurance around 74000 INR from loan amount itself.iam not sure if there is a possibility to surrender the policy or not.
2. I was forced to take (of course i agree that there is part of my mistake ) Jevan Anand LIC policy for 92000 INR premium per aanum for 15 years in 2010 and paid two instalments till now. out of which the insurance agent has returned his commission 22K. now should i continue paying the premiums for whole 15 years term?
3. I have taken a SBI horizon II ULIP policy with 12 K INR premium for policy term 20 years. and it is performing not so well and fund value is also low.
i took this policy in July 2007.
4. I have only one invest ment in Sundaram tax saver fund growth option fund for 30000 INR invested in May 2010.
Could you please advice some good equity mutual funds to get good retruns?
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Dear Settu, Can you name that IDBI policy? Because I think it’s not a house policy but a mortgage term cover offered by IDBI Federal Life insurance under a tie up to IDBI bank’s home loan customers. It was a single prem. policy & at any given point of time, the sum assured is equal to your outstanding loan amount.
Regarding your other insurance policies –
First of all purchase an adequate term cover for yourself. Say 75L or 1 Crore Rs. or even more based upon your annual income, size of family & other liabilities.
1. Although it’s really hard but stop paying any more prem. to LIC’s Jeevan anand Policy. Neither good for insurance nor for investment. If you opt to surrender now, you ‘ll not getting anything back. If you opt to surrender after paying 3rd prem. you ‘ll get around 55000 Rs. only as an gtd. surrender value. so practically at this point of time, your loss is lower than what it ‘ll be after paying the 3 rd prem.
2. Please continue paying few more prem. in SBI ULIP for the reason that high allocation charge period is over now & at the same time current down turn in market in the market is offering you to purchase units at lower price which ‘ll improve your return from this policy after few years.
3. For MFs you may start with HDFC Prudence, HDFC Top 200, DSP Eq., Franklin Bluechip, Fidelity Eq. While investing in MFs please do not expect any super duper return in next 5-7 years but keep investing mly a.k.a. SIP.
Thanks
Ashal
Dear Mr. Ashal Ji
Mine is also similar case that of Setturgopi.
I was forced to take a Mandatory Home insurance policy from IDBI fedaral and paid one time payment of about 40000 INR. This is (i think) IDBI Fedaral Loan Assurance Plan.
Pl.let me know, is there any possibility to cancel the policy and take surreder value amount.
Regards, KK Babu
Hi
Congo! you have started thinking of investing in mutual funds.
1.Returns from the mutual fund is always good whenever u have a long term outlook.
2.Select the mutual funds based on your risk profile, and the returns of that fund in different time period. .
so pls go for the www. valueresearchonline.com and they have rated every mutual fund.
Some other websites:
http://www.moneycontrol.com.
U can come back here and ask for the suggestion after selecting ur portfolio.
Regards
Vignesh