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POSTED BY ON August 30, 2011 8:48 pm ONE COMMENT
Hi Team,
I have 4 LIC policies as listed below,quaterly payment of 21,135 Rs and the first payment was done on 25-Nov-2009.The last premium payment was done on 30-Aug-2011.Could you please review and let me know your thoughts because after going through a series of articles in your website i feel that i have made some serious mistakes in my investments.Also kindly suggest the way ahead.
Money back – 20yrs -300000 – 4841(Quaterly Payment Amount)
New Bhima Gold – 15yrs -500000 -6281(Quaterly Payment Amount)
Jeevan Anand -21yrs – 500000 – 6456(Quaterly Payment Amount)
Jeevan Tarang – 15yrs -200000 – 3557(Quaterly Payment Amount)
Personal Details:
Age:26
Annual Income :500000
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Sandeep
With an annual income of 5 lacs you are paying around 1 lac in LIC policies for 10-15 lacs insurance and 5-6% returns . Thats a serious mistake , becasue you can do much better with your situation .
Your 3 yrs will complete in Nov 2012 , before that if you stop any policy , you will not get anything .. Its a very bad situation to be in and people general thinking is that they will continue it , becasue of fear of loss .. but you also have to think that is it better to take the loss of 2 yrs and do better with your money for next 15-20 yrs . Or keep dragging your self with those policies for next 15-20 yrs , you dont have enough liquidity in those policies also . So the call here is very difficult ..
Manish