Hi Manish and Ashal…
Here is my query
I am 33yrs old unmarried guy working in the IT services sector. Currently, I am drawing 38k/pm as my take home salary. I have personal and car loans scaling to 25k/pm. Need your advice in investment options.
Apart from this, I have couple of queries.
Query 1> On March 2010, I started investing in BajajAllianz MaxGain for a term of 10yrs; although, the premium is to be paid only for 7yrs. I am paying 25k/pa. I did not realise, neither researched about the product and blindly believed a not-so close friend of mine who is in to this line for his living.
When I went today to check the current status of my investment, I got the shocking news that the current value is only 65,389/- as against my investment of 75k. Quite obviously, I will not pay any further premiums, but my dilemma is whether to keep the money with BajajAllianz for the complete term of 10yrs and then withdraw (hoping that I get the complete 75k back) OR withdraw whatever I will get during the surrender time, i.e., April 2013. As is evident from my foolish decision of investing in this plan without researching, I am seeking your advice here.
Query 1> Around 1 month ago, I got a call from SBI explaining about Shubh Nivesh plan. The lady explained me that if I invest 50k for 5yrs, then the 6th year I can get 3.2laks in returns. My plan is to invest 35k in something which is risk free and which has decent returns, I am not expecting some exaggerating growth of my money.
Please advise if I should invest in this SBI plan or go with LIC Jeevan Aanand. Or if I should split the 35k in to 1 long term LIC plan like Jeevan Aanad and another in to a short term LIC plan which you can suggest. I am frequently proposing LIC as I feel that it is the safest investment option available in India. Please advise and relieve me off this confusion.
Relying completely on your advice,
Thanks & Regards,
Ashwin