Q. I have been advised by my investment advisor that I should consider investing in a ULIP plan. My current age is 47 yrs. and I already have a term plan with sum assured of Rs 25 lakhs. My annual income is Rs 10 lakhs, and I have two daughters studying in college. Please advise whether I should consider investing in a ULIP. Please also suggest me some good ULIP plans. Mr. Ramanujam, Madurai
Ans.We have noted that you already have a term plan with sum assured of Rs. 25 Lakhs, but that is not enough as your annual income is Rs. 10 Lakhs and as per a thumb rule you must have at least 7 to 10 times of your annual income as sum assured. While going for a ULIP you have the flexibility of choosing equity or debt or hybrid for your investment part. Since you are only 47 yrs. of age, we would suggest you to go for equity based ULIPs so that you are able to create wealth as well as have the protection of Life insurance coverage.
Please note that if you are continuing with the old tax regime, your ULIP premium will entitle you to claim deduction u/s 80C up to a maximum of Rs. 1.5 lakhs p.a. Also, on maturity entire proceeds of the policy will enjoy tax free status in case the annual premium of ULIP plan is less than Rs. 2.5 Lakhs.
You may choose from the following options:
1. TATA AIA Fortune Pro
2. ICICI Lifetime classic
3. HDFC Click 2 Invest
For more details and help in filling the application form etc. please visit our Madurai branch. The address is given in last few pages of this magazine.
この記事は Investors India の August 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Investors India の August 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
ASK THE EXPERT
Ques. One of my friends told me that your company provides detailed Retirement plans. I want to know what is the procedure to get my Retirement plan. I will be retiring in March 2025. R.P Gupta, Noida
How to Naturally Reverse Fatty Liver Disease
The liver, located on the upper-right side of the abdomen, is the body’s largest internal organ and plays a critical role in detoxifying the blood and processing nutrients.
Banking sector which has underperformed in the last two years, now offers a favorable risk-reward profile
Do you think the market is overpriced? Is yes, should investors refrain from investing in index schemes at the current valuation?
India will continue to enjoy benefits of a close US relationship and trade will continue to grow
Q1. The US elections are said to be one of the closest till date, what impact will the election of a Republican / Democratic party have on the US economy and how is that going to affect India in the short as well as the long term?
Understanding Momentum Funds
Momentum funds are a type of investment fund that focuses on companies experiencing positive momentum in factors such as earnings, revenue, and stock price movement.
Risks and opportunities associated with Small Caps
Small-caps are a stock-picker’s paradise.
How to navigate your portfolio through bull market a
Indian equities have been in a bull run for the past four years.
Choosing mutual fund schemes depending on your age to achieve life goals
The choice of mutual fund (MF) scheme might be influenced by one’s risk profile or age.
Thematic Fund Or Sectoral Fund, Which Fund Suits You?
A thematic fund is a type of mutual fund that focuses on investing in companies based on specific themes or trends.
Be Kind To Your Kidneys
The kidney is a vital organ in our body which is four inches long and two and a half inches in width.
