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.
Bu hikaye Investors India dergisinin August 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Investors India dergisinin August 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Indians are Developing Weak Bones
In India, 1 out of 8 males and 1 out of 3 females suffer from osteoporosis, making India one of the largest affected countries in the world.
"The strategy behind the Tata India Innovation Fund centers on identifying companies that are driving transformative or incremental changes through innovation"
Yes, we certainly believe innovation is a powerful theme with immense potential for the coming years, and we are excited to bring it to our investors.
What is Hybrid Mutual Fund?
Hybrid Mutual Fund is a combination of more than one type of fund. While they invest in shares of companies listed on the exchange, like equity funds.
Should you invest in dynamic bond funds?
Dynamic bond funds have delivered a category average return of 8.68 per cent over the past year, making them the fourth best-performing category, following long-duration funds, constant maturity gilt funds, and gilt funds. With interest rate cuts yet to begin, these funds remain a viable option for investors seeking to benefit from possible rate reductions.
The Multicap Solution to India's MultiDimensional Growth
India is entering a transformative era of economic growth, backed by a unique combination of demographic strength, infrastructure development, and rising global prominence.
The Long-Term Benefit of Investing in Children's Future
A child is the most treasured part of any parent's life, and naturally, we want to give them the best of what the world has to offer. This often means not only ensuring we can meet their needs but also nurturing them to pursue their unique aspirations. Each child has their own dreams and challenges, making the early years critical as they lay the foundation for a healthy and fulfilling future.
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?
