LIC policy
Need an advice on which lic policy to buy as a 24 y old. For the investment purpose. Is lic policy really a good investment product?
TheOatmeal
Stealth
8 months ago
You dont choose LIC Policy. LIC chooses you.
Its a matrix which you will not escape.
Your father’s friend will find you.
Don't mix insurance and investment.
Buy term insurance and look into Equity, Debt, Gold etc. For investments based on risk. Longer the horizon more allocation to equity.
Simply invest in other areas then. The return is so abysmally low that I just closed one of the older policies by paying 50% penalty because moving out from here would still be beneficial even after the penalty
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You, considering an investment based policy... Tells that you are not aware of how avg returns these investment policies give.
You should at least YouTube this and get some knowledge.
Baki LIC policy kya hota hai bhai 🥲...
Term, ULIP etc policies hoti hai...
Actually one of my father's friend trying to sell some policy to me, and it's very difficult to say no to him so I thought atleast buy something which is useful. 🥲
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The only things you need
1. Term Insurance (10 to 15x annual Income depends on insurance company)
2. Comprehensive Health Insurance (10 Lakh Base + 90 Lakh Super top up minimum)
3. 6 to 12 months of expenses as emergency fund.
4. Mutual Funds Parag parikh mutual fund is one of the best ogo for the direct plan or any index fund if you are not sure.
https://joinditto.in/
https://www.beshak.org/
https://amc.ppfas.com/
Don't see insurance as investment, first priority while buying an insurance should be that you or your family gets the money whenever needed
Even my father's friend got me into LIC policy for "investments". When I realised how bad it was, I cancelled it
Buy whichever policy your agent recommends, since he has your best interest in mind :P
Jokes apart, don't buy LIC policies as investments, they have very poor IRR.
But pure term insurance (Tech term) if you have to.
PersonalFinanceAbhi
Stealth
8 months ago
It’s the worst policy. Please never buy those and surrender if anyone has it. Connect with me if you need guidance for life time.
LIC and investment don’t go hand in hand.
Instead buy a term plan for yourself and family. You’re young and your premium will be pretty less if you start now.
Contact me if you want advice on mutual funds.
I am an AMFI registered mutual fund distributor.
Can help you with your investment goals.
My advice is don't.
LIC's business model is to make money out of financially illiterate middle class folks. They offer opaque and non transparent schemes designed to provide livelihood to their millions of agents.
Go for LIC if you are satisfied 😁 with returns that are below the inflation rate.😉
No, it doesn't have competitive returns, you need to keep investing every year and your money is locked till the term completes. Instead invest in some good low risk decent return MF.
FindingHorses
Stealth
8 months ago
No it's not . Avoid ulips
Vegetabledev22
Stealth
8 months ago
i bought smart wealth builder at 22...check those out
DesignTinker
Stealth
8 months ago
Keep insurance and investments separate. Go with a term insurance; at your age you can lock in a really low premium.
Go for equity mutual funds/PPF/Stocks for investment.
Bro, it's called an insurance policy, not an investment policy.
If you can't read the full form correctly (ULIPs) then good luck with the fine print.
Spoiler: the returns are in the range of 4-5% annualized, if you're lucky.
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