PeppyMochi
PeppyMochi

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?

13mo ago
ZestyDonut
ZestyDonut

You dont choose LIC Policy. LIC chooses you. Its a matrix which you will not escape.

Your father’s friend will find you.

PeppyMochi
PeppyMochi
Swiggy13mo

Lol 😂

SwirlyBagel
SwirlyBagel

yehi paap hua tha mere saath us manhoos ghadi mei

SparklyNugget
SparklyNugget
Google13mo

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.

SparklyNugget
SparklyNugget
Google13mo

Baki LIC policy kya hota hai bhai 🥲... Term, ULIP etc policies hoti hai...

PeppyMochi
PeppyMochi
Swiggy13mo

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. 🥲

ZestySushi
ZestySushi

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.

PeppyMochi
PeppyMochi
Swiggy13mo

I already had term insurance.

ZestySushi
ZestySushi

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

BouncyBoba
BouncyBoba
Encora13mo

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/

PeppyMochi
PeppyMochi
Swiggy13mo

Emergency fund 🫠

JumpyTaco
JumpyTaco

i bought smart wealth builder at 22...check those out

PeppyMochi
PeppyMochi
Swiggy13mo

Will check

PeppyMochi
PeppyMochi
Swiggy13mo

What's your opinion on that? Is it worthy enough?

PrancingHamster
PrancingHamster

Don't see insurance as investment, first priority while buying an insurance should be that you or your family gets the money whenever needed

GoofyCupcake
GoofyCupcake

Even my father's friend got me into LIC policy for "investments". When I realised how bad it was, I cancelled it

PeppyMarshmallow
PeppyMarshmallow

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.

PeppyMochi
PeppyMochi
Swiggy13mo

Yeah

PerkyDumpling
PerkyDumpling

No it's not . Avoid ulips

PeppyMochi
PeppyMochi
Swiggy13mo

Yup

TwirlyBagel
TwirlyBagel
Dunzo13mo

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.

PeppyMochi
PeppyMochi
Swiggy13mo

Thanks for the advice

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