3 Replies to “How to select Best policy witch can save my tax and Good amount at the end of maturity my age is 22?”

  1. Life Insurance is an EXPENSE, not an AVENUE FOR INVESTMENT.

    Earlier you realise this , better will your financial condition be in the longer run.

    No insurance policy will make you richer than what you are today ( even on maturity)

    Insurance is basically a loss reducing avenue.

    For life cover , go for PURE TERM COVER ONLY.

    Visit wwwaegonreligare.com and calculate the premium yourself.

    For investment , there are better avenues.

    Go for a combination of PPF / SIP in Mutual Funds / ELSS / Direct equity.

  2. There are plenty of insurance plans in the market. In view of the impending DTC which may come into effect from 1.4.2012, you should go for an insurance plan where the life cover should be more than 20 times of the yearly premium. then only you will be eligible for tax exemption. I would suggest a simple plan with maturity benefits(rather a big fortune to your children and grand children), and as good as Term Insurance Plan. This is LICs Whole Life Insurance(Plan 5). Maturity benefits will be paid to you at the age of 80 years or on death. You get risk cover throughout your life and also entitled for bonus from the date of commencement of the policy to the date you take maturity benefits/death.

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