I am a 30 Yrs age married buisinessman with male one child 4 months old and wife and my monthly income is Rs. 40000/-[Rs. 480000/- per year]. I am only son of my parants, beside my two married sisters.
I had invested in the following:
1. LIC money back plan Jeevan Surabhi-20 prem 4332/- PA yrs start 1997 to be matured on 2017
2. LIC ASHADEEP-II prem 11762/- PA start 2004 to be matured on 2029
3. LIC money plus prem 15000/- PA start 2007 to be matured on 2026
4. LIC Health Plus with profit prem 10000/- PA start 2008 to be matured on 2045
5. Bajaj Allianz UTI Individual Health 114 per month [Mediclaim policy max 200000/-]
6. Bajaj Allianz UTI Safeguard[Accidiental Death, permanent disability]
7. Accidental Insurance from AXIS Bank of Rs. 500000/-
8. I own a i-10 car and paying a premium of Rs. 8000/- pm
9. We live in a joint family in our family inherited house in city.
10. My average routine expence is 20000/- pm.
11. My earnings is expected to increase by 10% each year.
Sir, My querry is:
1. whether, my nominee shall get all the benefits,and all the accidental insurance claims which i have donein the event of my (insured’s death)?, or only policy is payable?
2. Since i have 2 mediclaim policies[ one in bajaj alliaz and other in LIC, shall i get both the mediclaim on my requirement]. If not, shall i close one policy?[Suppose i have mediclaim of Rs. 1,00,000.00 in each policy, and i met an expence of Rs. 1 lac; shall both company pay me 1 lac each? If it is 2 lac, shall both year 1 lac each?
3. Shall i invest somewhere else? I plan for retirement/pension plan next year.
Please guide me.