Hi, I have purchased LICs Profit Plus worth Rs 30000(At NAV~10Rs) four years back.Now my lock in period is over.Should i stay invested in this?Or should i quit from it and invest somewhere else?
Please suggest. Thanks in advance.
1 Answers
Its not a good idea to buy insurance policies like these for investment needs. Insurance and investment are two different needs.
Insurance is for protection. Most important point to consider in insurance is how much money dependents will get in case something happens to insured person.
Investment is for returns. Say, if I invest X amount now, how much I will get back after n number of years.
If there is not much loss in surrendering your policy now, you should consider doing it. After getting amount back, you must buy a term insurance and invest rest amount into a portfolio of equity, debt and gold mutual funds.
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