Stay Focused

I have been told that if I buy a single-premium ULIP, then I do not have to worry about periodic annual payments. I was also told that if my premium was Rs1 lakh, I could exhaust the entire amount under Section 80C. I am thinking that this is a better option than just putting money in an ELSS because I get the tax benefit and the combination of investment and insurance. Also, the commission charges and administrative charges on single-premium ULIPs are lower than the other plans where annual premiums have to be paid. And it is no bother of following up on premium payments every year?-- Nesha First of all, you need to get your focus right. What really is it that you want? Is it insurance that is of prime consideration or is it tax planning? If it is insurance that is your main target, how much would you like to be insured for? Have you figured that out? Did you know that sin

This article was originally published on July 21, 2011.