I have been suggested the ICICI Prudential Elite Maximiser fund. Should I invest in it?
-Suresh
A thoughtful investor should be very clear about what he is going for. Though insurance linked policies have improved substantially but they still have problems. You've to commit to an investment for a very long period of time - it could be penalising just in case you decide to withdraw early. They're also a compromise on flexibility or liquidity. Also, your need for insurance changes dramatically. When you're independent and a bachelor, you don't need insurance. The moment you have dependants, the need for insurance come up. These policies do not fulfill that requirement and are unsuited. Do a liberal estimation and go for a term plan. A sketchy thumb rule is that 10 years annual income should be your term cover. Investors need to look at term plan as a cost, it is not an investment. Look at investment independently. Have a low cost, diversified investment and don't invest lump sum.
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