I have a Jeevan Anand policy. The sum assured is ₹2 lakh (final maturity without any claims approximately ₹4 lakh); Policy term is 18 years; Commencement date 08/02/2004; annual premium is ₹12,552. I already have a separate term policy of ₹1 crore from Aegon Religare. I am 38 years old and my goal is to generate retirement corpus. I am staying in a rented house with four dependents. Tell me whether I should continue this policy or stop it.
- Ramakrishna M G
Jeevan Anand will not help you build a large retirement corpus. It does not even provide inflation-beating returns. The bonuses declared are too little. You may read more about Jeevan Anand here: Costly Life Insurance Policy.
Continue with term plan as term insurance plan is the best way to buy an adequate life insurance cover. Invest in a diversified equity mutual fund scheme build a retirement corpus. Click here for best diversified funds.
You can use this link to find out the monthly investment required to accumulate desired sum at retirement.
This article was originally published on December 04, 2015.
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