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I am 77 years old and fall in the highest income tax bracket. One of my policies, worth Rs 20 lakh, has recently matured. Where should I invest this amount?
-Ashok
You should invest this amount according to your goal. If you are not dependant on the income generated from this investment, then you should invest in in a way that it grows at a reasonable rate, without taking much risk, considering your age. For this, I would suggest you to invest this amount conservatively in an equity income scheme over the next 12-18 months. It will help you earn higher returns than fixed deposit. Also, the gains won't be taxable on yearly basis unless you redeem them. Your objective should be that the money grows at a higher rate than inflation. If you are dependant on the income generated from this investment, you should opt for Senior Citizen Saving Scheme or Pradhan Mantri Vyay Vandana Yojana (PMVVY). These schemes would be a safer option but then there won't be any upside. So, it completely depends on whether you are dependant or not from the returns generated from this investment.
This article was originally published on November 19, 2018.
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