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I'm a widow and mother of one-year-old Prince. I have recently received a sum of Rs 50 lakh as the life insurance proceeds of my husband. Where and how should I invest this amount? I am a working woman and my take-home salary is Rs 70,000 every month.
- Shalini
The kind of dependence on the life insurance proceeds is the ultimate deciding factor when it comes to selecting investment options in such a case. For growth and financial security, you can invest these proceeds with a long-term outlook. This is after assuming that you have no supplementary income requirement out of these proceeds. I would suggest that you should go for an aggressive hybrid (balanced) fund. Through an SIP, spread this investment for the next three years, as this money holds value for you. I would also suggest that you should buy a term insurance for yourself, as your child is now financially dependent on you.
This article was originally published on April 24, 2019.
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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