THE CARDINAL rule is not to mix insurance with investment.
Yet, millions of traditional insurance policies that give the "triple benefits" of life insurance, long-term savings and tax benefits are bought every year. These policies not only give sub-optimal returns of 5-6%, but also force the policyholder into a multi-year commitment.
Is there a way out? Yes, you can surrender a policy if you have paid premiums for a minimum number of years. Be ready to suffer a loss when you do this.
You can also convert an insurance policy into a paid-up plan after three years. The policy will continue with a reduced sum assured but you won't have to pay the premiums any further. The paid-up value is given to the policyholder on maturity. The policy turns into a paid-up plan if premiums are not paid for two consecutive years.
This is an option you can explore. It is better than paying premiums for the full term and earning 5-6% returns.
Top 10 Tax Saving Mutual Funds to invest in India for 2016
Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Franklin India TaxShield
4. ICICI Prudential Long Term Equity Fund
5. IDFC Tax Advantage (ELSS) Fund
6. Birla Sun Life Tax Relief 96
7. DSP BlackRock Tax Saver Fund
8. Reliance Tax Saver (ELSS) Fund
9. Religare Tax Plan
10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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