Jeevan Mitra (Triple Cover Endowment Plan) is an insurance cum investment product which offers inadequate life cover and generally gives lower returns compared to pure investment products. Since you have completed 3 years in this policy you can surrender the policy. Though you will make losses upon surrender, it is not wise to continue investing your hard earned money in a bad product. The surrender value will be 30% of the premiums paid after deducting first year's premium. On your policy, you will get R7,764 approximately as surrender value. Even with this loss you will be much better off investing else where. If you invest the annual premium of this policy in a fixed deposit for the next 27 years, you will accumulate R12.20 lakh (assuming an interest rate of 8 per cent) which is four times the sum assured of this policy. You should buy term plans for your insurance need. Term plans are typically low cost insurance plans that provide full protection and financial stability to your loved ones in case of any unforeseen events. And for investments you should choose diversified equity mutual funds for long-term goals of 5 years & above. . Equity has the potential to offer better returns than other assets over a long period.
If you are a new comer to the stock market, choose a top-rated balanced scheme and start investing every month via a Systematic Investment Plan (SIP). If you are familiar with the stock market, you can invest in a diversified equity scheme. You must continue with your SIP investments irrespective of the market conditions. This will help you to average your purchase cost and enhance your returns.
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Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds
Top 10 Tax Saver 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
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