Evryone should make a financial plan every year and it would really be a blunder if some one chooses a LIC classic(read money back or endowment ) plan. Simply because LIC plans gives good returns only to their agents. If you want to take life insurance, one should take one Term Insurance and invest the rest amount of your money in Mutual Fund or even in Bank FDs. Generally the traditional plans of LIC gives at most 5-5.5% return. It’s only that you have to some analysis/ comparison before you decide to dump your plans to get a LIC policy through some easily gettable Agents.
My advise to all those who have procured an money back plan and are in an early stage of the plan, please discontinue the plan. If you are hesitant, I will give you a reason with detailed analysis. You can write to me at skdas_niladri123@yahoo.com.
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