What is the worst financial advice you have ever received?
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The worst financial advice I got was to intentionally get myself in debt so it would “motivate” me to sell more.
— Make More Money :chart_with_upwards_trend: (@incomenator) February 1, 2022
Just stupid.
compare A and B
a. Investing 10k per month in ULip, suppose 1k for insurance and 9k for investment.
b. Investing 9k in mutual fund and 1k in term insurance.
i think option B has more flexibility and term plan can be abandoned , changed anytime , 9k can be discontinued , increases and decreased as per need. In option. A increasing may be possible but for small increase of 10 20 % not possible to acquire new plan.
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Disadvantages of ULIPs
- Higher Initial Investment Costs. Due to expenses charged on the investor that go toward policy charges, ULIPs are more expensive in the first few years.
- Market Volatility. Due to market fluctuations, investors should expect lower gains in the early years. ...
- Switches are Charged. ...
- Term of Lock-In.
https://economictimes.indiatimes.com/wealth/ins...
proposal to tax the long-term capital gains (LTCG) arising out of transfer of equity shares and mutual fund has brought the focus back on unit linked insurance plans (Ulip) because of the tax advantage they will now enjoy.
Ulip is considered to be a mutual fund wrapped with an insurance cover. But, unlike a mutual fund where there is one single consolidated total expense ratio (TER) to look at, Ulips have a long list of charges.
In a Ulip, the entire amount paid as premium is n ..
Read more at:
https://economictimes.indiatimes.com/wealth/insure/8-charges-in-ulip-that-one-needs-to-know/articleshow/63233637.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Those charges start getting returned from 10th year.
There are ULIPS which do not have fund management and policy administration charges, but then you have to manage your portfolio on your own.
people like me who may not have enough time to manage their portfolio on their own prefer getting it managed by the company itself.
out of 6 ULIPS I had , SBI is the best.
there are some MF’s that yeilded good returns, but may be sometime later we will discuss on that.
Give this a try and earn handsome income. I started 3months back after lot of wait (being skeptical) as rate of return is too high and now I’m very happy when I get 0.20% daily interest credit.
Thank You.
Investing over 4.5 lakhs in a single policy, amount over 2.5 is taxable. Instead invest in two ULIPS 2.4 and 2.1. That’s how you avoid getting taxed on the returns. 80C it is anyways full who are in higher Tax Bracket, in my case 80c is exhausted in PF itself, my PF amount is 180000 and 80c limit is 150000, so no use here.
Again, don’t rely on insurance of ULIPS, they’re useless,they are there just to avoid being taxed on returns.
Buy term insurance as early as possible and of higher amount and age. Insurance people will insist to keep untill age 60 but buy till age 70. Also they will ask if you want to pay early and save some money, do not do that rather tell them you will pay till entire term. Paying early will end up paying more actually since valuation will decrease. Imagine a guy who brought term insurance of 2cr in 2015 with yearly premium of 16k. Today’s valuation of 16k is 40% less. And term insurance price is twice.
Thanks.
Share Market se koi amir hui hai? Save karo!
Ye market dip he yha multibeggar stocks pick krlo
One citibank agent trapped me in one policy Bajaj Allianz surve suraksha to pay 1500 monthly and get 9% return by the end Kitna bhara itna hi mila wapis
Again. If you have ample free time and enough money to hold your investment in dips, I would suggest to invest in Share Market.
Or if you don’t have time invest in ULIP (ONLY LONG TERMS). If you have enough money keep investing at high as 10k per month. If you have abundant money, buy land and keep investing least 25k per month (in different ulips – just like I do)