Hello, I am having number of LIC money-back policies. I want to increase my cover by another 10 lacs but I don;t want to go for money back policies.
I checked out SBI - Life shield. It is a term policy with 5% sum assured increase every year. For 10 lacs sum assured, the yearly premium is about Rs.6700 and single premium is about Rs.97000. So I thought if I invest Rs.100000 in fixed deposit (10 years) in SBI @ 8% per annum, I cover the premium as well as my principle is available. Does this seem like a good idea? How is SBI life security wise, since it is govt. owned, should be safe. Please advice.
I checked out SBI - Life shield. It is a term policy with 5% sum assured increase every year. For 10 lacs sum assured, the yearly premium is about Rs.6700 and single premium is about Rs.97000. So I thought if I invest Rs.100000 in fixed deposit (10 years) in SBI @ 8% per annum, I cover the premium as well as my principle is available. Does this seem like a good idea? How is SBI life security wise, since it is govt. owned, should be safe. Please advice.