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Ask Mint | On Investments

Ask Mint | On Investments
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First Published: Sun, May 31 2009. 10 36 PM IST
Updated: Sun, May 31 2009. 10 36 PM IST
I am a 25-year-old single man. I am currently paying Rs40,000 annual premium for ICICI Prudential’s Ulip (unit-linked insurance plan). What other plans can I opt for in terms of investment and insurance?
Sujiendra Rao
Ideally, you should see insurance and investment separately and should not mix up the two.
Insurance, which is a factor of your current and future income and obligation, should be just enough to give you adequate cover.
Investment starts after that and depending on your risk profile, availability of investible funds and need for money in future, you should plan your investments.
In the absence of such information, I cannot say much about your investment or insurance needs.
Generally speaking, if your current or future earnings are likely to be high, then you may increase your insurance, and the best way to invest is to invest through systematic investment plans in mutual funds.
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First Published: Sun, May 31 2009. 10 36 PM IST