Insurance and Investment are two different things and you should treat them differently.
When you are enrolling for any ULIP or Endowment Policy, you’re combining both of them. And because of that, neither you are getting appropriately insured nor growing your money.
Whenever you are looking for any ULIP or Endowment Policy, you should first calculate the XIRR of that insurance cum investment product. And most of the time this XIRR would be in mid-single digit number which can easily be generated by simply investing the money in low-cost passive index funds.
My honest suggestion is that if you want to insure your life, Term Life Insurance is the best product and you should not look for anything else because it will give you maximum coverage for the lowest possible premium.
And if you already have any ULIP of Endowment Policy, do calculate the returns you are generating and evaluate whether the sum assured is enough for your family or not. And if your returns are in mid-single digits and your sum assured is low, terminating that policy and getting a term life insurance is the best possible option.
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RECOMMENDED READING LIST:
Rich Dad Poor Dad (Personal finance book of all time)
https://amzn.to/36UAPY5
The Millionaire Next Door (Great Read to know how money works)
https://amzn.to/3nXnzZV
One Up On Wall Street (Peter Lynch’s Best Advice to Stock Market Beginners)
https://amzn.to/35RgwM1
Think and Grow Rich (the ultimate book on money mindset and wealth)
https://amzn.to/3lTUkpY
The Little Book of Common Sense Investing (Awesome book on index funds)
https://amzn.to/3fxaEed
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DISCLAIMERS & DISCLOSURES
This content is for education and entertainment purposes only. I do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
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