is this endowment/money back insurance policy worth it?

[DosaOP]

Hi everyone,
Recently i was approached by an insurance agent with this plan, as i am new to this pl lmk if its worth taking this insurance or rather i invest somewhere else.
So the policy is that i invest 5 lakhs for a period of 12 years from today, 2nd year onwards i get 2.5 lakhs back for 40 years (tax free).
At the end of the policy term of 40 years i get a lump sum of 84 lakhs (tax free)

Thanks in advance for the help!

 

[vine]

No, it's not.
Please read & understand 'time value of money'.

 

[Zacobite]

Hi everyone,
Recently i was approached by an insurance agent with this plan, as i am new to this pl lmk if its worth taking this insurance or rather i invest somewhere else.
So the policy is that i invest 5 lakhs for a period of 12 years from today, 2nd year onwards i get 2.5 lakhs back for 40 years (tax free).
At the end of the policy term of 40 years i get a lump sum of 84 lakhs (tax free)

Thanks in advance for the help!

No... it will gve u a 4-5% return.. avoid for any investment purpose... u can buy term insurance for insurance only

 

[DosaOP]

No... it will gve u a 4-5% return.. avoid for any investment purpose... u can buy term insurance for insurance only

thanks, so investments in insurance for money are not worth it then?

 

[rogerthat]

thanks, so investments in insurance for money are not worth it then?

No it is not. Insurance should never be mixed with investment. Check this one out.