Investing superannuation benefits

POSTED BY Shanmughan Tharayil ON July 10, 2012 9:00 pm COMMENTS (3)

I got Rs.20 lakhs at my retirement at the age of 60 years. I invested this as follows:-
1. Rs.10 lakhs with SBI Sr.Citizen account @9.5% interest.
2. Rs.2 lakhs with DMGP-Reliance dual advantage fixed tenure fund-II-PlanA-Growth – Invested in March 2012
3. Balance Rs.3 lakhs I took 1883-ICICI Prudential Capital Protection Oriented Fund II Series VII – 24 Months Plan Cumulative.
4. I also took one ICICI PRU LIFE STAGE Wealth II 21 policy – Rs.7 lakhs / 10 years term / premium tenure 5 years / premium 1 lakh per year / commencement date 4 Feb 11 and maturity date Feb 21. In order to pay this premium I opened 4 FDs with Shriram Finance for 1 year/2years/3years and 4 year duration.
I have following LIC policies :-
MarketPlus-191-Single premium-Commencement date5-Jan-10 maturity date:5-Jan-20
Jeevan Saral with profits-165 “Maturity sum assured: Rs.78,980 Death benefit Rs.5 lakhs
Accident benefit Rs.500000” Term: 11 years Premium: 2042 monthly DoC: 26-Oct-09 DoM: 26-Oct-20
Please advise if I need to make any corrections in the investments done.
Thanks and regards,
T Shanmughan

3 replies on this article “Investing superannuation benefits”

  1. Dear T Shanmughan, around age 58-60, what was the pressing need to go for so many life insurance policies? Regarding course correction, Yes, Jeevan saral & IPru policies need to be surrendered.



    1. Shanmughan Tharayil says:

      Thank you Ashal. I will go ahead with the correction suggested by you.


      T Shanmughan

  2. Ramesh says:

    @60, why are there so many insurance policies.

    I am appalled, to be honest.

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