Advice

[Rahul]

I am UK beased NRI, would like to know which are best Insurance policies to invest in for my 3 months old child.I have a little baby & wife in familiy. I am looking for good,futuristic policy.Any advice from your side would be great help.

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[rohit]

It is not wise to use insurance as an investment tool unless otherwise, no other options are available. In your case you have two tasks-

1- One to ensure that your family will not be left in lurch and
2- will not have to take the burden of any liabilities you may have in your name in the form of housing, education or similar loans.

For this you must buy a Term Insurance for required value. if u have plans to stay in UK for very long time and expect your children to be educated there, it is better to buy Term Insurance from any company in UK as Indian companies will pay you (the beneficiary) in India in INR only. Term insurance is low cost high risk cover Insurance with death benefit only. This is the best form of life insurance I can suggest.

To Calculate the Amount of sum assured you have to decide depending up on your present liabilities, age, earning capacity future financial goals etc. For investment

you can invest in equity schemes of any Indian Mutual funds from your NRE acct. The growth is not taxable and is fully repatriable as per present rules - prevailing for quite sometime. This set of action will give you substantial protection from day 1 and also help you to build wealth more efficiently.