Need Insurance Help

Last year i purchased three LIC policies, LIC Endowment policy, Jeewan Surabhi & LIC money back policy. I paid a premium of around 50000 & they gave me a cover of 14 lakh. It was also told to me that these policies will give me a return of 8%, but now a few of the experts suggested that these policies will just give a return of 4 to 5 %. What should i do. Shall i continue with these policies as they diversify my portfolio, or shall i allow these policies & amount ot lapse& i should start investing in ELSS? All the policies that i have took are for 25 & 30 years. I have sufficient term insurance. Kindly guide me in deciding my tax planning for this yearso that i dont repeat the mistake that i have done.

Regards 

Nagendra Singh Dhani

Dear Nagendra, from your query, it seems you were mis-sold for the policies, you are referring to. In my view, Stop paying more prem. in these policies.

Uou may divert the prem. amount to a better managed pure Debt fund or a low. Eq. exposure MIP fund like Birla MIP II savings 5 fund. The reason lies in your query that you were using these policies for diversification of your portfolio into debt class.

As you already have sufficient term cover, no need to purchase more term cover.

Thanks

Ashal