New Pension Plan for 45 year old?

[Alok09]

I am 45 year old, Govt. Servant getting 35000/- per month. I have two LIC policies – Jeevan Saral and Jeevan Anand. For these policies - I pay 12000/- per month. I save around 15000/- per month out of my salary, looking to buy pension plan which will start giving me at least 20000/- per month at the age of 60. Please suggest a good pension plan.

[Expert]

The 15000/- monthly saving; you do after paying the LIC policies premium or in total, before paying LIC premium. Let’s assume, you have only left 3000/- as disposable income from your monthly savings. Can you share, when the above LIC policies are going to mature?

[Alok09]

The 15000/- monthly saving; you do after paying the LIC policies premium or in total, before paying LIC premium. Let’s assume, you have only left 3000/- as disposable income from your monthly savings. Can you share, when the above LIC policies are going to mature?

Net saving before paying LIC policy premium.
Jeevan Saral – Last Premium - Jan 2014
Jeevan Anand – Last Premium - March 2016

[Expert]

Net saving before paying LIC policy premium.
Jeevan Saral – Last Premium - Jan 2014
Jeevan Anand – Last Premium - March 2016

If you have no liability than at the time of maturity of above plans, please buy Equity Linked Mutual Funds. Start a new SIP, with the disposable amount (3000/-) in ELSS. This will help you for tax saving purpose also. You can add more schemes of MFs, as and when your earning would increase. This will help you to build a corpus for retirement. Buying pension plan at this age would be costly affair for you, so avoid that.

[Alok09]

Please suggest a good ELSS SIP Plan.

[Expert]

Please suggest a good ELSS SIP Plan.

Go for Fidelity Tax Advantage (G) and HDFC Tax Saver (G)