I'm a widow and a mother of one year old Prince. I have recently received a sum of Rs 50 lakh as the life-insurance proceeds of my husband. Where and how should I invest this amount. I am a working woman and I take home Rs 70,000 every month.
- Shalini
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The deciding factor while choosing the investment options in such cases is the kind of dependence on this money. For growth and financial security you can invest these proceeds with a long term outlook. This is after assuming that you have no supplementary income requirement out of the life-insurance proceeds. I would suggest you to go for an aggressive hybrid (balanced) fund. Through SIP, spread this investment for the next three years as this money holds value for you. I would also suggest you to buy a term insurance for yourself as now your child will completely be financially dependent on you.