Interesting topic and I would love to hear from fellow members.
Both me and my husband are private employees, so we need to save. We do set apart a small amount of money from our salary almost every month and we get it deposited in the bank. Once it becomes a lumpsum amount, we convert it into FD. Secondly we have enrolled for a LIC policy, on maturity that is after 16 yrs, we will get almost double the amount we paid. As it is a lumpsum amount we might be able to meet the educational needs of our children with that amount.
We recently enrolled for a pension scheme with SBI life. I do not how far it is good but aleast we will get some money as pension. We have made enough savings and constructed our house 1 year back and my husband was only 33yrs then. I feel it is an young age and I consider it as an achievement. But we are left with no savings and we will have to start from scratch again.
One thing I feel good about taking policies is, even if we have other commitments we will some how arrange the money on due date and pay it off. Finally we will get a lumpsum amount. It is difficult to keep aside a fixed amount from our salary every month, as our needs are more. But when we have a policy, it will get paid off as it is a commitment.
"Do not give up, things might not favour you always"