Insurance Policies are not a good way to invest.

First pay off any debt (unless the interest rate is lower than what you can earn at a bank).

Most employers have [US tax code] 401(k) or defined contribution pension plans. See what fees your employer has and if they are low then I would start with that route.

You could also open a fixed deposit, mutual funds, insurance policy, retirement plan and investment in real estate are few good options which can fetch good returns.

Start a pension plan.

Hi! I have a new job and earn a mere ￡500 per month.

I would appreciate some advice on where and how to invest the money safely. I already have a savings account. is there anything else I can do to generate higher returns ?

I would appreciate any advice/suggestions .

Thanks in advance !