Shreekanth Sir,
Myself Abhishek working in a Public sector Unit in Allahabad from last 6 Years, I am a Handicapped person. My salary is approx 50,000/- per month. (After recommendation of 7 th pay salary is about 60k to 65 K)
I am new in the field of investment as well as ELSS scheme(Totally new) no knowledge of investment. I want to increase my money in a safe mode
Kindly suggest me appropriate option my purpose
Presently I am investing in following schemes
1. PPF Rs 35,000/- per year from Dec 2012
2 LIC (money back) Rs 12701/- per yr for 20 year starting from Dec 2012
3 SBI( money back) life cover Rs. 7800/- for 15 yr starting from July 2011
My objective are as follows
1. My child education (after 18- 20 yr)
2. Child Marriage (after 28 - 30 Yr)
3. Retirement (After 27 yrs) 1 to 1.5 Crore in reserve for wife n mislaneous expences
From
Abhishek Dwivedi
2 Answers
Dear Abhishek,
I would like to understand your perspective when you say - ' I want to increase my money in a safe mode' ??
1 - Do you contribute to NPS?
2 - May I know if your spouse is an earning member of your family?
3 - I believe that you are under-insured. The total sum insured under the two policies put together can be very less . So, your high priority Action Item is, get yourself an adequate life cover say Rs 50 Lakh (minimum) through Term insurance plan.
Read:
https://www.relakhs.com/insurance-importance-life-health-accident-covers/
https://www.relakhs.com/best-online-term-insurance-plans-india/
4 - Once you buy a term plan, you may discontinue the existing low-yielding traditional life insurance plans.
Read:
https://www.relakhs.com/traditional-life-insurance-plan/
https://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/
https://www.relakhs.com/term-insurance-plan-a-waste-of-money/
5 - D o you have medical cover for self / family?
Suggest you to go through below articles on basics of Financial planning;
https://www.relakhs.com/financial-planning-pyramid-wealth-protection-accumulation-distribution/
https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/
https://www.relakhs.com/calculate-kids-education-goal-amount/
Hi,
I have provided necessary links as required in my above reply, did you go through them?
Kindly go through articles on best term insurance plan, retirement goal planning & Kid's education goal planning.
You may start investing in Equity oriented schemes.
Read:
https://www.relakhs.com/best-mutual-fund-schemes-2017/
https://www.relakhs.com/list-of-best-investment-options-schemes-in-india/
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Thanks for replying on my post. Please told me beneficial investment plan for me (Safe side but growth in money)
Sir I am not contributing in NPS schemes
My wife is not working
As you told me I m under insured, Please suggest me beneficial Term plan at minimum premimum
Kindly look my previous post about my responsibility & suggest me What ever beneficial for me from present senario (Responsibilities on me