Hwo to lead a quality/decent life?

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Saravanan asked 8 years ago

How to lead a quality/decent life with below assests? (My native is Rajapalayam and want to settle there)

Residential plot with Rs: 30 Lacs in chennai
Barren land of Rs: 12 Lacs in native. (no use of this land)
Liquid Cash in hand of Rs: 30 Lacs
Axis ELSS of Rs: 6 Lacs (For my 2 kids for their future education)

Total of Rs: 78 Lacs Having mediclaim for all of my family members for 5 Lacs. Myself having term insurance for 1 Cr and critical care claim of 20 lacs. Currently I am having a mild brain dysfunction and I can’t work in this stressful M&C culture. My age is 34. My brother is a spinal injury patient and my mother is getting older and I want to look after my brother. My wife is a teacher and she can earn Rs:10,000/- per month in native. Considering my health condition I want to settle my family now itself in a permanent place. I can get agricultural land for lease in my native also since I can’t sit without doing any work, my wife family is basically an agri family. I need your valuable suggestion.

3 Answers

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Sreekanth Staff answered 8 years ago

Hi, 1 - Suggest you to consider taking a Personal accident cover. Your wife can consider taking a Term insurance plan for say Rs 10 to Rs 25 lakhs. 2 - Depending on your family's required living expenses and medical related expenses, maintain two buckets of Emergency fund (one for living and other for medical expenses). You can consider risk-free and safe investment options. Ex : Liquid funds, Arbitrage Funds, Bank FDs etc., for this purpose. 3 - You may enhance your medical cover (for self+spouse+kids) by buying a super top up cover. Kindly disclose all details related to your medical history in the proposal form. Kindly read : https://www.relakhs.com/top-up-health-insurance-plans-super-top-up-india/ https://www.relakhs.com/hdfc-ergo-myhealth-medisure-super-top-up/ 4 - Are you planning to hold on to Residential plot in chennai or do you have any plans to dispose it? 5 - What are your approximate living expenses (family's) if you settled down in your native place? Based on that you can plan your retirement goal. 6 - You need to plan adequately for your kids' education goals. Kindly read : https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/ https://www.relakhs.com/calculate-kids-education-goal-amount/ I always believe that the quantum of money does not primarily decide the 'quality' of life. It mostly depends on our 'life-style', family bonding, the type of 'food' we eat, how well we manage the corpus we have etc.,

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Saravanan answered 8 years ago

Thanks for your reply. Below are my comments:

Personal accident cover included in my term insurance as a rider for 100%.
Why I want to maintain medical expenses separately when I am having mediclaim for all?
Ok. I will enhance by super top up.
No. I want to dispose all my lands.
Approximate living expense is Rs:30,000. (Excluding children school expense)
Regarding children higher education I already invested Rs: 6 lacs in Axis ELSS growth mutual fund.

As said already I am having Rs: 72 Lacs (Excluding ELSS). Hope I had answered your doubts.

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Sreekanth Staff answered 8 years ago

Hi, 1 - Kindly check if the Rider provides risk cover for 'permanent disability'? 2 - Having a health insurance plan is not the end of your ‘medical insurance’ planning. In fact, it is your first-line of defense only. Considering the ever-increasing medical treatment expenses in India, you have to plan for a mediclaim /family floater + a Super top up plan + an Emergency fund for unforeseen consequences. Kindly go through below article @ https://www.personalfinanceplan.in/insurance/health-insurance-tricking-senior-citizens 3 - Suggest you to kindly go through the retirement and kids' higher education calculators and analyze how much you require to save (additional).