Monthly Income from Lump Sum investment

Hi Priya ji, Very sorry to hear about the loss of your husband. May I know few details;

• Are you an earning individual? (Salaried or Self employed??)
• Do you have any other dependents on you, financially?
• Are you completely dependent on the income generated by this Corpus money (Lump sum amount)? (or) do you have any other existing investments and sources of income?
• Are there any loans & liabilities that need to cleared?

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Sir, I m looking fr job. Only my child is financially dependent on me. I have rental income of Rs.17000 from our purchased flat. Insurance co. credited loan amount to my bank a/c. Still pending to settle it with bank. Our investments till now: 1) 5 lac FD in PO (Emergency fund) 2) My LIC Jeevan Surbhi (DOC - Feb.2009) - Rs.13110/yr 3) HDFC Equity (G) - Rs. 2000/mth 4) HDFC MID-CAP (G) - Rs. 1000/mth ( BOTH started in 2011) 5) NSC (5 Lac) matured in nov.2017 Got 60L from my husband insurance. Following Suggestions given: 1) Invest lump sum in LIC Jeevan Akshay gives monthly income lifetime and take child plan. 2) Invest lump sum in ICICI BAF/HDFC Pru MIP plan. 3) MIS in Post office (max. 4.5 L) 4) Invest lump sum thru MF consultant in balanced fund give monthly dividend T/F. 5) Buy Health insurance plan from religare. Pls guide me correct way.... Thanks in advance Priya

Sir,  As told by banks, that I cant buy term plan right now. Only salaried person above 3L cn taje term plan. Thanks Priya

Hi, Yes, one needs to have some income (not exactly Rs 3 L or so) through salary or self-employment, then can be able to get a Term insurance policy. The sum assured can be dependent on the income & profile. May I know who has given the above suggestions? 1 - Out of Rs 60 Lakh, what is the amount that will used to repay the home loan? 2 - You may kindly ignore buying Jeevan Askhay plan as of now. 3 - Continue your FD (Emergency fund) for time being. 4 - Get family floater health insurance plan for self & kid. Kindly read: Best Family floater health insurance plans. Best portals to compare health plans.  

Sir, Read on internet that before doing investment one should hv emergency fund, term plan & health insurance. Home loan insurance 50L is separate. Apart from that, I hv lump sum 60L for which I m looking fr investment options.   Priya

Hi, 1 - Yes, maintaining adequate emergency fund is important. 2 - You may try buying a low sum assured cover say below Rs 25 lakh through a term plan. So companies do issue low value life cover even if unemployed. 3 - Kindly go through below articles and download the available calculators and you may revert to me with your calculations; Kid's education goal planning & calculator. Retirement planning & calculator.

Sir, 1) For kid's education, I required around rs.40L. (After 14 yr. and assuming today value 10L) 2) Not able to calculate for retirement... currently expenses around rs.35000 mthly. (Including rent)   Also need suggestion for family floater - Religare and HDFC ERGO? Priya

Hi, Suggest you to start with an Equity oriented balanced fund and Diversified fund.  Ex : HDFC Balanced fund & Franklin Prima plus fund. You can set up Systematic Transfer Plan from Liquid fund to equity funds with respective fund houses. Ex : HDFC Liquid fund to HDFC Balanced fund. A certain lump sum can be invested in liquid fund and STP can be set up to equity fund. If you are falling short of monthly income, you may consider investing around Rs 4 Lakh in Post office Monthly Income Scheme. You can also consider options like Non-cumulative Secured NCDs to get fixed monthly income, till the time you find a new job and settle down. Read : What are NCDs? Kindly buy a Family floater plan which meets your requirements.  Read : Portals to compare health insurance plans.

Thank you so much Sir, As I am not much aware of MF to invest....Is it ok to give 20L to investment planner co. for MIP and earn dividend monyhly. Is this a type of STP also... Pls guide Priya

Hi, STP is different from Dividend Payout. If you are looking for fixed amount as monthly withdrawal, you may consider SWP (systematic withdrawal option) in a conservative MIP Fund. Once you invest in MFs, once in a while do track the funds' performances (atleast once in 6 / 12 months). Kindly read: What are MIPs? SWP in MIP. How to get Mutual Fund Account statement online? You may consider taking service of a Fee only Financial planner, an individual who charges you a fee to create a Financial plan and do not get commission from Financial products. Kindly do think about this!

Hi, I used to offer one-to-one FP services, but not now.

Sorry...it repeated by mistake... As told that I do not understand much if MFs.... Can I tell consultant to do SWP for me and opt some MF for Growth option?? Thank u do much fr ur replies... Priya  

Hi, As I do not know about the consultant's profile, not advisable on my part to suggest you on this.

Sir pls advise me on Religare Care 5 Lac Health Insurance Plan.....Family Floater for me and son....Rs.7000/ yr...till I 36.... Thank u in advance Priya

Hi, If it meets your requirements, you may kindly go ahead and buy the plan. Do declare all the required information in Proposal form (application form) honestly and accurately.  If you are taking it through an agent (offline), complete the form by yourself ..

Hi, Kindly go ahead with your plan to buy family floater plan (cigna). Do check out terms & conditions of policy. After few years, you can enhance Sum assured by taking a Super top up plan. Read: https://www.relakhs.com/factors-tips-best-health-insurance-plan-india/ https://www.relakhs.com/top-up-health-insurance-plans-super-top-up-india/ Liquid Funds : https://www.relakhs.com/best-debt-mutual-funds-india-top-debt-funds/ You may consider an Arbitrage fund for Emergency fund. Consider allocating a smaller portion of Rs 15 Lakh. Kindly read: https://www.relakhs.com/best-arbitrage-funds-returns/