Hello Sir,
I have a family of 5 ( Me, Wife, Kid and my Parents) I am working in SW industry, earning 1,15,000 per month.
I have 3 LIC Plans (Jeevan anand + Money Plus, + Market Plus - 25000 + 10000 + 10000). And paying PPF for 20,000 per Year. Health Insurance are covered by my company for all my family members.
I have a savings of 15 Lakhs, in Bank for the purpose of buying an house/Apartment. As i am in the SW industry my job is not in a permanent place ( Chennai or bangalore or somewhere) i have a hesitation to buy an apartment in Bangalore( As my home town to close to Chennai).
Till i decide where to buy an house, i would like to invest this amount for good returns. Can you please suggest some Ideas. Thanks Loganathan
1 Answers
Hi,
1 - Kindly share more details about your existing life insurance policies (Policy commencement date, tenure & sum assured). Are you satisfied with the performance of LIC Market plus plan?
2 - As you have dependents (4), I believe that you are 'under-insured' hence suggest you to buy a adequate life cover by taking a Term insurance plan with a sum assured of atleast Rs 1 cr.
Read:
3 - Maintain an 'Emergency fund' of atleast 6 to 10 times of your monthly expenses in cash/near cash investments (cash/FD/RD/Liquid mutual funds) to meet any unforeseen contingencies.
4 - Suggest to buy a health insurance plan for self+spouse+kid and stand-alone mediclaim policies for parents. Kindly don't depend on employer's group policy alone.
Read:
5 - You may consider buying a property in Bangalore, if you are sure you are going to stay in Blr for say next 10 or 15 years or so. Else suggest you to buy it in a place where you want to settle (may be chennai).
6 - As you don't know when you are going to need this Rs 15 Lakh (for down payment), safety of capital is more important than good returns. You consider investing in FDs+Debt mutual funds. But kindly understand that returns from debt funds are not guaranteed.
Read:
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