Financial Planning for 30 years old salaried person

Q & A Forum › Category: Financial Planning › Financial Planning for 30 years old salaried person

brajesoni asked 10 years ago

Hi Sreekanth ji, I have been going through your blog since last few months. I find your article very helpful nad have shared with my collegues. Right now I am looking for my personal investment and it has now intrigued me to seek your help. This is Brajesh from Delhi. I am a married person having a 3 months old daughter. I am 30 years old and my wife is 23 years old now. I am working in MNC company. I am looking for your valuable suggestion on my investment. Actually, I had invested in HDFC SL Crest ULIP plan and already paid 5 years of premium. I don’t see any fruitful increment in this investment till date. Shall I withdraw this policy and reinvest it in other plan? If yes then when I can withdraw it as I have opted highest NAV of Rs 15. Second thing would like to bring that my SL crest policy premium payment is over so I am looking for new investment option around 60K annually. You can also suggest some insurance plan for my wife. One of my friend suggested me to invest in ELSS. It will be great help if you guide me. I have already opened HDFC term insurance click2protect for 50lacs and PPF account. Regards, Brajesh

3 Answers

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Sreekanth Staff answered 10 years ago

Hi, Thank you for following my blog! ULIP : The returns of an ULIP primarily depends on the extent of charges they deduct from the premium and the actual FUND chosen by the policy holder. To get decent returns from an ULIP, one needs to remain invested for long-time or till maturity. But, I believe that mutual funds are far better investment avenue than ULIPs. Is the policy tenure 10 years? If you are not satisfied with the plan, you may surrender it and re-invest the Corpus in equity mutual funds.

Is your wife an earning member of the family?
Do all of you (family) have health cover?

Kindly go through below article; http://www.relakhs.com/personal-financial-planning-articles-list

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brajesoni answered 10 years ago

HI,
Thanks for your reply. My policy term is 10 years in which premium payment was only for 5 years which I have already paid. The premium amount is 54K annually and current total value of that plan is around 3 lacs. If i will withdraw mu money now then there will be no penality charges. I was thinking if policy is not fruitful then I can withdraw it or shall I wait for another 5 years for its maturity? My wife is house wife. my company is providing 3 lacs family floater plan in which 40% is co-payment, I dont have any health policy and my wife 4 months back treated with life threatening disease called Septicaemia. She is medically fit and fine now. Shall I disclose this thing to insurere while taking policy??? Pls guide me. Regards, Brajesh

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Sreekanth Staff answered 10 years ago

Hi, Suggest you to withdraw ULIP fund corpus and re-invest in a Balanced fund for next 5 years or so. Ex- HDFC Balanced fund / TATA Balanced fund. Kindly Read : http://www.relakhs.com/top-best-balanced-mutual-funds-returns/ Health insurance : Do not depend entirely on employer's group cover only. Consider buying a stand-alone Family floater plan for your family. Kindly disclose the medical history in the proposal form. http://www.relakhs.com/factors-tips-best-health-insurance-plan-india/ http://www.relakhs.com/best-health-insurance-comparison-websites-portals/ http://www.relakhs.com/best-family-floater-health-insurance-plans-details-checklist-comparison/ Life Insurance : If your spouse is a home-maker, life insurance is not required. PA Plan : Consider taking a Personal accident insurance plan in your name. http://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/ You may start planning for your Retirement & Kid's higher education goals. Read: http://www.relakhs.com/retirement-planning-calculator-3-easy-steps/ http://www.relakhs.com/calculate-kids-education-goal-amount/