dear Sir,
I am soldier employed in woods. I have one son 7 years old and m 36 years old. my annual income is 5 lacs rupees. my investment till date are :
1) PLI- 7000 pm up to year 2024.
2) LIC- 3528 per year up to 2018.
3) PPF- 3000 pm opened on 2011.
4) sbi magnum global fund- SIP for 10 years 2000 PM . DOC is feb 2015.
5) icici prudential blue chip- 2000 pm for 10 years.DOC is March 2015
6) Axix long term equitty - 1000 pm same as above.
7) realince equity oppurtunities-1000 pm same as above.
8) from my salary 5000 pm goes in NPS account.
9) group health insurance 1250 pm till retirement. i have thought of to retire on 2027, that is 12 years more to go, i have my own house.
my goals are: 1) to have sound income after retirement. 2) son's education. 3) and a tour to four directions/location of india, kanyakumari,kashmir,dwarka and sikkim. how is my portfolio ? what corrections are to be made? i can invest 4000 more per month. should i go for hdfc citizen plan? or hdfc balance hybrid plan? was thinking of hdfc i protect but will it be right? because after paying premium ,i think their is no survival benefit.
plse guide me, i will be ever grateful to you. your truly raj. manipur.
3 Answers
Dear Raj,
Kindly provide more detail about LIC plan (Plan name, commencement date & tenure).
I believe that there are better funds than Reliance Equity opp in the mid/Small cap space. You may consider to switch to funds like Franklin Smaller companies fund or HDFC Midcap opportunities fund for your long-term goals like Retirement Planning.
I believe that you are under-insured. Do you have any other life insurance policies? Do you have independent health insurance cover for self/family? (not employer's group cover)
Do you have plans to take up any other job after early retirement? Instead of HDFC Citizen plan, suggest you to invest in HDFC Balanced mutual fund only.
As you are contributing to NPS, suggest you to invest in existing MFs instead of PPF. You may reduce the allocation to PPF for next few years.
Kindly understand that plans like endowment or moneyback will give you survival benefit but do you think they offer you adequate life cover? As a responsible parent it is your priority to have an adequate life insurance cover by buying a Term plan.
Kindly read:
thanks, sir but i have given the maturity date of lic plan which is jeevan suravi. PLI is my other insurance. i dont have other independent health insurance. i have considered your view of taking a term plan, which is better? avon's? icici's i protect smart or hdfc click to protect plus? here avon term insurance is giving the survival benefit as the same premuims deposited. thirdly hdfc balanced fund or hdfc click to invest which will be better?
Hi,
1 - LIC Jeevan Surabhi is a typical Money-back policy. These kind of plans can at best give you maturity returns of around 5%. Suggest you to discontinue this. But take a term plan with adequate cover from a company of your choice and then discontinue. You may also discontinue your PLI policy. Consider investing the saved premiums in mutual funds for long-term goals.
2 - HDFC Balanced fund is a mutual fund scheme whereas HDFC Click2invest is ULIP (Unit Linked Insurance Plan). Suggest you to consider mutual fund scheme.
Kindly read:
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