Hi Sree,
I am 35 year old NRI and would like to know what are the good investment options I have in India. I know this is very vauge question. But this is my start as I do not have any knowledge on it. I am married with no kids yet and looking for a long term investment in India hoping to return back in 5 - 10 years. Currently our only savings are 3.5 lakh FD, 5 lakh in NRi acounts and have HDFC Standard life insurance of 12k every year, LIC jeevan anand pension plan of 65k every year and LIC jeevan anand plan for my wife for 32k every year. I know this might look bad or not planned. SO need your import. I am looking for a long term saving like retirement plan or someting to invest in MFs Please let me know your thoughts.
I was approached by Policy Bazar representative about HDFC click life retire plan to invest 25k every month for 10 years to get around 65 lakh at the end of 10 years and to reinvest for 10 more years as one time payment and get around 93k pension per month every year. I read your article on it and dropped idea.
Some of my friends are into ICICI medium risk MF and they advised me into it. I also researched a bit after coming accross your website and looking for HDFC balanced MF.
I would like to know your option on how bad my situation is right now or how I can improve. I know you might ask for short team and long term goals which I dont have any as of now. So please guide
Thanks
Naveen
3 Answers
Dear Naveen,
1 - Is your spouse an earning member of your family? Do you have family member(s) who are dependent on you financially?
2 - Do you/family is covered with any medical insurance?
3 - Kindly note that Pension plans are not great investment options. You may avoid investing in them.
4 - Retirement Goal can be your long-term goal :)
Kindly read :
https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/
5 - Investing in mutual funds can be a better option.
Kindly read :
https://www.relakhs.com/list-of-best-investment-options-schemes-in-india/
https://www.relakhs.com/investments-options-indian-expats-uae/
https://www.relakhs.com/fatca-compliance-requirements-impact-mutual-fund-investments/
https://www.relakhs.com/best-balanced-mutual-fund-schemes-review/
Suggest you to go through below article, which can give you some idea about the basics of Financial planning;
https://www.relakhs.com/personal-financial-planning-articles-list/
Hi Sree,
Thank you. My wife is not working at the moment and there is no dependent as of now. We do have a company medical insurance here at Canada. After looking at the options you provided me in the link, I guess I feel like its better to have two, one a short term goal as investing in recurring deposit and other in a HDFC balance MF. Please let me know if I can start of with those two.
Thanks
Naveen
Dear Naveen,
1 - Suggest you to consider buying a Term insurance plan (with adequate life cover) at the earliest.
2 - Analyze your health insurance requirements (especially if you have plans to come back to India).
Kindly read :
https://www.relakhs.com/best-online-term-insurance-plans-india/
https://www.relakhs.com/nri-buy-health-insurance-india/
3 - RDs can be part of your short term / Emergency fund requirements.
Kindly read :
https://www.relakhs.com/emergency-fund-importance/
https://www.relakhs.com/recurring-deposit-taxes-bank-fd-rd-interest-itr/
https://www.relakhs.com/avoid-fixed-deposits-rds-for-long-term/
https://www.relakhs.com/debt-funds-types-benefits-risk-vs-return/
4 - Yes, you may consider investing in equity oriented balanced funds for your long/medium term goals.
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