Long Term Financial Planning

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mithund80 asked 9 years ago

Age- 37 years Current Annual CTC – 5 to 10 lacs Current Investments: LIC – 2 lacs sum insured 20 year plan, policy started in 2003, INR 15k annual premium. Term insurance of 50 lacs with accidental death and critical illness cover, annual premium of INR 20k taken in 2016 with policy term of 30 years Current Mediclaim for family includes:

2 lac cover each for dependent parents
3 lac life cover for self policy term of 46 years taken in Jan 2009
Additional 1 lac each mediclaim cover for spouse, child and self through a different medical insurance provider

Mutual Funds INR 2k monthly towards Reliance Tax saver ELSS fund (started in 2016)and Franklin High Growth (started in 2016) INR 5k monthly towards ICICI Pru Focused Blue Chip equity fund and SBI Magnum Multicap Fund (starting 2017) Pension Plan

INR 10k annually with policy term of 27 years and policy issuance in 2004

ULIP

Life cover of 5 lacs, taken in 2012 with policy term of 10 years

Goals:

1st goal - For my son’s education, considering he is 4 years now with current cost of education (higher side 20 lacs) what should be the accumulated corpus
2nd goal- For my retirement kindly suggest what should be corpus amount.
3rd goal – 30 lacs post 2 years to invest in affordable housing under Pradhan Mantri Awas Yojana
4th goal – create some fund for emergency expenses which can be liquidated anytime

Please guide an investment mode wherein lumpsum amounts can be invested for long-term gains preferably for 5 -10 years.

1 Answers

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Sreekanth Staff answered 9 years ago

Hi, 1 - You may make your LIC policy a Paid-up one. Kindly read: https://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/ 2 - You may enhance health insurance sum assured for your family (self/spouse/kid) Read: https://www.relakhs.com/best-health-insurance-comparison-websites-portals/ https://www.relakhs.com/best-family-floater-health-insurance-plans-details-checklist-comparison/ https://www.relakhs.com/top-up-health-insurance-plans-super-top-up-india/ 3 - Kid's education goal planning : https://www.relakhs.com/calculate-kids-education-goal-amount/ 4 - Retirement goal planning : https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/ 5 - For emergency fund, you may have a target of accumulating at least 9 months living expenses in mix of FDs/RDs/Sweep-in account/ Liquid funds/Arbitrage funds. https://www.relakhs.com/list-of-best-investment-options-schemes-in-india/