Dear Mr. Sreekanth,
I'm a 38 yrs old salaried person, with a annual package of 4.8 Lac. I live with my dependent parents, wife and 7 year old son in my father's owned house. Below are the details of my current investment:
PPF -- Rs. 10000/- per year
LIC Jeevan Saral -- 10,000,00 (SA), Purchase in Nov'2010. Rs. 24260/- HLY Premium
PNB MetLife Met Growth RP -- 10,000,00 (SA), Purchase in Jan'2010. Rs. 50000/- Yearly Premium
Corporate Mediclaim -- Rs. 3,00,000 (excluding parents)
I need an advice on my current investment, should I continue with this or some changes are required to get more aggressive growth in money. I am very much concerned about the future of my immediate family, after my retirement or in case of any mishappening.
Is NPS is a better option to invest, if yes, then should we opt for Tier II account?
1 Answers
Hi,
I believe that your immediate and high priority action items are to get adequate life cover through a Term insurance plan, disability cover through a Personal Accident cover and health insurance (family floater for three of you and separate mediclaim policies for your parents)
Kindly read :
https://www.relakhs.com/financial-planning-pyramid-wealth-protection-accumulation-distribution/
https://www.relakhs.com/insurance-importance-life-health-accident-covers/
https://www.relakhs.com/traditional-life-insurance-plan/
Once you get adequate life cover, you may discontinue your existing LIC Jeevan Saral policy.
Kindly read :
https://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/
https://www.relakhs.com/term-insurance-plan-a-waste-of-money/
https://www.relakhs.com/best-family-floater-health-insurance-plans-details-checklist-comparison/
https://www.relakhs.com/health-insurance-parents-senior-citizens/
https://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/
Are you happy with the returns generated on your ULIP policy? (Met life)
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