Hi Shri,
This is dev i am working in banking industry. i just want to start invest in mutual fund through sip.
i want to know how much should allocate my funds for my son which will help me for his studies in future.
my son is 2 years old. Request you to advise how to allocate and how much i should do in sip and in which funds i
need to do.
My goal for 12 years with amount of 15 lakhs at maturity.
Below are my investment
ppf from past 2 years paying i have 50K in that.
Insurance in my name for yearly 32k which is a money back policy going through hdfc life.
DSP Blackrock elss deposited in lumpsum for 20k .
In my wife name i started lic jeevan anand 6k which i have started now for term of 21 yrs.
Below are my expense.
rent 24k including household expense.
pl emi 16k will go on till 201.
Kindly advise now how much i start doing sip and which funds i need to allocate it.
regards
Dev
3 Answers
Dear Dev,
1 - Your existing Life insurance policy do not provide you with enough life cover. Consider buying a Term insurance plan with adequate life cover and a stand alone Personal Accident plan at the earliest. Once you buy a term plan, you may discontinue your money-back policy and invest the saved premium in mutual funds for your Kid's higher education and/or your Retirement goals.
Kindly read :
https://www.relakhs.com/insurance-importance-life-health-accident-covers/
https://www.relakhs.com/traditional-life-insurance-plan/
https://www.relakhs.com/best-online-term-insurance-plans-india/
https://www.relakhs.com/term-insurance-plan-a-waste-of-money/
https://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/
2 - Do you have health insurance cover for self & family?
3 - May I know if your spouse is an earning member of your family?
4 - Kindly maintain an Emergency fund and also try to clear your PL at the earliest as it is an high cost loan.
Kindly read :
https://www.relakhs.com/emergency-fund-importance/
Hi Sri,
Thanks for the above idea on my insurance plan .i will surely re-consider this and will plan to close it.
2 – Do you have health insurance cover for self & family-yes i am paying yearly 9k for the health insurance through united India for mediclaim
3 – May I know if your spouse is an earning member of your family?-No she is a homemaker.
4 – Kindly maintain an Emergency fund and also try to clear your PL at the earliest as it is an high cost loan.
Kindly read : yes i have a emergency fund upto RS 2Lakhs. regards Dev
3 – May I know if your spouse is an earning member of your family?-No she is a homemaker.
4 – Kindly maintain an Emergency fund and also try to clear your PL at the earliest as it is an high cost loan.
Kindly read : yes i have a emergency fund upto RS 2Lakhs. regards Dev
Dear Dev,
1 - As your spouse is a non-earning member of your family, life insurance in her name is not required. You may discontinue it and instead can Super Top up your medical policy with that premium.
Kindly read :
https://www.relakhs.com/top-up-health-insurance-plans-super-top-up-india/
2 - You may kindly continue with your contributions to PPF account.
3 - Regarding Kid's higher education, kindly go through below article and you may revert to me with your analysis..
https://www.relakhs.com/calculate-kids-education-goal-amount/
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