Dear Sir,
I am 28 year old man & my monthly net salary is 20500. Below are my investment details
1. DSP BR Micro cap fund - Regular plan - growth - 1000 per month (SIP)
2. SBI Magnum midcap fund - Regular plan - growth - 1000 per month (SIP)
3. HDFC Click2invest ULIP policy - Balanced fund - 2500 per month
4. HDFC Click2invest ULIP policy - Opportunities fund - 1000 per month.
I am doing above 4 investments from last 4 month. Before this 4, I have invetsted in LIC Policies (Pension plan) from last 3 years. Whose premium is 7500 quaterly. I would like to surrender this LIC & Continue to invest in above 4 MF & HDFC Policies.
I would like have your advise on my investments & let me know my investments are ok or not as per my salary. suggest some changes as well. Awaiting your reply.
Best regards, Sachin adhav
2 Answers
Dear Sachin,
May I know if you are married and/or have anyone in your family financially dependent on you?
What are your investment objectives & time-frame, for your investments?
Kindly note that surrendering a pension plan has lot of tax implications.
I believe that if you surrender your pension plan before maturity, the entire surrender value will be added to your annual income and taxed as per your tax slab. Also, you will have to pay back the tax exemptions you would have availed on the premiums paid until now. Apart from this, two thirds of the surrender value is to be compulsorily used to purchase an annuity plan.
Dear Sir,
Thanks for reply.
Yes I am married from last 1 year & my wife is dependent on me.
My monthly expense is 12,000 apart from above mentioned MF & HDFC policies (5500Rs/month).
As per your reply, I will continue to pay premiums of LIC policy (pension plan).
Finally, I want your suggestion regarding investment for great future of us & child.
I am planning a child in next 6 to 12 months.
Pl suggest some short term & long term funds or i want to continue with above mentioned MF & policies.
awaiting valuable reply.
Regards,
Sachin
Dear Sachin,
1 - Your first priority should be to get adequately covered with a life insurance plan. You may consider surrendering HDFC Policies (if you cant afford to pay premiums for new insurance plan), and buy a Term insurance plan.
Kindly read :
https://www.relakhs.com/insurance-importance-life-health-accident-covers/
https://www.relakhs.com/financial-planning-pyramid-wealth-protection-accumulation-distribution/
https://www.relakhs.com/best-online-term-insurance-plans-india/
2 - Also, buy a Personal accident insurance cover with Total permanent disability risk cover. Do take family floater insurance plan.
https://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/
https://www.relakhs.com/best-family-floater-health-insurance-plans-details-checklist-comparison/
3 - You may then plan for your investments for your long-term goals (especially for Retirement).
https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/
https://www.relakhs.com/list-of-best-investment-options-schemes-in-india/
Please login or Register to submit your answer