Personal Financial Management

Q & A Forum › Category: Financial Planning › Personal Financial Management

Gajanan asked 8 years ago

Good afternoon Shrikant, myself Gajanan, 35 yrs, son Akhilesh of 3 yrs. im a state Govt employee having NPS deductions compulsory. presently my net salary is around 33500/- After all expenses i have around 12-15K in my hand. i have FDs of Rs. 4.5 lacs in nationalised bank. i have taken term life insurance from sbi life fo Rs. 25L and from ICICi Rs. 25L. I have Lic New Bima Gold of Cover Rs. 325000/- having premium 16686/- yrly. Ppf A/c in which im saving nearabout 1L per year from 2015. I have PLI having premium of Rs. 32000/- per year having cover value of 6L. suggest me for

financial management and about investments I can go with now onwards.

2. good health insurance plan 3. mutual funds 4. what should I stop from my current saving options shown above 5. should i buy another term plan

3 Answers

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Sreekanth Staff answered 8 years ago

Hi, Your priorities can be ; 1 - You may discontinue your existing LIC Bima Gold and Post office LI plan. Kindly read : https://www.relakhs.com/traditional-life-insurance-plan/ https://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/ 2 - Do you have Personal Accident insurance cover? 3 - May I know if you have any Govt provided health insurance cover for self & family? If so, you may share details on this scheme. 4 - Kindly go through below articles and you may revert to me with more queries (if any) ; https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/ https://www.relakhs.com/calculate-kids-education-goal-amount/ https://www.relakhs.com/personal-financial-planning-articles-list/

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Gajanan answered 8 years ago

Thanks shrikant for ur kind suggestions, I hope this will help me. For few points 1. Both term insurance giving same amount of lfe cover i.e 25 L each and for accidental cover also 2. No medical insurance from govt. But there is one group medical policy by department from MDindia is there, yet I have not opted for it 3. Should I quit one of the term plan and buy the same with more cover 4. LIC policy is maturing in 2022 so I think it's ok and those are moneyback

1 Vote Up Vote Down

Sreekanth Staff answered 8 years ago

Hi, 1 - Suggest you to buy a stand-alone Personal Accident cover. Read : https://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/ 2 - If you have dependents (Self+Spouse+Kids) you may consider a Family Floater health insurance plan. https://www.relakhs.com/best-family-floater-health-insurance-plans-details-checklist-comparison/ https://www.relakhs.com/factors-tips-best-health-insurance-plan-india/ https://www.relakhs.com/best-health-insurance-comparison-websites-portals/ https://www.relakhs.com/latest-health-insurance-incurred-claims-ratio-2016-17/ 3 - Suggest you not to discontinue any of your existing Term insurance plans. If you need to enhance the cover, you may just buy a new term plan.

Gajanan replied 7 years ago

Hello srikant sir,

thanks for ur previous helpful responses.

Now I have taken medical family floater insurance from star health covering 10L.

recently I have started investing in MFs with SIP/Lumpsum, having no adequate knowledge.

ICICI US bluechip equity fund 9K Lumpsum
MOtilal Oswal long trm equity 5K Lumpsum
TATA india tAx savings fund 5K lumpsum
SBI magnum medium duration 5K lumpsum
ICICI multi asset fund 1.5 SIP
LnT emerging businesses 1K SIP
Mirae asset hybrid equity 1.5 SIP
Reliance nivesh Lakshy fund 1.5 SIP
Reliance Gilt Securities 5K lumpsum
so please help me and suggest me what to continue OR not ?