Advice on Financial Planning

POSTED BY VARSHA ON July 20, 2012 10:37 am COMMENTS (4)

Hello
My husband is 34years old and below are his investments in LIC policies . 1.MARKET PLUS 2.MONEY BACK 3.JEEVAN ANAND 4. JEEVAN ANAND (with profits) 5.HEALTH PLUS 6 .JEEVAN TARANG 7.PROFIT PLUS 8.NEW BIMA GOLD .

Please suggest if any corrections need to be made on the above policies or can be replaced with any new policies .

4 replies on this article “Advice on Financial Planning”

  1. Ram says:

    Hi Ramesh,

    Can you please elaborate more on “Your husband NEEDS a proper life insurance cover, which I do not think is being provided by all those plans.”

    What do you mean by proper life insurance?

    I am asking because I also have LIC policies like Jeevan Mitra, Jeevan Bima Gold.

    1. Proper Life Insurance – If you keep digging these 3 words , you will get the answer yourself .

      What is proper life insurance – A life insurance which can help my family provide all that I always wanted to give them and might be able to provide them if I am alive in my life. It should make sure that they have a house , they should reach all their fianncial goals like children education , marriage, car , a good life style – which would cost Rs 50,000 per month increasing by 8-10% each year.

      How much money can provide this ? – Rs 1-1.5 crore atleast in today’s value

      Now go back and ask – “If I die today , will my insurance policies give that much to my family ?” – Answer is NO for 99% people who have taken life insurance in India. It adds up only anything between 5 lacs to 20 lacs , Or to put it in a better way 2X of their annual income , a person earning 5 lacs in all probability does not have life insurance of more than 10 lacs , thats average !

      Manish

      1. Ramesh says:

        Perfectly written.

  2. Ramesh says:

    1. Please check out a decent financial planner.

    2. Your husband NEEDS a proper life insurance cover, which I do not think is being provided by all those plans.

    3. Check out books by Manish (Jagoinvestor) and PV Subramanyam (Retire Rich @ 40 a day).

    Do read a lot, understand and learn.

    Ramesh

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today