Hi,
I am 40 years of age and have a kid of 1 year and service in private firm. I need suggestion about following two points:
1) Financial plan for my child\’s career.
2) Retirement planning for myself.
I want to keep two different portfolio for this and trying to achieve a target of Rs. 10 lakh for each one of them. I have life insurance policies (jeevan mitra, jeevan saral etc.) of Rs. 6/7 laks only.
I understand that term life policy is best option for life insurance but I have a medical background (had undergone a major surgery (abdominal sarcoma) around 12 yrs back. One kidney is also
removed. But I am leading normal life now with no complicaltions. Thanks to almighty god and doctors who have treated me.) I really doubt whether term policy would be given to me and if
required will it be settled without any hassles or not.
I used to invest Rs. 1 (lakh) thru PPF, LIC premium EPF deduction etc. per year plus Rs. 25000 by way of mutual fund SIP, FD etc.
For my baby’s future I am planning to have a LIC policy of Rs. 2.5 lakh and would like to take other way of investment like MF SIP, FD, etc. Can I open a separate PPF account for my baby (or
may be under my wife\’s name who is self employed and does not fall under tax slab)?
What could be the good option for retirement planning taking into consideration than I would not get any pension from my employer and in my service life I would be changing company for multiple times (have already changed for several times) and will not get any big retirement benefit.
Any kind of suggession in this regard would be much appreciated.
Thanks,