Hello all,
I am 26 yrs. single, having gross monthly income around 40K(Excluding PF/Income tax/etc).
Recently I have purchased a flat for self and moved most of my savings and investments towards the same. Also have taken a home loan from HDFC of Rs. 1250000/- from HDFC, ROI 10.5%, EMI 12580 for 20 yrs. I have taken 3 lakh rupees on loan(no interest) from relatives.
Savings/Investments:
Salary a/c (Normal Saving a/c with ICICI): Rs. 8,000/-
SBI Savings Plus A/c: 18000/-. This a/c is with autosweep facility and is primarily for Emergency fund.
NSC/Tax saver FD/Infra Bonds/etc : Rs. 1,95,000/-
MFs(All invested 3 months back):
1.Franklin India Bluechip Fund (G): Rs.1500/-
2. HDFC Growth Fund(G):Rs. 3000/-
3. IDFC Premier Equity Fund –Plan A(G):Rs. 6000/-
Insurance:
1.LIC Jeevan Anand : Paid 4 annual premiums of Rs. 14026/- each, Policy term 15yrs
2. LIC Jeevan Astha :Paid single premium Rs, 25000/- on 3 Jan 2009, Policy term 10 yrs.
3. LIC Jeevan Saral: Paid 4 annual premiums of Rs. 6000/- each, Policy term 15 yrs.
4. LIC Market Plus I: Paid single premium Rs. 25,000/- on 31 Dec 2009
5. LIC Samridhi Plus : Paid single premium Rs. 30,000/- on 31 Mar 2011.
6. Health Insurance: Mediclaim Policy with max. medical expenses limit of Rs. 250000/- provided by employer.
Goals:
1.Gradually Increase emergency fund to sufficient level
2. Short term requirement of Rs. 150000/- by next year
3. Need 5,00,000/- after 10 yrs
4. Need 10,00,000/- after 15 yrs.
5. Need 20,00,000/- after 20-25 yrs.
6. Need 2 crores after retirement (after 36 yrs.). Accordig to my calculations, this can be merely achieved by increase in PF by 6% each year and 8% annual returns.
Now my Plan is,
1.Immidiately take online term insurance of Rs. 5000000/- each from Bharati AXA and AVIVA. I have chosen thsese companies from reading Jagoinvestor blogs,search on internet, my own comfort level,premium amount,policy term,etc. I know premium may increase due to XYZ reasons after medical tests and I am ready to accept that.(By the way I never drink nor smoke and physically fit).
2. Surrender LIC Jeevan Anand, LIC Jeevan Astha, LIC Samridhi Plus immediately. LIC Jeevan Saral, I will pay 1 more premium and then surrender to get max. surrender benefits. LIC Market Plus I, lets wait till Dec. 12 sothat there will be no more deductions.
3. Prepay home loan within 10 yrs. (Additional prepayment of Rs. 60000/- each year will achieve the same.)
4. Make SIP towards above funds to achieve the goals 3,4 and 5 (Million dollar question how much amount)
5. Open a PPF a/c . This will be used only to ensure proper equity-debt balance. Also it will be useful in later yrs.
Oops….its very long question. Sorry to ask you so much to read. Thanks in advance and request to comment and correct me if required.