Financial Planning for a 39 yrs old School Teacher

POSTED BY bls.tyonda ON February 15, 2014 12:05 pm COMMENTS (6)

Dear sir
I am 39 years old and a school teacher. My Salary is Rs 30000/- per month. I need your help for my financial planning. My present financial planning is as follows-
Jeevan Saral LIC Policy- 10 Lakhs    Prem 48K per year       since Feb 2010
Jeevan Anand                    1.10 Lakhs    6065/- per year            since Dec 2012
Money Back Policy            2.0 Lkhs        15000 per year        
HDFC top 200                    4000/- pm     since 2011
hdfc gold                              2000/-pm    since 2012
idfc premier equty               2000 /- pm  since 2011
EPF                                       7000/- per month
ppf                                          1000/- pm  
My Goals
After 7 years        10 L for Education of daughter1   
After 9 years        12 L for Education of daughter2  
after 12  years       20 L for marriage of daughter1
after 15 years        25 lacs    marriage of daughter2
after 21 years        2 crore retirement
after 5 years         25 L for housing
Please help me for my this goal.Also tell me good online term plan, family floater or goof mediclaim policy for me, my wife and two daughters
Yours
Bajrang lal sharma
Raipur

6 replies on this article “Financial Planning for a 39 yrs old School Teacher”

  1. ashalanshu says:

    Dear Bajrang, please contact medimanage people for your health policy needs.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear Bajrang, please purchase a family floater policy of around 7L Rs. at least. Please do note prem. paid by you for your family floater policy is available for tax benefit under section 80D up to 15000 Rs.

    Thanks

    Ashal

    1. bls.tyonda says:

      Dear Ashalanshu
      Thnaks for your advise. Please tell me the name of a good family floater policy or individual policy available online.

      thanks
      Bajrang

  3. ashalanshu says:

    Dear Bajrang, first of all purchase a term plan of at least 50L Rs. More is better. Also start preparing an emergency fund of at least 3L Rs. for your family if not having already. These LIc policies can not provide a healthy retirement corpus as returns are negative due to impact of inflation. Even a simple product like PPF is better.

    Please surrender all these policies and invest your money in pure investment product like PF, PPF, FDs and MFs.

    Thanks

    Ashal

  4. ashalanshu says:

    Dear Bajrang, where do uyour existing policies find a place in financial planning? I mean how much %age goal amount and for which goal you are planning from these policies?

    thanks

    Ashal

    1. bls.tyonda says:

      Dear sir
      I have taken the LIc policy for a part my retirement p;anning at the time when I was not so awared about correct financial planning, please tell me should I continu with them or stop it?e

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