POSTED BY April 7, 2014 10:20 pm COMMENTS (2)ON
Thank you for the detailed reply in this regard. I understood most of the info mentioned in your email but still need some clarifications.
Hence thought will explain to you in detail regarding my current plans on the basis of the inputs provided in your email.
There are some variations in the figures provided in my earlier mail and hence will provide the latest one.
1. My take home salary is 43,645 INR PM.
2. My basic salary is 12,227 INR PM.
3. I have an LIC plan (Jeevan Surabhi plan for 20 yrs which i had started when i was 25 yrs old) whereby i investment whereby I pay yearly which is 36,540 INR (=9135*4).
4. My age is 33 and marital stautus is Married plus spouse.
5. I am currently employed in a MNC which provides the medical insurance for 3 lakhs per annum.
6. Regarding the amount of 1 lakh where I can show for tax according to 80C, can you let me know how much more I will need to invest considering my basic salary and LIC and Provident fund.
7. I was thinking of investing in a 5 year FD plan with ICICI whereby I can show the same for tax. Is investing in 5 year ICICI tax saver FD plan a good option as I did not see the mention of the same in your previous mail.
8. Also regarding 30K in 80D, I understand the amount of 15K can be shown as medical bills of me and spouse . I will not be able to show the 15k for my parents as they have insurance and are covered under the ECHS(Ex Army personnel scheme).
9. You have mentioned a point regarding Term Insurance in the email. Can you please elaborate in this regard. I have been trying to read and understand articles and the best available Term insurance but as there is too much information everywhere, I am unable to get a clear idea and decide on which is the best one applicable to me.
10. Is investing in a 5 year tax saver FD in ICICI OR investing in PPF OR investing in Tax saving equity fund (ELSS) through SIP mode the most effective one.
11. Just forgot to mention that currently I have a RD account with HDFC whereby the investment is 1000 INR per month. Should I carry on this or not.
Hope that the above mentioned points are detailed from my end and awaiting a detailed response from your end in this regard.