I have a monthly income of about 50k. My spouse earns about 70k each month. Together we have a home loan of 40L – EMI around 42k.
I have a LIC policy of about 50k(sum assured). I have no idea whether its a term insurance or not. As this is very less, i would like to get a new term insurance to mitigate risk – in case of my absence to cover house loan emi.
Please suggest what the minimum amount of insurance i should look at for term of about 25-30 yrs.
Also, i hve heard online insurance has lesser premium. is this still true?
I invest about 10k every year in PPF. Should this amount be increased?
I would also like to invest in SIP for some good mutual funds, which have low risk and good returns [If there is any such fund :o)) ] please suggest me a few good mutual funds. Is this the right time to invest in a mutual fund thro sip?
Our monthly expenses totals to : 20k at max.
Thanks
Suman