Help me in my Financial Planning – Retirement, Home Insurance and more !

POSTED BY H M ON October 12, 2013 7:13 am COMMENTS (5)

Hi All,

I have been doing my financial planning & need to cover some gaps for which I need guidance from the experts/seniors here. My age is 35 with 28 lakhs of home loan & no other debt.

1) Retirement Planning: 31,000/month in EPF & 3 Equity MF SIPs

2) Emergency Fund: Liquid Funds (75%) + FDs (25%) with sweep ins to cover 6 months of expenses including Home Loan EMI

3) Insurance: a) 25 lakhs term plan from LIC to cover the home loan risk

b) 1 Crore term plan from Aegon Religare for 30 years to provide for 12 years of expenses for the family

4) Mediclaim Insurance: 2 lakh each for the family members from Oriental Insurance other than the one provided by my employer

5) Children Education: Have a 3 year old baby but haven\’t yet started any investments  to cover this expense in the future. My calculation show investment need of around 11,000/month for 17 years. What are the best instruments here?

6) House Insurance: None. Do i need one?

7) Additional Expenses: Car, Vacation have not been planned for yet. But the monthly savings are kept aside to cover these.

Are there any gaps here which I have not covered & please suggest options for points 5 & 6.

Thank You,


5 replies on this article “Help me in my Financial Planning – Retirement, Home Insurance and more !”

  1. Ratan.R says:

    I would like to suggest you for point no 6, yes home insurance is something that you should have. There are some good benefits you can expect from it, like we can say; covers against theft, natural calamities, contents in your home, domestic appliances. Home insurance ensures you that your hard earned house is protected from any unexpected happenings.

  2. ashalanshu says:

    Dear H M, Please invest the education meant amount alsomin the same funds. Regarding Home insurance, are you sure that loss of TV, Refrigerator, AC and other gadgets, equipments in your house do not have any financial impact on you?

    Please insure your home for building as well as it’s content.

    Thanksfor your praising words. Try to keep the chain of good work going. Either you help some others or at least introduce your friends here.



    1. H M says:

      Thanks Ashal

      For Home Insurance will check some websites & post again if there is any issue

  3. H M says:

    Thanks Ashal, you are doing a wonderful job on this website & your contribution without any fees expectation is amazing. I have hardly seen any question where you haven’t given a reply.

    For Home Insurance…is taking an insurance for just the structure based on current market value enough?

    For my retirement planning the funds i invest in are: Quantum Long Term, IDFC Premier Equity, Franklin Templeton Bluechip. You suggest continuing with these for education planning?

  4. ashalanshu says:

    Dear H M, I hope you have already check this.

    Now coming to your queries, Point no. 5, invest in same Eq. funds you are investing for Retirement. What ‘ll you do, if tomorrow earth quake happens and it damage your full house with all it’s articles? Just think and act accordingly.

    Good that you have covered al the things almost. For car and vacation, keep on investing. Try to prolong the purchase of Car or actual vacation date.



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