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,
KH