I am 31 year old nale and have a 3 months old baby boy. My wife is not working so I have her and my baby as dependents. My monthly salary is 55k and my monthly EMI for my house is 16k which will go on for next 5 years (loan amount 10lacs). Besides that my monthly expenditure is 25K. I have two monthly SIPs which I have started recently of 2k each in HDFC top 200 and Reliance equity opportunity growth. I have a traditional LIC policiy of which annual premium is 10 k and similar insurance policy for my wife from ING life. I have two ULIPs from reliance for which I have stopped paying premiums after 3 years lock in period. I have to surrender that policy as I have not vbeen able to recover even the principal amount. Now I have following questions:
1. Are the two SIPs good enough? I want to start investing another 3000 every month in SIP. Should I increase the amount in the exsiting two (HDFC top 200 and reliance equity opportunity Rs.2000/month each) or should I take another fund?
2. I want to take a term plan as suggested by jagoinvestor. I am confused which one to opt for? Is Aviva good enough or should I split between LIC Jeevan amulya 1 and Aviva?
3. I want to save for my baby’s future. I have 1.5 lacs in my baby’s account. To start with I am thinking of putting 50k in PPF and remaining 1 lac in FD (9.25 interest rate for 7.7 years) Is that a good move? I want to then start SIP as I mentioned above for him. As my salary increases I will increase the monthly amount I put in SIP for my son. Is there any other aspect I should be focussing on?
4. I should start planning for my retirement also. Is it a good idea to start a SIP for that or any other suggestion? I do keep putting ample money in my PPF (current balance is around 8 lacs)
5. Should I surrender my old LIC policy and my wife’s ING life policy for which annual premium is 10 K for each?
6. I have enought liquidity for emergencies.
7. I have medical coverage from my company. Should I take another one for myself?
Any help/suggestion will be highly appreciated!! Many thanks in advance.