Hi Sir,
I happened to stumble upon this site and had read many blogs of Manish till late night 4.A.M.
This site should be \”bookmarked\” by one and all as i see the discussions on this forum really enlightening and honest.
I need some advice on the insurance & investment front.Here are the details:
1) My current age is 35 (born 6.6.1976).
2) My current take home is 60 K/month.Working as Software consultant in an MNC.
3) My wife is home maker and we are blessed with Baby girl 3 months back.I have dependents as my parents (retired Central Govt. employee, but all day to day expenses borne by me only).
4) My monthly expenses I round it close to 30K (including Home Loan EMI 13K).
5)As a liability I have Home loan for 16 Lakhs (from 2004).
6)Current holdings: Jeevan mitra(Triple cover):Rs.6000 p.a., Jeevan Sree:25K p.a. holding from 2002. Also ICICI Life time Pension(2005): 10K p.a.
7) Mutual Funds: Reliance Growth Fund(2007): 2K /month. Sundaram Midcap(2007):2K/month
I need your expert advice on what to invest. I do see my Life cover is too less (coming around 13 Lakh as of today). I need your advice ,
a)how much I should cover further. Also suggest which policy (LIC how much n others how much).As I see \”Raiders\” do mount for more Premium, advice if at all they are required, if Yes, suggest any Pvt company.
b) I have been \’haunted\’ by agents suggesting Jeevan Saral (claiming life cover + investment opportunity), Child Plans (Smart KID ICICI, Birla Dream child, Jeevan Komal -LIC), since 2 weeks.
c)I would need your advice on, if i need to continue S.I.Ps on afore mentioned schemes(I realized No SIP is gng on since last December, I must give renewal request I guess).
Sundaram Midcap (for 4 years) show current market value as : 1.5L. Reliance Growth Fund(3 years as no SIP after 12/09): Current market value 1 L.
Also suggest any new MF plans for long term objectives with an liquidity option open(which is there in Mfs always).
D) I would need your advice on Gold ETF as well.
Thanks in advance. It will of great help as I have been meeting so called Finance advisors since 2 weeks but everyone is taking out some \”Magic Plan\” from LIC or Child Plans with Premium waivers in case of risk.
Iam more interested to take Term Policy + Investments in some Growth schemes, which in turn benefit my family with child future in mind.
Regards,
Kiran