POSTED BY May 31, 2014 10:00 am ONE COMMENT
ONI am totally new to this forum and to the investment field and would like your expertise / suggestions on an issue that I am facing regarding investing and securing my sons education and my retirement plan.
We are 3 in our family. Myself – 39 Years Wife 39 Years and Child – Will be 2 years in August. From our total income we have a saving capacity of Rs.40,000/- after our expenses. We have our own house and by God\’s grace we are do not have any health problems
Please find below a synopsis of my current financial status.
Our Current investment & Policies are as follows:
1. Pension Plan – We have paid regular installments till our lockin period of 5 years – Total Value is 12 Lacs i.e. Rs. 10000/- per month for 5 years. Sum Assured is Rs. 15 Lacs. Now we have stopped contributing to the pension plan after the 5 years. We have not withdrawn the money
2. Medical Policy – Religare Medical Plan for 3 of us for 10 Lacs. I had invested around 2 Lacs in PPF. But have not invested anything for the last 4 years Since we both are 39 years and our son is only 2 years we would like to secure his future in terms of education and his financial obligations.
We were thinking of the following
1. Invest in Real Estate – Purchase a flat for Rs. 35 to 40 Lacs on housing loan and then renting it. The rental money would lessen the burden of my loan installment every month
2. Invest in a Term Deposit of 1 Crore – Just incase something happens in future the term deposit could take care of the housing loan + balance money can be utilized by my family. The risk I stand here, is if during this term if nothing happens to me then I do not have any corpus for my family
3. Having a parallel investment just incase I survive so that the corpus is built through this running investment
My Main questions are:
1. If I need to go in for a term plan – Which term plan should I go in for…
2. How do I have a parallel investment – What do I invest in?
The main objective is to build a corpus for my son’s education and financial need and for our retirement
Please Advice…
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1. Term plan —- plz take with a company u r comfortable with
2. Parallel investment —- you can invest in equity mutual funds.