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POSTED BY ON January 6, 2013 3:12 pm COMMENTS (4)
I am 28 years old & presently I have below plans for future. I am earning 47K per month and at a rate of 9% rise in salary per annum. My family includes my wife with 1 child ( 2 years) and parents. My spouse is housewife and parents retired this year (2012).
Life Insurance:
1) Term Plan: ICICI I-Care (Online): Sum assured: INR 2500000/- with 4500/- premium per year for 30 years (Taken in 2012)
2) LIC Jeevan Saral: Sum assured: INR 465000/- with 10809/- premium per year for 35 years (Taken in 2009)- Endowment
3) LIC Jeevan Anand: Sum assured INR 600000/- with 20500/- premium per year for 30 years (Taken in 2007)- Whole life
Health Insurance:
1) Reliance Health Insurance floater scheme for whole family of INR 500000/- with 8000/- premium per year.
Savings:
1) PPF/ EPF: Every year company cuts 45000/- for EPF and I deposit 50000/- in SBI-PPF (Taken in 2012)
My Questions:
1) Is it enough or should I invest more ? Where and how ?
2) ICICI online term plan is taken without medical test. Whether, if any illness comes in future say after 5 years, do I have to inform ICICI for that ?
3) What are the best equity plans for long term to invest and how much?
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please also find out if your present insurance cover is adequate to cover your familys expenses and childs future in case of your demise
Thanks for your reply.
Too much money is spent by you on policies which which will give very poor returns. You must seriously consider making them paid up (stop further premiums and you will get some maturity amt at the end of the policy). Read the policy document about your options.
1) Is it enough or should I invest more ? Where and how ?
This can only be answered only if know why you are investing ie your goals. use the goal planning calculators at
freefincal.wordpress.com
to find out the minimum amt you need to save
2) ICICI online term plan is taken without medical test. Whether, if any illness comes in future say after 5 years, do I have to inform ICICI for that ?
Most likely NO. Read the policy document. If it does not say anything about this you dont have to
3) What are the best equity plans for long term to invest and how much?
use the step by step guide to choosing a equity mutual fund at
freefincal.wordpress.com
no one can guarantee a investment as good for long term. You will need to review performance each year,
Too much money is spent by you on policies which which will give very poor returns. You must seriously consider making them paid up (stop further premiums and you will get some maturity amt at the end of the policy). Read the policy document about your options.
1) Is it enough or should I invest more ? Where and how ?
This can only be answered only if know why you are investing ie your goals please use this
http://freefincal.wordpress.com/goal-planning/optimize-your-goal-investment-amount/
to find out the minimum amt you need to save
2) ICICI online term plan is taken without medical test. Whether, if any illness comes in future say after 5 years, do I have to inform ICICI for that ?
Most likely NO. Read the policy document. If it does not say anything about this you dont have to
3) What are the best equity plans for long term to invest and how much?
use this to see how to choose a equity mutual fund for long term investing
http://freefincal.wordpress.com/step-by-step-guide-to-choosing-a-mutual-fund/
no one can guarantee a investment as good for long term. You will need to review performance each year,