I am a 35 years old married salaried person staying with my wife (she is a housewife) and daughter (6 months old) at my own house. Here is the brief of my financial portfolio:
Income: Around 1.2L per month.
Monthly expenditure : 45K (approximate).
Home loan: I pay EMI of 35K per month which will continue for next 15 years.
Insurance: One Term Insurance of 1.5Cr for 25 years, Health Insurance of 5L(my company provides additional health insurance of 3L), Critical Illness Insurance of 10L and Personal Accident Insurance of 20L. I am really thankful to Jagoinvestor articles which have helped me to understand the impotence last two insurances (Critical Illness Insurance and Personal Accident Insurance).
Fixed deposits: I have FD’s of around 20L.
Savings account: I have kept around 7L for emergency purpose.
I would like to start SIP (for my daughter education, marriage and retirement planning) for long term tenure (15 years) in mutual funds. I have made some study through various websites, articles but not really sure to finalize the funds which I should go for. Here are the funds I found:
1. ICICI Pru Focused Bluechip / Franklin India Bluechip.
2. Quantum Long Term Equity
3. SBI Emerging Businesses/ IDFC Premier Equity
Here are the quarries from my side:
1. I need your help/suggestion to finalize my SIP portfolio. Please feel free to give other funds name if you think above choices are not correct.
2. I have kept around 7L at my savings bank account. Is there any other way to invest this amount to get little more interest than savings account?