POSTED BY July 10, 2012 12:19 pm COMMENTS (18)ON
Dear Forum members,
Look forward to your advice on my financial planning. Excuse me for the long post. I am aged 37, married with two kids aged 4 and 9 and earning approx. 12 Lakhs per annum.
My current Investments include
1. LIC policy – Annual premium Rs. 10000, SA – 1 Lakh maturity 2019 (13 premiums paid already)
2. LIC Jeevan Anand – Annual Premium Rs. 26000, SA – 5 Lakhs, maturity 2024 (9 premiums paid already)
3. Post office MIS investements 6.5 Lakhs invested in the name of my wife and child, maturing end of 2015.
4. FDs for 15.5 Lakhs maturing by end of this year.
5. ICICI Pension plan – Annual premium of Rs. 10000 maturing 2031, (8 premiums paid)- Pure accumulation mode, No Sum Assured.
6. Smartkid Child plan – Annual premium of Rs. 30000 maturing 2025 (7 premiums paid)
I have taken a home loan of close to 15 Lakhs and paying close to 20K EMI for the next 12 – 13 yrs. I have been following the posts and blogs of Jago Investor team for a few days now and this has been a real eye opener for me. Based on this, I have already taken steps for taking up a term plan for about 1 crore, as part of my financial planning. I also want to take to following actions for which I need advice.
1. Make my LIC policies as Paid-up.
2. Not sure on what action to take on my ICICI policies
Option 1- Should I close them or do I leave these as it is without paying any future premiums?
Option 2- If I close them, I calculated that I will get back the amount I invested with Zero profit.Since this is a long time investment (atleast 7 – 8yrs), I am prepared to invest them in a any alternate manner, so that these yield a good return later.
But I need suggestions on what option I should take?
3. Please suggest as to where I can invest my FD’s for approx. 5 Lakhs. Again I am looking at a time frame of atleast 7 years.
4. Additionally, if I have to invest Rs. 10000 per month for long term (5 – 7 yrs) what is the best mode to go about this?