POSTED BY July 10, 2012 8:16 pm COMMENTS (6)ON
My son, aged 27, is working in an IT company. His current salary is around 60K per month. He got married this year to a girl in same company drawing similar salary. Their company has a good contributory PF, Gratuity and Medical Insurance, which gives ample protection to them and their dependents. As of date, he has following LIC policies :-
Policy Name/Sum Assured/Premium/Mode/Commencement date/Maturity Date
Health Protection plus plan-902/500000/15000/yearly/15-Jan-10/15-Jan-50
New Bima Gold-179/1000000/49605/yearly/28-Jan-12/28-Jan-28
In addition to this he has following Mutual Funds, too:-
Fund name/ No. of units held as of date
BIRLA SUN LIFE TAX RELIEF 96 – DIVIDEND 226.91
HSBC TAX SAVER EQUITY FUND – DIVIDEND6,125.95
SUNDARAM BNP PARIBAS TAXSAVER – (OPEN ENDED FUND) – DIVIDEND 5,167.84
144-KOTAK TAX SAVER – growth (144) 1,461.56
02G-BIRLA SUN LIFE TAX RELIEF96 (ELSS U/S 80C OF IT ACT) – Growth 2,274.95
They are staying in a rented house now (rent 20K per month). They plan to buy a car and later a good flat raising a loan.
All the above instruments were bought blindly based on an agent’s suggestion.
Request your guidance on their future financial planning and any correction in the already made investments.