I am giving all my assest and Liability details here . Pls suggest me a financial Plan for my future requirements
Assest
1. Agri Land word 50 Lakh 2. Home worth 60 Lakh 3. EPF Balance Nearly 6 Lakh 4. PPF Balance- Nearly 3 Lakh
Liability
1. Home Loan pending 5.70 Lakh ( MOnthly EMI 7500/-at intrest rate of 9 %)
Monthly Income
Take Home Salary 40000/-
Yearly income 65000/- per year ( will increase 4000-5000 every year )from agriculture which is non Taxable
Monthly Expenses
13000 Household Expenses 7500 EMI for Home Loan and 2000 SIP ( 1000 HDFC top 200 and 1000 Reliance Gold)
Yearly Expenses
Children Education 25000
Investmenst till Now
Nearly 4000 Per month EPF ( Same amount Contributed by Employer ) Intrest Rate as Per EPF
2000 per month SIP ( 1000 HDFC Top 200 from last 26 months, 1000 per month Relinace GOld from last 8 months) After 18 months 1000 SIP stopped ( Reliance Tax Saver Still in Lock in period)
LIC
1 One Term plan for Self and One for Wife both 10 Lakh Each ( Wife Housewife) Both 4742/-Yealy from last 4 years
2. One Term Plan for 1 Lakh ( From last 12 Years) yeary 989/- Only
3 Two Moneyback of 1 Lakh ( 6800 yearly Each) from Last 12 Years ( I am not going to surrender these plans. I have studied in details and these are going to give me better returns than FD in long Run. These are fixed bonus plan) All ULIPS ii have already Surrendered
4.One Lic Komal Jeewan 7528/- per year from last 4 years ( 14 premiums still pending)
5. PPF once a year ( this year 10000 deposited ) Current balance is nearly 3 Lakh. opened in 2002 and will mature in 2017
6. One health Insurance Worth 3 Lakh from ICICI from last 2 years
Family
Self ( 36 Salaried Employee )Wife ( 35 Non Working) Elder Son ( 10 ) Younger Son (5)
Requirements
After 7 years 8 Lakh after 12 Years 8 Lakh
After 15 Years 15 Lakh After 20 Years 15 Lakh
This Requirement is as per Current Cost Without considering Inflation
NOW SUGGEST A SUITABLE PLAN FOR ME WITH MIX OF WHATVER U WANT TO SUGGEST