POSTED BY October 10, 2012 4:50 pm ONE COMMENTON
Recently only I have seen this site and thought of sharing my issues with you anticipating your valuable suggestions. I am 46 now working in a pvt firm. I never given serious thought and importance of financial planning and I simply wasted my good time in investing in LIC’’s and other non-profitable plans and now realized my mistake and regretted. I know I am too late in asking this however still I hope if you could help me advice for changes/modification in my existing portfolio.
I am the only earning member of my family that having my wife 37 yrs and 2 daughters of 16 years and 12, father and mother. My investments and loan details are furnished under. Could you kindly help me if I am on the right track or whether should I make some modification in the existing investment plans to achieve my goal?
i)Gross Income Rs 40000/- per month including HRA/TA
ii) Medical claims can be availed up to Rs 84000/- per annum presently from the company (Amt connected with basic pay)
i) Housing loan for Rs 5 lac from SBT for 15 years. Repayment started since 2005-06. EMI @ Rs 5600/-
ii) Loan for Rs 35,000/- on agriculture purpose @6% interest per year. Repayment already started and Rs 10,000/- still balance to be paid.
A) PPF : Depositing @ Rs 2500/- per month. Present balance: Rs.2, 65,000/-. PPF A/c Opened during 11/ 2007
B) Beema Gold TREE – Gold purchase plan: @ Rs 4500/- (Average) since 7/2011-for 18 months.
C) L I C :
1. Wealth Plus. Sum assured: Rs 1 lac , Rs 5000/- per quarter, Started 2010(policy term : 5 (premium payment term :
2. Money back -20 yrs, Sum assrd : 1 lac , Rs 1692/-per quarter . Started 2001 – 2021
3. Marriage Endwmt/Edu annty plan. Sum assrd : Rs 25000/-, Rs 352/- per quarter. Started 1996-2014
4. Marriage Endwmt/Edu annty plan. Sum assrd : Rs 50000/-, Rs 862/- per quarter , strtd 2001 – 2016
5. New Bima Kiran, Sum assrd : 1 lac , Rs 886/- per half year, Started 2002 – 2022
6) Term Policy for 10 lac SBI Life Saral Shield Level Term @ Rs 8402/year
7) Personal Accident Insurance Scheme (United India Insurance CO @ SBT) Sum insured: Rs 5 lac. Debit only Rs 100/- per year from SB A/c towards premium..
D) Fixed Deposits
a)Rs 40,000/- @ 12% since 10/2011
b)Rs 25,000/- @ 12% since 11/2011
F) Bank RD @ 1000/- per month since Sep 2011
G) Shares just started but no confidence in continuing. Dhanalaxmi bank 25 shares + ONGS 20 shares
G) Mutual funds
a) DSP BlackRock Top 100 Equity Fund – Regular plan- Gr @ Rs 1000 pm since 7/2011
b) ICICI P1191 Focused Bluechip Equity Retail Gro @ Rs 3000/- pm since7/2011
c) ICICI PDFG Discovery Growth @ Rs 1000/- pm since7/2011
d) HDFC TOP 200 GROWTH @ Rs 1000/- pm since7/2011
e) HDFC EQUITY FUND GROWTH @ Rs 1000/- pm since7/2011
f) HDFC PRUDENCE FUND GROWTH @ Rs 1000/- pm since7/2011
Existing value for all the above MF till dt is 1, 58,162/-
a) Education for my 1st daughter Rs 3 lac after 2 yrs and 13 lac (present value) for her marriage after 7 years.
b) Education for my 2nd daughter Rs 5 lac after 6 yrs and 15 lac (present value) for her marriage after 12 years.
c) I wanted to buy a small car for 4 lac in two years but I am afraid whether I can do this or not especially with the big expenses ahead in the near future.
I will wait for your valuable suggestions and advices.