POSTED BY February 4, 2013 11:56 am COMMENTS (12)ON
I have been reading through the forum posts for a few days now. I regret not being through this website earlier, when I was starting my initial investments, and mostly I made all the investments to save my taxes rather than creating wealth or retirement planning. I am 31 years of age now. I have an income of approx 45k per month.
I have made the following investments till date:
a) LIC – Jeevan saral policy: Rs 4,00,000 cover with a premium of Rs 19600/- p.a from 2010
b) LIC- WHole life limited payment- Rs 1,00,000 cover with a premium of Rs 3056/- p.a from 2010
c) Health insurance for myself (3,50,000 limit) and for my mom and my wife (4,00,000 ) limit
d) Birla sunlife insurance (ULIP) for myself (1,50,000) with a yearly premium of Rs14748/- started from 2006.
e) PPF contributions (for tax saving purposes till date) Rs 23,500 approx
Now after reading through Jagoinvestor posts and forums, I have decided/felt that:
a)I have invested in some wrong policies like LIC and Birla Sunlife insurance (ULIP).
b) I also feel that I should increase my insurance cover to at least 50 lacs, per the calculations given in the forums. But at the same time, I feel that either by surrendering the LIC policies or the Birla sunlife insurance, I would lose a whole chunk of money invssted till date.
c) I also need to start an emergency fund.
d) I also need to start investing in a mutual fund scheme (sip or otherwise)
e) I also need to start saving for my retirement from now onwards.
Please do respond
Thank you so much for spending your valuable time going through my query.