POSTED BY June 16, 2012 6:04 pm COMMENTS (9)ON
I am Durga Prasad, new to Mutual fund investments.
I am 28 years old and married for 2 years and recently bought a term insurance poicy for 75 Lakh coverage.
We are expecting our 1st baby in Nov, 2012.
I would like to start investing in MFs through SIP option as the risk is averaged there.
My goal of investment is to take care of future expenses like my children education, marriage expenses and retirement corpus etc.
I am providing my financial details for your reference as below.
My current salary is 57k/month,
spouse is house wife and has no income,
current living expenses are 12k/month
loan liabilities : I have a home loan of 26 lakhs and paying 26k/month towards EMI, emergency funds : I have 1.5 lakh for emergency fund,
Insurance coverage :
1. Rs.75lakh coverage term insurance for Rs.11k/yr premium
2. LIC Market Plus pension plan which I will get from at the age of 56 years. – premium Rs.25k/year
3. LIC Jeevan chaya for my niece marriage expenses- premium Rs. 6205/ yr
4. SBI Smart ULIP for Rs.1.5 lakh – I started this policy in 2009 and due one more premium of Rs.25k payable next month.
other assets & investments as on date,
1. We have farming land worth rs.13 lakh as of today
2. Other NSC bonds of worth 40k
After considering all myexpenses, I can invest upto 5k/month and I am looking for long term say 20 years.
Please suggest me good SIP plans and other better alternatives
Thanks in advance,