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POSTED BY ON April 8, 2013 6:50 pm COMMENTS (2)
Hi,
I am living in middle east for past 6 years. I am 33,married and have a 10 months old daughter. I earn 2 Lakhs per month and save approximately 1.5 Lakhs.
Being an NRE, I am struggling to find a Term plan. Also I am intrested in a child plan.
At present, my assets are a house in my hometown (22 Lakhs bought on 2008) which am letting it for rent @ 7000 rs pm.
Recently bought a flat in chennai for 53 lakhs and have almost paid 80% of the amount, balance shall be paid in the as and when the builder progresses to completion.
Apart from the above am investing in Gold (monthly Rs.3000) in a prominent jewellery from July 2012 for 12 months.
Also I have Jeevan Anand from LIC for 5 Lakhs cover for a period of 20 years.(i know this is too less) & my wife has the same policy for 2 lakhs.
LIC Market Plus & Wealth Plus – investing Rs 10,000 for the past 4 years.
Few FD’s worth : 2 Lakhs.
Also investing Rs 1000 each on HDFC top 200 & Reliance Equity – Dividend plan from Dec 2012. Though it is fetching a negative returns, planning to invest for another 5 to 10 years.
For Child :
I need 50 Lakhs for Education. 50 Lakhs for marriage.
Please let me know some non – market linked plans which gives return of 9 to 10% per year.
For myself:
Term plan: 1 Cr for till 75 years of my age. (Not sure if there is any for NRE ?)
Pension Plan : Need some suggestions on some non market linked plans.
Regards
Viswanath
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Dear Viswanath, please use your own common sense & do tell us from which debt insturments an insurance co. may provide you return in 9-10% for the child policy in question.
You are opting DIY mode for your financial life. Well nothing wrong in it but what ‘ll you do if free lunches are not in the best for your life or needs? there may be a situation – someone (including me) suggested you something today & after few days some one else at some other site suggested you some thing else, what ‘ll you do & how ‘ll you decide that what’s good for you?
It’s in your own interest if you opt a fee only paid financial planner for yourself. with all due respect to movie – 3 idiots – “Free ki advice hai, lena hai to lo nahi to jane do.” 🙂
Thanks
Ashal
A person with your networth should seriously consider using the services of a financial planner for your specific needs.
some generic advice:
Stay away from all child plans. Use a combination of MFs and debt instruments for your childs needs.
For term plan: If you have no intention of coming back, get one in the country of residence. Else see if you can find an Indian insurer with a branch in the middle east.