I am 33 yr software engineer in a private company with monthly take-home of 75k. Dependent members are my wife, 4 yr son, mother with plan of one more child in next 2 yrs. Currently we are staying in ancient house. No other liabilities.
Monthly Expenses - 30k
Current position are as follows :
Saving Account - 5L
FD Account - 1L
PPF Account - 2.5L since 2010 as Tax Shield Driver
LIC 1 - New Bima Gold - 18k annum - 2007-2037(20y)+ 10 yr Extension, Cost- 3.6L, SI - 5L, Accident Cover - 5 L
LIC 2 - Jeevan Anand - 12.5 annum - 2007-2032(25y), Cost- 3.1L, SI - 3L, Accident Cover - 3L
LIC 3 - Profit Plus - 10k annum - 2008-28(20y), Cost 50k(5 yrs), SI - 1L
Past Experience:
Bajaj - Capital Unit Gain - premium 15k*3 since 2007, return after 5 yrs - 30k , loss 15k - Surrendered
SBI Magnum Tax Gain - SIP of Rs 2k monthly, period 5 Yrs, return 6% - Stopped
Share - GTL Ltd - 200 @150, Current Price - 30 - hold
Goals : Adequate life and medical cover, Home in next 4 year, Children Education, Children Marriage, Retirement
Questions :
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Term Insurance premium is available with wide range for same cover, how can we get confidence on these.
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No good feedback on claims from any medical insured, how to select medical insurance committed on claim.
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No returns in SIP even after 6-8 years. Past top funds are at the bottom now and current top rated MF were not even in top list before 1-2 year, how can we expect returns from top rated MF for long term.
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Share Trading is not predictable. What would be actions for middle/long term investors
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Gold and Property seems like the best investment driver as past records, why should not focus on these for future.
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Views on Corporate FD - JP Infratech, Surya Roshni, Unitech, Jagatjit Industries
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Views on mutual fund - Reliance RSF - Equity (G), HDFC Equity Fund (G), Kotak Opportunities Fund (G), Sundaram Select Midcap -RP (G), Kotak Bond (Regular) (G)
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Your Suggested Fund -
Please council me on my bad experience and suggest the right portfolio with respect to insurance, medical cover and investments to cover short and long term goals.
Thanks and Regards
