This is CK, a 27 years old unmarried college teacher residing with parents n brother N Bhavi.I am an employee since last 2 and half yr. I have the following goals
1.Marriage within 2 years
2.Buy a car, construct a house for my future family within 10 years
3.Secure future after retirement.
My present financial condition is as follows..
Monthly income-51000,Ppf-10000,Pf-3000,Incometax-2000,Lic jeevan saral-3050(9150 approx qrtrly,25 years,sa-750000,will be completed 3 yes prm in 2016 Jan),Parents mediclaim-600(9000yrarly),SIP-5000,Home expenditure-16000,Personal -6000,Bike n mobile-1000,Outing r restrnt-2000.
My present bankbalance-50000,Ppf-190000,Pf-45000,Lic bimaaccount return in 2016 july-50000aprx,Icici pru save n care return in 2016 april-10-15000aprx(8200 yearly premium for 3 yrs given).
My questions are the following..
1.How to achieve my goals or plan future?
2.Should I continue jeevan saral?(I have no term, no health insurance)
3.I have the SIPs via SBI Demat, due to insufficient balance in demat 2 of my SIPs got rejected..should I redeem them or leave as it is?
Thanks in advance, waiting for your valuable reply.
Bindaspagla- For first goal, use the Bank RD. For goals which are around 10 years, you can use around 40% debt and 60% equity or a single HDFC Balanced Fund is enough. For retirement, you can use one large cap fund, one small and mid call fund. Better you come out of Jeevan Saral and try to buy an online term plan. If the funds are performing well then continue the existing funds. If not then think to switch. Don’t try to use demat account to invest in MF. It is costly mode of investment.