I want your guidance regarding my personal finance.
I have just joined a PSB. My Annaul salary is around 4.2 Lacs per annum. I have set a target of saving 12-13 k per month of which I wish to invest in as:
NPS contribution(mandatory)–3.3 k
MF–3 k. Of which i have just started with an SIP of 1k of SBI MF Magnum Taxgain
I plan to go through SIP of AXIS long term equity Gain (1K)
And Birla Sunlife Tax Plan 1 k. These two being your top two choices of ELSS 2016.
One of my senior told me one method of opening a new RD every month of 1 yr term. I have started with 500 Rs per month RD keeping in mind the 12th-month contribution of 6k(12 RD’s).
I plan to take E LIC policy of 35 yrs with 75 lacs SA. The annual premium comes out to be nearly 14 k.
Kindly guide me whether I am on right track or not.
I have kept the six principles suggested by you in mind.
- Life and Helth Insurance
- Home Loan
- Infrastructure Bonds
Hello sir I got your reply i would like to know I need 20lacs after 20years n at least 75lacs on retirement. I have Medicalims have surrendered 3 of my Lic policy n have left with 1jeevan anand which have just started I can cancel that as well so would like to know how may I proceed further now , in Sip which funds to pick up n is ppf a good option?
Whether basic things done like life, health, and accidental insurance buying and creating an emergency fund and all?