Please cover the BASICs first.
I assume the basic thing is already checked by you. What's that? Here it goes.
1. Adequate Term Insurance Cover - 17-20 times of your yearly income as Sum Assured in your Term Plan.
2. Adequate Health Insurance Cover - 10L Base policy + 50L or 100L Super Top Up cover.
3. Adequate Emergency Corpus - 12 months' Expenses equivalent money in your SB account with Sweeping FDs.
4. Identify your future goals
The way forward.
Some common question
Q. Which is the best term cover plan?
Ans. All insurers are equally good or bad. Opt the one you are comfortable with. Please do remember even LIC does not has 100% claim settlement ratio so don't base you decision on CSR alone.
Q. Which is the best health cover for me (my family)?
Ans. Again opt the insurer you are comfortable with. Even if you are
not satisfied with your chosen insurer, you have the option to port your health policy to a different insurer at the time of renewal
Q. I want to invest for 1-2-3-5Y. Please suggest what should I do?
Ans. Such short term, please opt either bank FDs or RDs or debt MFs. If you can afford to lose all your money, you may venture out in Eq. and Eq. MFs also. Check within your own stomach, how much pain you can carry, while you see your portfolio going down and down.
Q. I want to invest X amount for my Kid. Should I invest in PPF or FD or an insurance policy or something else.
Ans. Please use goal planner, children education and other sheets available to you free of cost @ www.freefincal.com Please select your investment vehicle as per your need. There is no right or wrong way in your selection. There is only one way and that's YOUR OWN WAY.
Q. Should I buy a house property or live on rent for the time being?
Ans. This question has 2 aspects. 1. Financial and 2. Emotional. Move accordingly. If you put more weight on Emotional thing, buy house for self consumption. If you put more weight on financial aspect, delay your purchase and live on rent, till you are clear about your stay in the same city and house for next 10-15Y.
Q. I want to retire early. Where should I invest to get the desired result.
Ans. Sit with a calm mind and first of all use the lower stress retirement calculator at www.freefincal.com This 'll give you and idea of your target. Please plan as per your numbers.
Q. I have selected XYZ and ABC and PQR funds. Is it OK to invest in.
Ans. If you have selected with a process, go ahead and start investing. Even if you are investing without any process, Start as of now and learn your way. You 'll get enough opportunity for course correction during your journey.
Q. In the long lasting lists of so many mutual funds, I'm confused to select my funds. What should I do?
Ans. Please check this link for a prefiltered list of funds from various categories.
Q. I want to invest in few stocks, where should I invest?
Ans. Please do your own research. Invest accordingly.
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