Need some tips for future planning

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Last Comment 2023-04-08

2023-04-06

Fellow dimers i need your tips and suggestions for future planning like right now i am 29 have 2 kids( out of two one is autistic), my father, my mother and my wife, also i am sole bread earner of my family and i make 3-5L per year( runs a shop so can’t tell exact earning) till now i don’t have any life insurance, health insurance and haven’t planned anything for future so need some suggestions for it like-

First i need a life insurance, upon discussing with some of friends i came to know term life insurance are better in general so need second thoughts on that also any specific plan or provider btw some of them suggested lic stating premiums may be high but claims if any will be settled easier and faster.
Than comes health insurance for that my friends told me not to include my mom and dad in it as they have a medical history and if i want a separate insurance can be taken for them, they also suggested new india insurance so need second opinion here as well.
Lastly for securing future of myself and my family thinking of starting a SIP of approx Rs 3k per month with 10% topup every year so want to know where should i invest i SIP my friends are saying invest in direct plans for better returns but have zero knowledge of stock market and mutual funds so don’t know how to invest, have watched in youtube shorts influencers saying go to AMC office and enroll for SIP from there, so what’s best?

I know i am pretty late for this but it’s better late than never so planning to start all this in this year itself and any additional thoughts, tips and suggestions are welcome

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https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9196615

kukdookoo

2023-04-06

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For point 1 and 2 contact @drjpatwa and please include all your family in health insurance. About sip, please maintain some allocation in fd, gold and once you have done that start sip preferably in an index fund for this amount, @guest_999 and @Ramta_Jogi will guide more, you can check groww, kuvera and other apps for direct plans.no need to go to amc office, they will start regular plans only.

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9198357

rahulsoni0706846

2023-04-07

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Best between kuvera vs groww vs zerodha is it wise to invest Rs 1k each in all three

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https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9196654

rahulsoni0706846

2023-04-06

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Dimers pls tag other dimers who have knowledge about this

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9197317

DeciDeaim

2023-04-07

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I appreciate you for thinking in this line. That's the first and most important step bro plus1

Here are some dimers I'd like to tag

@bikidas2060 @malikcool @Ramta_Jogi

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https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9196655

drjpatwa

2023-04-06

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Star health has recently launched plan for autism children. U can have a look into it.

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9196665

rahulsoni0706846

2023-04-06

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Will definitely look into that

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9196666

10ven

2023-04-06

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1) Take term insurance, you can opt for LIC.

2) Take family floater plan which includes yourself, spouse and kids. For parents separate plan. Can't suggest you any particular, do some research of your own. tagging expert @drjpatwa

3) As you got zero knowledge of both better go with mutual funds direct plan. You can do everything online no need to visit AMC office. tagging expert @Ramta_Jogi

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9196673

rahulsoni0706846

2023-04-06

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Thanks for inputs

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https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9196789

igen

2023-04-06

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First and foremost make Ayushman Bharat Card for all of your family members (or by whatever name your state is providing free health insurance upto Rs 5 Lac)

Buy Term Insurance of 25Lac to 50Lacs via online channel (avoid agents) you can compare plans on various websites.

Then you can check market for paid health insurance. Direct mode insurance plans where no agent is involved may launch in some months.

For savings consider FDs, PPF and Mutual Funds (in SIP Mode) in Ratio Approx 5:2:3

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9196821

rahulsoni0706846

2023-04-06

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Thanks for detailed information but have few doubts if you can answer

Like is their any rule for term insurance coverage cause one of my friend told me that term insurance coverage is generally 10-12 times of annual income, is it true?? As for website you mean policy bazaar if not can you specify where to check??

Mom and dad have some FD’s in their names so fo i need additional FD’s for me as well?? Also how to decide SIP amount and a single SIP is good or multiple like Rs 3k *1 or Rs 1.5k*2 or Rs 1k*1 + Rs 2k*1??

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https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9196916

Neo53

2023-04-06

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You can go with Index funds SIP (Nifty 50) since you don't have idea about market - in future if you acquire you can start SIP in other when deemed fit nothing harm in switching to good ones

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9197302

rahulsoni0706846

2023-04-07

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Any specific app or website to do so??

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https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9196924

noobDealer

2023-04-06

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if you're earning 3-5L per year. Better concentrate on getting it up before looking at insurance, fallback fund, sip etc. Just try to eat healthy and exercise as whole family and concentrate on generating disposable income that you can afford to loose in hope of having a better future.

Just leverage any govt scheme that might be applicable for you - insurance, subsidy etc

there is some govt scheme for insurance rs 12-25 for 1 lakh insurance cover. Enable it for each family member individually

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9197069

guest_999

2023-04-06

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Lots of T&C:

About PM-JAY - National Health Authority | GOI (nha.gov.in)

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skansari72

2023-04-06

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@bikidas2060

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9197349

Gulag-Survivor

2023-04-07

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I am not an expert,all I have to say is never mix insurance with investments.

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9197496

jain01010199

2023-04-07

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Hire a trusted fee-only financial advisor for 2-5k to develop a detailed financial plan.

He/she will speak with you for over an hour or two, understand your income (including non-reported), risk taking capacity, return objectives and timelines and family situation in more detail. Accordingly, they will recommend you which mutual fund ETF you should purchase with proper asset allocation (equity, debt etc) and because this is fee only financial advisory, he won't get any other commissions.

While dimers/your friends are very helpful generally, it is important that you take the tailored advice that is suited to your specific case.

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9197936

bip100

2023-04-07

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1) Don't delay and take cheapest online Term life insurance of minimum 50lakh (term period till age of 60) after searching on policy bazaar (put random name, number to avoid spam calls).

No company can reject term plan claim after 2 years for any reason hence go for cheapest plan.

If they ask for income proof, you can file ITR of upto 7.5 lakhs which doesn't attract any income tax.

2) Make ayushman Bharat card for parents. And take family floater health insurance of wife and children (costs around 10k/year for 3 lakhs insurance).

3) Register on Kuvera which offers direct mutual funds. Make an SIP of 1500 in Navi index fund and ₹1000 in SBI small cap fund. Forget this for next 10 years or you can increase SIP amount if financial condition improves.

Good Luck !!!

PS. - I took individual names like Kuvera, Navi and SBI just to make things easy for OP.

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9198363

guest_999

2023-04-07

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1. It is 3 years not 2 years & 5 lakh itr not 7.5 lakh itr that too under New Tax System.

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9198212

BlueFlash

2023-04-07

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Completely unsolicited advice: Take good care of your autistic kid. Also, plan not to have any more kids, as it will not only cause financial burden on you, but also further divide the financial expenditure on your current kids.

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9198228

rahulsoni0706846

2023-04-07

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Already planned same

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9200042

rahulsoni0706846

2023-04-08

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Is it advisable to invest in SIP for both partners provided one is not working asking cause what if i invest 2k each for myself and my wife?? @malikcool @guest_999 @ shh_my_dog_is _sleeping @ramta_jogi, also i want to invest in index fund so want to know which is better nifty index or sensex index? and majority of dimers recommending groww so that seems to final as well

https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9200130

Ramta_Jogi

2023-04-08

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If the partner is not working and not attracting any income tax, it's better to start FD/RD in her name for 10 years. FD at 7.6 percent for 10 years would generate more than 11% annualised returns. That's pretty high considering it's going to be "tax free" - you can claim the TDS deducted by filing ITR on your own. If you don't want the hassle of filing returns for TDS claim, a KVP at current rate of 7.5% doubles your money in 9 years and 5 months.

You seem to have imagined sip /mf as some magic wand that would give you positive returns always. Whatever past 3 returns you are looking at, won't be repeated. So if anybody tells you money getting doubled in 1, 2 or 3 years in mutual funds... Shut down and go to sleep.

Try not to listen to YouTube/social media influencers. And for God's sake.. Stay clear of penny stocks /intra day trading.

Since you are hell bent upon entering the stock market, tell me your risk appetite, time frame and that amount of money which you definitely wouldn't require for next 15 years.

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https://www.desidime.com/discussions/need-some-tips-for-future-planning?page=1#post_9200306

LordGane

2023-04-08

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1. Hdfc term insurance or max life or Reliance in the order.

2. Hdfc ergo optima secure or icici advantedge. Take super top up also same day as you buy insurance.

3. Your friends are idiots. If you have no knowledge don't go with Direct funds. Chose a distributor and select Regular funds after discussing your goals, risk appetite. No need to visit AMC for Direct funds. Use any apps like Indmoney, paytmmoney, etmoney etc.