Need some tips for future planning

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.

Dimers pls tag other dimers who have knowledge about this

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

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

Will definitely look into that

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

10ven wrote:

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

Thanks for inputs

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

igen wrote:

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

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??

rahulsoni0706846 wrote:

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??

Yes for term insurance you may need to provide some supporting documents eg ITR for you annual income. Usually they give Sum Insured upto 10 times Annual Income easily.

If you already have a good amount of corpus in FDs that can take care of your emergency needs then you need not invest heavily in FD. I would still recommend to invest some amount in FDs to ensure you need not redeem your Mutual Funds at a bad time due to some x or y exigency. You can instead swap FDs for Higher Interest paying instruments with lockin like NSC. .

Just don't blindly put all savings in equity mutual funds (via sip or otherwise).

igen wrote:

Yes for term insurance you may need to provide some supporting documents eg ITR for you annual income. Usually they give Sum Insured upto 10 times Annual Income easily.

If you already have a good amount of corpus in FDs that can take care of your emergency needs then you need not invest heavily in FD. I would still recommend to invest some amount in FDs to ensure you need not redeem your Mutual Funds at a bad time due to some x or y exigency. You can instead swap FDs for Higher Interest paying instruments with lockin like NSC. .

Just don't blindly put all savings in equity mutual funds (via sip or otherwise).

Thanks bro

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

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 

@bikidas2060

noobDealer wrote:

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 

Lots of T&C:

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

guest_999 wrote:
Lots of T&C:

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

just wait till you have to claim private players insurance, only then you get to know th real t/c 😄

noobDealer wrote:
just wait till you have to claim private players insurance, only then you get to know th real t/c 😄

Many happy customers using pvt players insurance policies. A bad case/bad luck is universal irrespective of which insurance company the policy is from.

guest_999 wrote:
Many happy customers using pvt players insurance policies. A bad case/bad luck is universal irrespective of which insurance company the policy is from.

With the kind of recklessness LIC is trying to use it's float. I wonder if it goes bust in 20 or atmost 50 years.

Neo53 wrote:

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

Any specific app or website to do so??

rahulsoni0706846 wrote:
Any specific app or website to do so??

Zerodha is a low cost option to invest in etf/index funds

noobDealer wrote:

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 

Last time i checked my family was not on the aayushman bharat eligibility list will check again

rahulsoni0706846 wrote:
Any specific app or website to do so??

Coin by zerodha, groww, kuvera. All provide direct funds. Personally using groww, no complaints yet

decideaim wrote:
Zerodha is a low cost option to invest in etf/index funds

Will check it out

legend101 wrote:

Coin by zerodha, groww, kuvera. All provide direct funds. Personally using groww, no complaints yet

Will try it out

rahulsoni0706846 wrote:
Dimers pls tag other dimers who have knowledge about this

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

Here are some dimers I'd like to tag

@bikidas2060 @malikcool @Ramta_Jogi

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

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.

rahulsoni0706846 wrote:

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??

You can check groww using it personally for mutual funds, user interface is very user friendly.

May 1.5K * 2 in Mid-Cap + Small Cap or 1K * 3 in Small + Mid + Large or 3K in Small Caps, depends on your risk appetite, If you can go long in SIP with high risk appetite, you can for 3K in small, high risk/high return.

Actually, mutual funds are not only about equities, there are many types of mutual funds available these days like multi assets, gold funds, commodity funds, etc so you can check them too.

Last but not the least, If you want only equity exposure then you can also accumulate equity ETFs like Nifty ETF, IT ETF, Bank ETF every month or maybe when market corrects, there are also many types of ETFs available these days just like mutual funds.

decideaim wrote:

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

Here are some dimers I'd like to tag

@bikidas2060 @malikcool @Ramta_Jogi

@rahulsoni0706846 You can invest in index funds using Zerodha. One main point for SIP investment there maybe a couple of years in between where you don't make any returns. Because when the market moves too much in any particular year more than the average returns. It will consolidate for the next couple of years to average out the returns. SIP game is totally for long term investors 5-10 years.

@bikidas2060 @guest_999

malikcool wrote:

@rahulsoni0706846 You can invest in index funds using Zerodha. One main point for SIP investment there maybe a couple of years in between where you don't make any returns. Because when the market moves too much in any particular year more than the average returns. It will consolidate for the next couple of years to average out the returns. SIP game is totally for long term investors 5-10 years.

@bikidas2060 @guest_999

I will say even 5-10 years is not a safe bet nowadays, better go for at least 15 years+ sip.