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Discussion in 'Money Matters' started by charmingpooh, May 26, 2009.

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Jun 5, 2010 #21

shaishav Silver IL'ite

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ambika04 said: ↑

Dear Shaishav,

once again thank you.I got some clarity.I will speak with my bank agent and get back to you for further clarity.It would be of great help if you suggest about SIP I have a/c in karnataka bank also & they have in M/s. Franklin Templeton Asset Management India (P) Ltd.:spinThey are suggesting to stop my RD & to go with Franklin SIP for 1 year.Please suggest what are the other options & whether i can go for it?
Click to expand...

Hi Ambika,

I never knew you have RD running. Till now we were only discussing about what we should do with the 50K pf claim amount you have received. I would have suggested the same as your bank but with a different mutual fund. There are better funds than the one suggested by your bank. To decide which scheme to invest in I need answers to the following questions:

What is the amount of RD and how long you want to continue?
When do you need the funds?
What is the current balance in your RD account?
What do you plan to do with the current balance?

what are your other insurance and investments like PPF, FDs, LIC, ULIP, RD, Child Plan etc etc.

Regards,

Shaishav

shaishav, Jun 5, 2010

shaishav, Jun 5, 2010

#21
Jun 5, 2010 #22

ambika04 Gold IL'ite

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Dear Shishav,

I have RD a/c for Rs 1000 each month for 1 year .Other than that I have Jeevan Bhima gold in LIC & Met life - met suvidha par in my husband's name.Im planning to reinvest the money ie the amount i draw from RD i use it pay lic jeevan bhima & met life.I started RD from jan.

ambika04, Jun 5, 2010

ambika04, Jun 5, 2010

#22
Jun 5, 2010 #23
shaishav Silver IL'ite

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ambika04 said: ↑

Dear Shishav,

I have RD a/c for Rs 1000 each month for 1 year .Other than that I have Jeevan Bhima gold in LIC & Met life - met suvidha par in my husband's name.Im planning to reinvest the money ie the amount i draw from RD i use it pay lic jeevan bhima & met life.I started RD from jan.
Click to expand...

Hi Ambika,

I think we need to rebalance your investment and insurance for good long term results. Please send me the following details:

Your & your husband’s age:

If both are working:

Kids (if any): kid’s age

Monthly income:

Monthly expenses:

Insurance Policies: (Sum assured, annual premium and no of years the policy has been running)

Investments done so far and where and for what purpose:

Regular investments being made other than the above plans:

EMI’s being paid (if any):

Awaiting your reply.

Regards,

Shaishav
shaishav, Jun 5, 2010

shaishav, Jun 5, 2010

#23
Jun 5, 2010 #24
ambika04 Gold IL'ite

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Dear Shaishav,

DETAILS AS BELOW:

Your & your husband’s age:Im 29 he is 32

If both are working:yes

Kids (if any): Not yet

Monthly income:24,000

Monthly expenses:10,000

Insurance Policies: Jeevan bhima gold -5,00,000 Sum assured,premium 18000,Met life suvidha 2,00,000 ,12000 premium

Investments done so far and where and for what purpose:None

Regular investments being made other than the above plans:none

EMI’s being paid (if any):none

Thanks in advance
Last edited: Jun 5, 2010

ambika04, Jun 5, 2010

ambika04, Jun 5, 2010

#24
Jun 6, 2010 #25

Ooviya Platinum IL'ite

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hi,

I want to know details reg. BAJAJ ALLIANZ INSU-ULIP-STAR PLAN... how it works???

Ooviya, Jun 6, 2010

Ooviya, Jun 6, 2010

#25
Jun 6, 2010 #26

shaishav Silver IL'ite

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Ooviya said: ↑

hi,

I want to know details reg. BAJAJ ALLIANZ INSU-ULIP-STAR PLAN... how it works???
Click to expand...

Hi Ooviya,

Please mention the full name of the policy as per the policy document.

Regards,

Shaishav

shaishav, Jun 6, 2010

shaishav, Jun 6, 2010

#26
Jun 6, 2010 #27
shaishav Silver IL'ite

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ambika04 said: ↑

Dear Shaishav,

DETAILS AS BELOW:

Your & your husband’s age:Im 29 he is 32

If both are working:yes

Kids (if any): Not yet

Monthly income:24,000

Monthly expenses:10,000

Insurance Policies: Jeevan bhima gold -5,00,000 Sum assured,premium 18000,Met life suvidha 2,00,000 ,12000 premium

Investments done so far and where and for what purpose:None

Regular investments being made other than the above plans:none

EMI’s being paid (if any):none

Thanks in advance
Click to expand...

<link rel="File-List" href="file:///C:%5CDOCUME%7E1%5CADMINI%7E1%5CLOCALS%7E1%5CTemp%5Cmsohtmlclip1%5C01%5Cclip_filelist.xml"><link rel="themeData" href="file:///C:%5CDOCUME%7E1%5CADMINI%7E1%5CLOCALS%7E1%5CTemp%5Cmsohtmlclip1%5C01%5Cclip_themedata.thmx"><link rel="colorSchemeMapping" href="file:///C:%5CDOCUME%7E1%5CADMINI%7E1%5CLOCALS%7E1%5CTemp%5Cmsohtmlclip1%5C01%5Cclip_colorschememapping.xml"><style>  </style> Hi Ambika,

Thank you for sending in the details. I would suggest a simple plan for you which if followed will give you flexibility and better control on your investments.

I would suggest you to surrender your insurance policies for the simple reason that you are paying too high a premium for too less life cover and the maximum returns you can expect from these policies is not more than 5%. The amount you get from surrendering can be invested in a diversified equity mutual fund for better returns.

After having done the above, I would request you to go for a term cover of 15 lakh for both you and your husband. I would suggest you metlife suraksha plus for this and you can contact your metlife agent for the same. This will cost you approx 3500 for you and 4000 for your husband. So your annual commitment towards insurance is reduced from 30,000 to 7500 per annum and the total life cover will increase from 7 lakh to 30 lakh.

Your savings per month is 14,000 i.e. 1, 68,000 and after deducting 7500 for insurance you will be left with 1, 60,000 approx. i.e. 13000 per month. So, I would suggest you to create a 6 month emergency fund for you and after doing that you can invest the monthly surplus in open ended diversified equity mutual funds. This accumulated money will give you good returns and can be used for future goals like buying a house, car etc. If you plan to take home loan you will have to reduce your investment to comfortably accommodate your home loan EMI and this flexible investment will help you at that time.

If you do not have medical insurance from your employer then I would suggest you to go for one which has cashless hospitalization facility and should cover your delivery expenses in future when you plan for a child.

If you actually invest 13000 per month in mutual funds till your retirement you should be able to pay for your kid’s education & marriage as well as your retirement.

Please Note that How well you retire does not depend on how much you earned but how well did you manage your money.

Kind Regards,

Shaishav[FONT=&quot][/FONT]
Last edited: Jun 6, 2010

shaishav, Jun 6, 2010

shaishav, Jun 6, 2010

#27
Jun 6, 2010 #28

radsahana Silver IL'ite

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hi saishav

i am sorry for replying late. Thank you very much for the information.

I will provide the details u asked soon in detail. As of now we are abroad, and i am not working.

Your replies to other queries is also very helpful.

once gain thanks.

radsahana, Jun 6, 2010

radsahana, Jun 6, 2010

#28
Jun 6, 2010 #29

Ooviya Platinum IL'ite

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Hi,

pls explain me,

1.What is meant by DMAT ACCOUNT? what it purpose? how to open this and where?

2.I am having account in nationalized bank. I want o get ATM card. but hey asking address proof. I don't have it. Is any other possibility to get it?

Ooviya, Jun 6, 2010

Ooviya, Jun 6, 2010

#29
Jun 7, 2010 #30

ambika04 Gold IL'ite

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Dear Shaishav,

I have no words to thank you for the care & efforts you have put in.Can you also suggest SIP other than franklin templeton.
I will get back to you after speaking with the agent.:cheers
It would be helpful if you can suggest what are the factors to be considered for Life insurance & for investments like mutual investments & other investments.Most of the cases we believe whatever the agent says I really dont know how to check what would be end return from each policy.I go with the statements what the agent has & not with actual end return.If there is any calculation do share.

Thank you once again.

Last edited: Jun 7, 2010

ambika04, Jun 7, 2010

ambika04, Jun 7, 2010

#30

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