my annual salary is 4.5 lacs, home loan emi is 15500/- at 9.2% for 20 years. remaining loan is 15 lacs. lic policies 1500/-per month to pay till 2036. aegon imaximize plan 3000/- aegon term insurance is 1000/- (for me & spouse) monthly expenses 14000/-. I have ppf account also. loan taken on lic policies is 1 lac at 10%. please guide that should I surrender my lic policies & clear debt. thanks ajay 7400368028
My Earnings are 31K per month & 1.4 lakhs at the end of the year and working for a MNC.
I am with my wife and 2 sons of 3.5years and 6months old.
Insured so far Jeevan Mitra in LIC for 1lakh and paying 4100/-pa premium and 1.3lakhs in Jeevan Surabhi and premeium pa 3000/- and money back policy paying premeium 3000/-
What do u suggest about savings at the moment...options i have now is retirement policy, Kotak investments....
I beg to differ from Ms. Uma Shashikant on placing some part of your money into NRI Deposits.
Infact placing your money in NRI Deposits is a almost like a crime...it hardly earns anything..the NRE Term Deposit rate would be something arnd 3.5% per annum. What you can do is place your money in Debt Based Mutual FUnds like a Floating Rate Fund which gives you a return of 5-5.25%. The otehr option is the recently launched JM Equity & Derivative Fund which offers anywhere between 8-9% (with capital protection and a minimum growth of 4-4.5%)
What you can also do is in case you do not want to take a CUrrency Risk, Place your money in FCNR Deposits in USD...take a Rupee Loan against that deposit. if the USD 1 yr FCNR rate is 3.00%, the Rupee Loan rate will be typically arnd 4%. Invest this Rupee Loan amount into JM Euity & Derivative Fund & earn easily upto 8%, pay off the loan @ 4%..and you end up making another 4% straight away, plus your deposit is not touched! Hows that for a structure!
I am an NRI working in middle east 43 yrs family consists wife and one child boy aged 9yrs.I have investments in mutual funds(Equity based) for 5 lakhs and stocks one lakh. Fixed deposit -Rs 10 lakhs having a housing loan for which I have to pay Rs-25000/per month for another 10 yrs.Insurance policy for 15 Lakhs for which premium is Rs-10000/P.M.I am planning to return to India in one year time from now. I can get an amount of Rs 10 lakhs at the time of leaving my job as my Gratuity of the service. I am not interested to go for a job in India after i returns but interested to start some small business with Rs 5 to 8 Lakhs investment.Pl review and advise cautions to be taken and investment proposals.
