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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Vishal - Dec 13, 2023Hindi

Hi sir, i have total 10k for investment of which I'm currently investing 7000rs in icici prudential nifty 50 index fund for 15-20 years, and ready to put 2000 rs for investment.My goals is to earn a cagr of more than 15 percent with 10 k for 15-20 years with little risk. Also suggest some term insurance without good claim settlement ratio and coverage upto 1cr

Ans: Hello,

Given your investment amount and goals, here are some suggestions:

Investment Strategy:

Additional SIP:
Invest the additional ?2,000 in a diversified equity mutual fund to balance your portfolio.
Choose a fund with a track record of consistent performance and a lower expense ratio.
Goal of 15% CAGR:
While aiming for a CAGR of 15% is ambitious, it's crucial to understand that higher returns generally come with higher risks.
Opt for a combination of equity and debt funds to balance risk and return.
Consider small-cap or mid-cap funds for higher growth potential, but be prepared for increased volatility.
Term Insurance:

Coverage of ?1 Crore:
You can consider term insurance plans from reputable insurers that offer coverage up to ?1 crore.
Compare premium rates, features, and claim settlement ratios before choosing a plan.
Claim Settlement Ratio:
Look for insurers with a high claim settlement ratio, indicating their reliability in settling claims.
Avoid insurers with a history of low claim settlement ratios or negative reviews.
Remember, while aiming for higher returns, it's essential to assess your risk tolerance and invest accordingly. Diversify your investments across asset classes and regularly review your portfolio to ensure it aligns with your financial goals and risk profile.

Consult a Certified Financial Planner for personalized advice tailored to your needs and financial situation.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Murugan - Dec 13, 2023Hindi

Hi Sir, This is Murugan, from Chennai, working for an IT company. I have started to invest in NPS for the past 7 months (4216?, 10% of my basic salary) for my retirement plan. My take-home salary is ?60,000 (after NPS deduction). I don't have a debit. I would like to invest ?20,000 for my future and also for my child's (4-year-old) education purposes (long-term plan). Please suggest any ideas to achieve my goal. Thanks, Murugan.

Ans: It's great that you've started investing in NPS for your retirement. To achieve your goal of investing ?20,000 for both your future and your child's education, consider the following suggestions:

SIP in Mutual Funds:
Allocate a portion of ?20,000 towards SIPs in mutual funds. Opt for diversified equity funds for long-term growth potential.
Choose funds based on your risk tolerance and investment horizon.
Child Education Fund:
Create a separate fund or invest in child education-specific mutual funds or SIPs for your child's education.
Start a recurring deposit or systematic investment plan (SIP) to accumulate the desired amount by the time your child starts higher education.
Emergency Fund:
Set aside a portion of your monthly income for an emergency fund, aiming to accumulate 3-6 months' worth of expenses.
Consider a liquid or short-term debt fund for this purpose.
Insurance:
Ensure you have adequate life and health insurance coverage for yourself and your family to protect against unforeseen events.
Review & Adjust:
Periodically review your investments to track performance and make necessary adjustments.
Increase your investments gradually as your income grows.
Remember to maintain a balanced approach between equity and debt investments based on your risk tolerance. Consult a financial advisor to create a personalized investment plan tailored to your financial goals and situation.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by ASHOK - Dec 09, 2023Hindi

i have worked in 5 different companies from 1992 to 2012 and contributed to EPF and EPS. i have UAN number. Last company i worked and contributed to EPS was till aug2012, Now the company is closed the operation and not updated my service records from 1992.How to get it done? please guide.

Ans: To update your service records and correct the discrepancies in your EPF and EPS contributions, follow these steps:

UAN Portal Login:
Log in to the UAN (Universal Account Number) portal using your UAN and password.
Verify your personal details and check the service history available.
Contact Previous Employers:
Reach out to your previous employers from 1992 to 2012 to obtain your PF account number and passbook or statement.
Request them to update your exit date and contribution details if they haven't already.
EPFO Grievance Cell:
If your previous employers are unresponsive or the company is closed, raise a grievance on the EPFO (Employees' Provident Fund Organisation) portal.
Provide details like company name, dates of employment, and UAN for quicker resolution.
PF Regional Office:
Visit the nearest PF regional office with necessary documents like ID proof, service certificates, and bank passbook.
Submit a written request to update your service history and contributions.
Legal Assistance:
If the above steps don't yield results, consider seeking legal assistance to resolve the issue.
Regular Follow-up:
Follow up regularly with EPFO or the grievance cell for updates on your request.
Keep copies of all communication and documents for future reference.
Remember to keep your communication polite and professional, and maintain records of all interactions for documentation. It may take some time to resolve, but persistence should help you correct your service records and contributions.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Dec 07, 2023Hindi

Hello Sir, I would like to invest in SIPs for next 10 years to meet my goal of 1 Crore. So please suggest how much I need to invest and in which funds, Thank you in advance for your advice.

Ans: To achieve a goal of 1 Crore in 10 years through SIPs, you'll need to calculate the monthly SIP amount considering expected returns and your risk tolerance.

Rate of Return: Assuming an average annual return of 10-12% (considering market volatility), calculate the required SIP amount using financial calculators or formulas.
Risk Profile: Choose funds based on your risk tolerance. Equity funds can offer higher returns but come with volatility, while debt funds provide stability.
Diversification: Opt for a diversified portfolio across asset classes to balance risk and return.
Review & Adjust: Periodically review and adjust your SIPs based on performance and changing financial goals.
Consult a Certified Financial Planner for personalized advice tailored to your needs.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Vids - Dec 04, 2023Hindi

I am 57 years old. I have investments in ICICI prudential balanced advantage funds, Kotak balanced advantage funds, KOtak flexicap, PGIM India Flexicap, Bandhan ELSS Equity funds and ICICI Pru Nifty50 Index fund. I received EPF money of around 45lakhs. At the moment the ratio of equity and debt is 60:40. Can you suggest where should I invest this money as an NRI ?

Ans: Given your age and current investment ratio, as an NRI, consider diversifying the EPF money to align with your risk profile and retirement needs.

Equity Allocation: You already have a significant equity exposure; however, evaluate if you want to maintain or adjust this based on your risk tolerance and time horizon.
Debt Allocation: With a 60:40 equity to debt ratio, you might consider increasing the debt component for stability and income generation, especially as you approach retirement.
Tax Efficiency: As an NRI, prioritize tax-efficient investments to maximize post-tax returns.
Professional Advice: Consult a financial advisor to create a customized investment strategy tailored to your NRI status and retirement goals.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Damayanti - Mar 27, 2024Hindi

Sir I am housewife. I have no earning. Got 3 lakh rupees from mutual fund repurchase as long term capital gain. Shall I pay tax and file income tax.

Ans: As a housewife with no other income, your tax liability on long-term capital gains (LTCG) from mutual funds needs to be considered.

Long-Term Capital Gain Tax on Mutual Funds:
Long-term capital gains from equity mutual funds are taxable at 10% if the LTCG exceeds Rs. 1 lakh in a financial year, without the benefit of indexation.

Do you need to pay tax?

LTCG Calculation: If your LTCG from mutual funds is more than Rs. 1 lakh in the financial year, you will need to pay tax on the amount exceeding Rs. 1 lakh at 10%.
Exemption Limit: If your total income, including LTCG, is below the taxable limit (basic exemption limit), you may not be required to pay tax.
Tax Filing: Even if you're not liable to pay tax due to income being below the exemption limit, you should still consider filing an income tax return to report the LTCG. Filing an income tax return will also serve as proof of your income source.
Steps to Follow:

Calculate LTCG: Calculate your LTCG from mutual fund repurchase.
Check Exemption Limit: Determine if your total income, including LTCG, is below the taxable limit for the financial year.
Tax Payment: If your LTCG exceeds Rs. 1 lakh and you have a tax liability, pay the tax before filing the income tax return.
File Income Tax Return: Even if not liable to pay tax, file an income tax return to report LTCG and claim exemption, if applicable.
Keep Records: Maintain records of mutual fund statements and LTCG calculations for future reference.
Conclusion:
Given the above, it's advisable to calculate your LTCG, assess tax liability, and file an income tax return accordingly. If unsure about the calculations or tax implications, consider consulting a tax advisor or chartered accountant for guidance.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Ashish - Apr 17, 2024Hindi

I am 45 years old. I have SIPs of Quant Active 5000/-, Parag Parikh 5000/-, Canara Bluechip 5000/- & Tata Digital 5000/-. All Direct funds & upto 2 yeras old. I have EPF + VPF of around 12000/- for debt portfolio & total about 10L. PPF having around 12 Lakhs. Now adding only 10000/- in PPP for continuity. NPS adding 50000/- per year. Amount will be required after 5 years upto 18 years from any or mix of portfolio. For retirement having agricultural income which is presently 4L/year will come to me from father later. Insurance available from office & self taken 5L FF. Pls advise for any changes or need to change funds.

Ans: You have a well-structured investment approach with a mix of equity and debt investments suitable for your age and goals.

Equity Allocation: Your SIPs in diversified equity funds and NPS contributions provide a good base for long-term growth. Given your 5-18 year horizon, it aligns with your goals.
Debt Allocation: EPF + VPF and PPF form a substantial part of your debt portfolio, providing stability and tax benefits.
Emergency Fund: With EPF, VPF, and PPF, you have a decent debt cushion.
Retirement: Your agricultural income and EPF contributions will support your retirement income.
Suggestions:

Review & Rebalance: Periodically review your portfolio to ensure it aligns with your goals and risk tolerance. Consider rebalancing if needed.
Tax Planning: Given the EPF, VPF, and PPF contributions, ensure you're maximizing tax benefits across investments.
Insurance: Since you have insurance coverage from both work and personal policies, review if the coverage amount is adequate considering future needs and inflation.
Continued Investments: Continue with your SIPs and NPS contributions to benefit from compounding and rupee cost averaging.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Apr 18, 2024Hindi

Hi sir, I'm 25y old. I've started investing on May 2022 in mutual funds through SIP for long term 25-30years. Right now I've 45k of invested amount in MF Portfolio. I've emergency fund in FD of 60k and I've health and term insurance for me and family. My MF portfolio: Parag Parikh flexi cap - 2.5k Nippon small cap - 2k Axis bluechip - 1k Navi nifty50 index fund -500 And I'm planning to add zerodha largemidcap 250 index fund. Can you please review my portfolio and any suggestions on changes?

Ans: You've made a solid start by investing in mutual funds through SIPs at a young age with a long-term horizon. Your financial planning approach, including having an emergency fund and insurance coverage, is commendable. Let's review your MF portfolio:

Diversification: Your portfolio consists of flexi cap, small cap, bluechip, and index funds, providing a good mix across market caps and investment styles.
Flexi Cap: Parag Parikh flexi cap fund offers flexibility across market caps and geographies, suitable for long-term growth.
Small Cap: Nippon small cap fund provides exposure to smaller companies with high growth potential, though small caps can be more volatile.
Large Cap: Axis bluechip and Navi nifty50 index fund focus on established large-cap companies, offering stability and growth potential.
Index Fund: Zerodha largemidcap 250 index fund aims to replicate the performance of the top 250 companies by market cap, providing diversification across large and mid-cap segments.
Suggestions:

Continue SIPs: Continue with your SIPs to benefit from rupee cost averaging and the power of compounding over the long term.
Review and Rebalance: Periodically review your portfolio to rebalance if any fund deviates significantly from its intended allocation.
Asset Allocation: As you add more funds, consider maintaining a balanced asset allocation based on your risk tolerance. Ensure you're not overly concentrated in one segment.
Monitor Performance: Keep an eye on the performance of your funds. If any fund consistently underperforms its benchmark or peers, consider re-evaluating its place in your portfolio.
Emergency Fund: Ensure your emergency fund remains intact and consider increasing it over time to cover 3-6 months of living expenses.
Professional Advice: Given your long-term investment horizon, consider consulting a certified financial planner to fine-tune your investment strategy, align it with your goals, and ensure optimal diversification.
Overall, your portfolio is off to a good start. With disciplined investing and periodic reviews, you're on track for long-term wealth creation. Keep up the good work!

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Sujeet - Apr 18, 2024Hindi

Sir I have been investing in MF's for last 5 years. However I have not taken any expert advice or from a certified planner while selecting funds. However I want to understand if I have invested in good funds with the objective of long term wealth creation. PPFAS FLEXI CAP Direct Growth-5200 ICICI Pru Value Discovery-1500 Tata ELSS tax saver-1000 Canara Robeco ELSS tax saver-1000 Axis ELSS tax saver-1000 Quant small cap direct growth-2600 PGIM India mid cap growth-2500 HDFC children gift fund-5000 SBI Magnum children benefits fund-5000. Kindly let me know if I am right track.

Ans: It's great that you've been investing for the last 5 years with a focus on long-term wealth creation. Your portfolio appears to be diversified across flexi cap, value-oriented, tax-saving, small cap, mid cap, and children's funds, which is a positive approach.

To assess if you're on the right track:

Diversification: Your portfolio seems to be diversified across different fund categories, which can help in spreading risk.
Tax Planning: Investing in ELSS tax saver funds can provide tax benefits under Section 80C of the Income Tax Act, enhancing your overall tax planning strategy.
Long-Term Focus: With your investment horizon aligned with long-term wealth creation, the funds chosen generally cater to this objective.
However, it's essential to periodically review your portfolio's performance, ensure alignment with your risk tolerance, and make adjustments as needed. Consider consulting a certified financial planner for a comprehensive review tailored to your financial goals and risk profile.

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Sunil Lala |173 Answers |Ask -Follow

Financial Planner - Answered on Apr 18, 2024

Asked by Anonymous - Apr 11, 2024Hindi

Hi ,I am a 25 year old and started earning 50k ...could you please suggest how much should I save? Currently I am saving 25k ...and please suggest where should I invest ???

Ans: 25K saving per month is a good saving. Investment in equity mutual fund is advisable through SIP mode

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Sunil Lala |173 Answers |Ask -Follow

Financial Planner - Answered on Apr 18, 2024

Question by Mohit - Apr 14, 2024Hindi

Hi experts, I'm a 26M Dentist looking to start my investment journey. I've researched a lot in the last few days and have shortlisted these three funds for Sip investments for 10+ years with a step-up of 10% :- 1)Parag Parikh flexicap 2)Icici multi asset fund 3)Motilal Oswal midcap fund Total investment will start with 7.5k per month. Any opinions, advice regarding these, especially changes to be made and fund allocation with respect to the three are most welcome.

Ans: Since you are so young than why have you kept your investment period only 10 years. Self research has limitations you meet a certified financial planner and learn properly how to create wealth

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Sunil Lala |173 Answers |Ask -Follow

Financial Planner - Answered on Apr 18, 2024

Asked by Anonymous - Apr 15, 2024Hindi

Am 50 yrs old having a Home loan since Jan 2022 of 40 lac for 15 yrs cleared 10 lac principal amount till date, deposited 10 lac in MF's & 40 lac in FD's, am worried how to increase my fund for the future my monthly income is 50,000 per month

Ans: If your investment period is more than you can covert your FD in an equity mutual fund

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Sunil Lala |173 Answers |Ask -Follow

Financial Planner - Answered on Apr 18, 2024

Question by Manigandan - Apr 17, 2024Hindi

Hi sir am 33yrd old I have 20lak which I put in FD with interest rate of 7.5% is it ok or I have to change it for better return

Ans: If you understand mutual funds than its advisable to invest in equity mutual funds

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Sunil Lala |173 Answers |Ask -Follow

Financial Planner - Answered on Apr 18, 2024

Question by Vinay - Apr 17, 2024Hindi

Hi Sir, i am 50 years investing in HDFC top 100 regular - 2k, ICICI prudential blue chip fund regular-3k, ICICI P.H.D. fund direct - 1k, Kotak flexi cap direct - 1k, PPFAS flexi cap direct - 5k, DSP midcap direct - 3k, ABSL frontline equity fund regular - 3k, Axis blue chip regular - 3k, PGIM midcap - 3k, Motilal oswal 500 index fund direct - 1k, Nippon India Multicap fund direct - 3k from last 5 years and want to invest for another 5 years. Any suggestions for change.

Ans: All the funds are good but you have too many fund, if you can manage it than its good. You can put 5k SIP in a good Multicap fund

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Sunil Lala |173 Answers |Ask -Follow

Financial Planner - Answered on Apr 18, 2024

Asked by Anonymous - Mar 13, 2024Hindi

Hi Sir, I plan to invest in the following funds for 2 years through SIP from April 24. Investment holding time frame is 15 years. Nipon India Small Cap (10K); HDFC Small Cap (10K); HDFC Mid Cap Opportunities Fund (7.5K); Motilal Oswal Nifty Mid Cap 150 Index Fund (7.5K); Mirae Assets Large & Mid Cap (5K); ICICI Pru Value Discovery (10K). All funds selected are of Growth option and Direct investment option. Requesting your expert comments in the fund selection/ amount allocation. Thank You in advance.

Ans: Fund selection is good

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Sunil Lala |173 Answers |Ask -Follow

Financial Planner - Answered on Apr 18, 2024

Question by Amit - Mar 13, 2024Hindi

Sunil, as a financial expert, given the financial profile of someone like me - a 42-year-old individual earning a monthly salary of 1.6 lakh rupees, owning two self-occupied flats in Mumbai and Pune, with monthly obligations of approximately 70,000 rupees, and an EPF balance of around 30 lakh rupees - do you think it's realistic to aim to grow the EPF balance to 2.5 crore rupees over the next 10 years, possibly through contributions to EPF and VPF? What specific strategies or adjustments would you recommend to achieve this ambitious goal?

Ans: It's better to do SIP in equity mutual funds than putting money in VPF

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Apr 14, 2024Hindi

Sir how can i generate a stable income for my MIL who has a surplus cash from her late husband. The cash component is 75 lacs in multiple FD's Please suggest some minimal risk investments which can generate a monthly income of 50k to 60k for her.

Ans: Generating a monthly income of Rs. 50,000-60,000 with minimal risk on a Rs. 75 lakh corpus might be challenging. Here's why:

Low-risk investments: Typically offer lower returns. Interest rates on fixed deposits (FDs) are currently around 5-6%, which might not be enough to meet your income target.
Here are some options to consider, though they might not individually generate the desired monthly income:

Senior Citizen Savings Scheme (SCSS): Offers higher interest rates than regular FDs for senior citizens.
Monthly Income Plans (MIPs) of Mutual Funds: Invest in a debt-oriented mutual fund that provides regular monthly payouts. However, there's inherent market risk involved.
Annuity (deferred): Consider a deferred annuity where you invest a lump sum and receive a fixed monthly payout after a specific period. This offers guaranteed income but may lock up the principal amount.
Here's a suggestion to potentially reach your income target:

Invest a portion (around 40-50%) in low-risk options like SCSS or debt funds to generate some regular income.
Explore slightly more risk-tolerant options for the remaining corpus (balanced mutual funds or dividend yielding stocks) to potentially achieve higher returns and reach the desired monthly income.
Important Note: This is a simplified overview. Consulting a Certified Financial Planner is crucial. They can assess your mother-in-law's risk tolerance and recommend a personalized investment strategy tailored to her specific needs and income goals. The advisor can help create a portfolio that balances risk and return to generate the desired income while preserving the corpus.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Apr 14, 2024Hindi

Sir, I'm investing 4K /M in 5 following funds:- 1) SBI Large and Midcap 2) SBI Small Cap 3) SBI Blue chup 4) SBI Tech opportunity 5) Aditya Birla Sun life Pharma and Healthcare I'm investing in above funds from last few years . Performing well till date . Should continue or add some change others in my portfolio. please guide

Ans: our portfolio leans towards aggressive growth with small-cap, thematic (pharma), and technology funds. This can be good for long-term wealth creation, but consider diversification:

Review your risk tolerance: Are you comfortable with potential volatility?
Balance your portfolio: Add a large-cap fund or multi-asset allocation fund for stability.
Monitor performance: Regularly review your funds and their performance compared to benchmarks.
Consider consulting a qualified financial advisor for a personalized assessment and potential portfolio adjustments.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Sangayya - Apr 14, 2024Hindi

Hi Sir Sangayya hear from Karnataka my age is 43 from last 3 years I started my SIP details r as below 1 ELSS - 5 sips each 1k 2. Large & mid cap fund - 3 sips 1k each 3. Thematic fund - Franklin India opp - 5k 4. Multi asset allocator - Tata 5k 5.Flexi cap fund - 2 Sips 1k each 6. Dynamic Asset - Edelweiss balanced Adv fund 1k 7. Small cap - Nippon India 1k Total monthly 22k is my investment kindly suggest I want to build my corpus 1cr in another 10 year & how much capital I have to invest to achieve my Target

Ans: Based on your current investments of Rs 22,000 monthly, achieving a Rs 1 crore corpus in 10 years might require additional investment. Here's a simplified calculation assuming constant monthly investment and average return:

Required Additional Investment = (Target Corpus - (Current Investment * Years)) / Years

You can use an online investment calculator to get a more accurate estimate considering factors like specific return rates.

Consulting a qualified financial advisor can help assess your portfolio and suggest adjustments to reach your goals.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Apr 14, 2024Hindi

I am 27 year old and doing sip for long term, I have sip of total rs 1000 in axis small cap fund (350) , axis nifty midcap 50 (250) , hdfc large and mid cap fund (200) , hdfc flexi cap fund (200). Is my selection of fund and allocation good?

Ans: The allocation across funds seems fairly balanced, with a slight bias towards small and mid-caps (55%) compared to large and mid-caps (45%). This is reasonable for a young investor with a long-term horizon who can tolerate higher volatility associated with small and mid-cap stocks.
Here are some additional points to consider:

Review Your Risk Tolerance: While your current allocation seems balanced, revisit your risk tolerance periodically. As you get closer to your financial goals, you might want to gradually shift towards a more conservative allocation with a higher weightage in large-cap funds.
Long-Term SIP: Since you're young and have a long investment horizon (presumably 10+ years), continuing your SIP will benefit from rupee-cost averaging, where you purchase units at different price points, potentially averaging out the cost per unit over time.
Monitor Performance: Regularly monitor your SIP performance and the performance of the chosen funds. While past performance isn't a guarantee of future results, consistent underperformance of a particular fund compared to its benchmark might warrant a review or replacement.
Consider a Goal-Based Approach: While diversification is important, you can further optimize your portfolio by aligning your SIP investments with specific financial goals. For example, a more aggressive fund allocation might be suitable for a long-term goal like retirement, while a more conservative allocation might be preferable for a shorter-term goal like a down payment on a house.
Overall, your SIP strategy with the chosen funds and allocation seems like a good starting point for your long-term investment goals. Remember, stay disciplined with your SIP contributions, monitor your portfolio performance, and adapt your allocation as your risk tolerance and financial goals evolve.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Kokila - Mar 29, 2024Hindi

How to get personal loan when cibil score is low

Ans: Getting a personal loan with a low CIBIL score can be challenging, but it's not impossible. Here are some strategies you can consider:

Improve Your CIBIL Score (if possible):

Check and Fix Errors: Ensure your credit report is accurate. Dispute any errors you find with CIBIL to improve your score.
Reduce Credit Utilization: Pay down existing credit card balances to bring your credit utilization ratio (outstanding credit divided by credit limit) below 30%.
Maintain a Good Repayment History: Make timely payments on all your existing loans and credit cards.
Approaching Lenders:

Focus on NBFCs and Fintech lenders: These lenders may be more flexible with credit score requirements compared to traditional banks.
Apply with a Co-applicant: Having a co-applicant with a good credit score can significantly improve your chances of loan approval and potentially get you a better interest rate.
Offer Collateral (if possible): Securing the loan with collateral like a car or fixed deposit can make it more attractive to lenders, even with a low credit score.
Negotiate Loan Terms: You might be able to negotiate a smaller loan amount or a slightly higher interest rate to get approved.
Additional Tips:

Compare Loan Offers: Get quotes from multiple lenders to compare interest rates and terms before finalizing a loan.
Borrow Only What You Need: Avoid borrowing more than you can comfortably repay.
Be Wary of High-Cost Loans: Steer clear of lenders offering very high interest rates or predatory loan terms.
Here are some resources that you might find helpful:

CIBIL Website: https://www.cibil.com/
Paisabazaar - Personal Loan for Low Credit Score: https://www.paisabazaar.com/credit-score/cibil-score-for-personal-loan/
ICICI Bank - Personal Loan with Low Credit Score: https://www.icicibank.com/blogs/personal-loan/personal-loan-with-a-low-cibil-score
Remember, a low CIBIL score can lead to higher interest rates on your loan. So it's important to weigh the cost of the loan against your needs before proceeding.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Mar 20, 2024Hindi

At the age of 74,I have a corpus of 50 lack in MFs. My present capacity for investment per annum is approximately 4 lakh. I need advice on where to invest and leave behind a corpus of approximately 1 Cr for my family. Life expectancy at this stage being unpredictable, I need to secure my family with income other than my pension alone.

Ans: Given your age and investment capacity, achieving a corpus of 1 Cr with a 4 lakh annual investment is challenging. Consider investing in debt-oriented mutual funds or conservative hybrid funds to balance risk and returns. Additionally, look into senior citizen saving schemes or post office monthly income schemes for stable returns. Dividend-paying mutual funds can also provide regular income. Given your unpredictable life expectancy, ensure you have a term insurance cover and create a will to secure your family's financial future. Consult a financial advisor for personalized guidance tailored to your needs.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Anand - Mar 17, 2024Hindi

Hello Sir, I have the following Mutual Funds Investments, request you to let me know if these can be continued with or need to discontinue any of them, also please let me know new good performing funds to invest in. One time investment: (1) ICICI/ India Opportunities Fund - Growth - ?2,50,000, (2) ICICI/ Value Discovery Fund - Growth - ?2,50,000, (3) ICICI / Transporation & Logistics Fund - Growth - ?2,00,000. SIP Monthly: (4) Axis Flexi Cap Fund - Regular Plan - ?5,000, (5) Canara Robeco Emerging Equities - Regular Plan - ?5,000, (6) Aditya Birla SL Focused Equity Fund(G) - â‚15,000, (7) HDFC Mid-Cap Opportunities Fund(G) - ?5,000, (8) ICICI Pru Bluechip Fund(G) - ?5,000, (9) Axis Small Cap Fund - Regular Plan - ?5,000, (10) ICICI Prudential Technology Fund - Growth - ?5,000, (11) L&T Midcap Fund - HSBC Midcap Fund - ?5,000, (12) ICIPRU Multi-Asset Fund - Growth - ?5,000, (13) ICIPRU Value Discovery Fund - Growth - ?5,000. Thank You.

Ans: Your portfolio is diversified but needs periodic review. For one-time investments, assess the performance and alignment with your goals. For SIPs, ensure you're not overexposed to similar sectors or fund styles. Consider consolidating similar fund categories to streamline your portfolio. Always monitor performance and market trends to make necessary adjustments. Consult a financial advisor for personalized guidance.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Pradop - Apr 16, 2024Hindi

My current portfolio is approx 45 Lac in PF, 5 Lac in NPS another 35 Lac in different MF & direct stocks, I am currently investing: 1) PF - Rs 42000 (Including company contribution) 2) NPS - Rs 22000 3) Aditya Birla Sun Life Focused Fund - Growth-Regular Plan - Rs 3000 4) Kotak Small Cap Fund - Direct Plan- Growth - Rs 7000 5) PGIM India Midcap Opportunities Fund - Direct Plan - Growth - 7000 6) Tata Digital India Fund Direct Plan Growth - Rs 10000 7) Nifty50 index fund - Rs 17500 8) Direct Stocks - Rs 10000 9) PGIM India Large cap Opportunities Fund - Direct Plan - Growth - Rs 4000 My goal is around 5 Cr in the next 9-10 years. Kindly advise, I can increase my monthly contribution if needed

Ans: To achieve 5 Cr in 9-10 years, your current investments need to be reviewed and possibly increased. Here's a brief analysis:

PF & NPS: These are good long-term savings. Ensure you're invested in equity-oriented options within NPS for better returns.
MFs & Direct Stocks: Diversified portfolio, but ensure it aligns with your risk profile.
MF SIPs: Consider increasing SIP amounts annually by at least 10-15% to match inflation and meet your goal.
Direct Stocks: Risky, ensure proper research or consider shifting to diversified mutual funds.
New Investments: You can increase monthly contributions across MFs and consider adding more to equity funds for better growth potential.
Review and rebalance your portfolio annually to align with your financial goals and risk tolerance. Consult a financial advisor for personalized advice.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Rahul - Dec 02, 2023Hindi

Sir please review my portfolio I have Parag Parikh Flexicap ,Sbi mid cap & Axis small cap fund each with 5000 rs total 15000 rs per month sip for 25 year's and 10 percent step up every year, I want 10 crores for my retirement is this portfolio Good..? My Age is 33 ????

Ans: Your portfolio with Parag Parikh Flexicap, SBI Mid Cap, and Axis Small Cap funds is diversified across cap sizes, aligning with your long-term goal. With a 25-year horizon and annual step-up, aiming for 10 crores for retirement at 33 is ambitious but achievable with disciplined investing and regular review.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by BR - Nov 30, 2023Hindi

Hi Sanjib..please suggest a few good term insurance options and what all needs to be kept in mind before selecting the right one?

Ans: Here are some factors to consider and popular term insurance options:

Factors to Consider:

Coverage Amount: Choose a coverage amount based on your financial needs and future obligations.
Policy Term: Align the policy term with your financial goals and retirement age.
Premium: Ensure the premium fits within your budget for the entire policy term.
Claim Settlement Ratio: Opt for insurers with a high claim settlement ratio for reliability.
Rider Options: Check for additional riders like accidental death benefit, critical illness, etc., to enhance coverage.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Amaan - Nov 23, 2023Hindi

Hello sir , I want to invest lump sum amount of 3 lacs for long terms ( 8-10 years). Risk - Moderate to High.please suggest me where to invest ? Is balanced advantage fund is good for lump sum investment?

Ans: For a moderate to high-risk profile with a long-term horizon of 8-10 years, consider diversified equity funds or balanced advantage funds. Balanced advantage funds dynamically manage asset allocation between equity and debt, aiming to reduce volatility. They can be a suitable choice for lump sum investments given their risk management approach. However, ensure you understand the fund's strategy and past performance before investing. Always consult with a financial advisor to align your investment with your financial goals and risk tolerance.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Nov 22, 2023Hindi

Regarding my previous post dated 21Nov.2023 i forgot to add 5637 units in UTI RBP current market value2.24 lac investment will remain for 25 years in my daughter ' s portfolios.

Ans: Including the 5637 units in UTI RBP valued at 2.24 lac, your daughter's investment for 25 years strengthens her portfolio. Regularly monitoring and adjusting based on performance and financial goals will further optimize the investment for her future.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Rajiv - Nov 19, 2023Hindi

Dear Sir,my current expenses are Rs 2.6 lacs per month,how much money do I need to retire considering life expectancy till 100 years ?

Ans: To retire with expenses of Rs 2.6 lacs/month till age 100, you'll need approximately 7.8 crores. This calculation assumes inflation, investment returns, and doesn't account for any other income sources or unexpected expenses. Regularly review and adjust your retirement corpus based on changing financial conditions.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Nov 17, 2023Hindi

Sir, I am 37 years old. I plan to take a term life insurance policy of 2 cr by paying monthly premiums till the age of 60. I am only looking at policies which return my premium in case I am alive at 60 years of age. Could you please suggest the best policies in this category in terms of least monthly premiums, percentage of claims settled and survival benefit.

Ans: a plain vanilla term insurance plan is straightforward and cost-effective. Here's what to consider for a 2 crore term plan:

Premiums: Compare premiums from leading insurers to find the most affordable rates.
Claim Settlement Ratio: Opt for insurers with a high claim settlement ratio for reliability.
Policy Term: Choose a policy term that covers you till at least 60 years of age to align with your retirement plans.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Nov 16, 2023Hindi

Hi sir, I am 24, Goal 1 cr in next 10 year MONTHLY total SIP @ 7000 ,( PPFS 2 , MOTILAL Oswal midcap1.5k , axis small cap2.5k, ICICI valu discovery1k) step up 30% per year Lump sum - 10000 NipponPower fund 10000 - HDFC REQUIREMENT FUND EQUITY. ( Step up 15-30% each half year as per performance PLS SUGGEST. Any deletion or addition.

Ans: Your investment strategy looks well-diversified with a mix of large-cap, mid-cap, and small-cap funds. To achieve your goal of 1 crore in 10 years, consider the following suggestions:

SIP Step-up: Increase SIP amounts annually by 10-15% instead of 30% to maintain consistency and reduce the risk of overcommitting.
Fund Selection:
Large Cap: Consider adding a large-cap fund for stability.
Diversified: Add a multicap or flexi-cap fund for broader market exposure.
Lump Sum Investments: Continue with lump sum investments based on performance, but avoid high-risk strategies. Ensure proper research before investing.
Review and Rebalance: Regularly review your portfolio and rebalance if required to align with your financial goals and risk tolerance.
Consider consulting with a Certified Financial Planner for personalized advice tailored to your financial goals and risk profile.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Amit - Nov 14, 2023Hindi

Hello Sir I have a company provided group health insurance , but every year during renewal the TPA(medi assist) remains the same but the insurance company changes, like this year it is Tata Aig , last year it was ICICI Lombard , I have been with the company for last 14 years , now I am planning to start my own business & quit the company , will I get any porting benefit if I go for retail policy .My Age -36. Regards Amit

Ans: Yes, you can port your group health insurance to a retail policy without losing continuity benefits like waiting periods. Given your 14-year association with the company, you're eligible for porting benefits. When switching, compare policies to ensure the new plan meets your coverage needs and consider factors like network hospitals and premium costs.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Gaurav - Nov 05, 2023Hindi

Hello Sir, Kindly Advice me on Term Life Insurance and Health Insurance. I am a 26Yrs Old Man, Unmarried, Currently working for a MNC, having Both Term and Health Insurance from the firm, My Parents are covered under ECHS Program. However, I Want to go for MBA and would be taking 2yrs off in between. I am having high thyroid problem which is family hereditary. I would like to go for a term life Insurance. Are HDFC Life and ICICI Prudential a good Option for term LI. If not, please suggest any Alternative. Also please suggest a Health Insurance too, Sorry for my Lack of research on Health Insurances. I will be having my job for at least 6more Months before I go for my MBA. I want to opt for it now, so that any wait period will get covered in this span of 6Months. Thank You.

Ans: For Term Life Insurance, both HDFC Life and ICICI Prudential are reputable options. Consider your health condition and family medical history to ensure coverage.

For Health Insurance, choose a plan that covers thyroid conditions without a long waiting period. Opt for a comprehensive plan considering your upcoming MBA and job transition.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Nov 03, 2023Hindi

Hi Sir/maam, due to highly unavoidable reasons I am in a debt of 63 lakhs. I am a corporate employee with 1 lakh take home salary. This debt is only growing with each passing month. Request you to please guide me on how to come out of this debt trap.

Ans: Managing a significant debt can be challenging, but with a structured plan, it's possible to get back on track. Here's a brief guide:

Assess Your Debt: List all debts, their interest rates, and monthly payments. Prioritize high-interest debts.
Budgeting: Create a strict monthly budget to track income and expenses. Cut unnecessary expenses and allocate more to debt repayment.
Debt Repayment Strategy:
Snowball Method: Pay off the smallest debts first to build momentum.
Avalanche Method: Focus on high-interest debts first to minimize interest payments.
Increase Income: Consider part-time jobs, freelancing, or selling assets to increase income.
Negotiate with Creditors: Contact creditors to negotiate lower interest rates or a repayment plan.
Seek Professional Help: Consider consulting a credit counselor or financial advisor for personalized advice and debt management strategies.
Focus on reducing expenses, increasing income, and prioritizing debt repayment to gradually reduce and eliminate the debt. Stay committed and disciplined in following the plan.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by yashpal - Oct 06, 2023Hindi

GOOD MORNING. HOW DO YOU SEE INVESTMENT IN DSP TAX SAVER FUND AND MIRAE TAX SAVER FUND.

Ans: Investing in tax saver funds like DSP and Mirae offers potential tax benefits under Section 80C while aiming for long-term growth. Both funds typically invest in equity-linked instruments with a lock-in period. Assess their performance, risk profile, and alignment with your financial goals before investing.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Sep 14, 2023Hindi

Dear Mr. Sanjib I am having a family Medicare policy with UIIC since long. My age is 62 yrs now. The renewal premium is very high considering the age factor and I want to discontinue the same after one year. Instead I am planning to take SBI Arogya Plus family floater policy with top up. My questions are 1) is SBI Arogya Plus premium fixed and is it good choice 2) in SBI policy there is 90 days and 120 days waiting period for specific diseases. After the waiting period is over, are we be eligible to lodge claim or cashless treatment for those specific diseases. 3 Regards

Ans: SBI Arogya Plus premium may vary based on factors like age and coverage. Comparing premiums with benefits is essential to make an informed choice.
After the waiting period, you can lodge claims or avail cashless treatment for the specified diseases as per policy terms.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Hemant - Sep 12, 2023Hindi

Good after noon My Self Hemant Pal, age is 42 years. I am investing Rs 4000/M in DSP Small cap for last 8 years. I would like to invest more with horizon of 7 -15 years ( Two Kids, with the Daughter’s age 7 and son’s age 9 years). 8 years duration : for Son’s education purpose (approx. 50 lacs) 10 years: for Daughter’s education purpose (approx. 50 lacs) 14-15 years: for Marriage of both kids ( approx. 50 lacs each) Kindly advice for suitable MF.

Ans: Considering your goals, for Son's education (8 years), opt for a mix of small and mid-cap equity funds. For Daughter's education (10 years), a balanced approach with equity and debt hybrid funds is suitable. For both kids' marriage (14-15 years), consider large & mid-cap funds for long-term growth. Start SIPs and review periodically.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by vinay - Sep 11, 2023Hindi

please suggest best health insurance plan family floater

Ans: For a comprehensive Family Floater health insurance plan, consider the following top-rated options in India:

Star Health Family Health Optima: Offers coverage for up to 16 relationships, including parents, children, and in-laws. It provides lifelong renewability and covers pre and post-hospitalization expenses.
HDFC ERGO Health Suraksha Gold: Provides a wide range of coverage options with flexible sum insured options. It offers lifetime renewability and covers daycare procedures and organ donor expenses.
ICICI Lombard Complete Health Insurance: Offers cashless hospitalization at network hospitals, maternity benefits, and covers pre-existing diseases after a waiting period. It also provides coverage for alternative treatments like Ayurveda, Homeopathy, and Unani.
ManipalCigna ProHealth Insurance: Provides comprehensive coverage with flexible plan options. It offers rewards for maintaining good health and covers alternative treatments and maternity expenses.
Religare Health Insurance Care: Offers comprehensive coverage with no upper age limit for entry. It provides automatic recharge of sum insured and covers daycare procedures and annual health check-ups.
When selecting a Family Floater health insurance plan, consider factors like coverage amount, network hospitals, claim settlement ratio, waiting periods for pre-existing diseases, and additional benefits like maternity coverage, OPD expenses, and alternative treatments. Compare the premiums, features, and benefits of different plans to choose the one that best meets your family's healthcare needs and budget. Consult with a Certified Financial Planner or insurance advisor to help you make an informed decision tailored to your requirements.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Rajiva - Sep 05, 2023Hindi

Sir Myself Rajiva Raman a retired Banker is having a Mediclaim Policy from Tata AIG, the premium for which is around 52000/- per year for floater policy with 3 members myself (58), my wife (52), my son (13). I want to change to some other company. I want to change it to National Insurance Company. Please advice.

Ans: Switching to National Insurance Company for your Mediclaim Policy can be a good option if they offer competitive premiums, comprehensive coverage, and efficient claim settlement. Compare the policy features, benefits, and premiums with Tata AIG to ensure it meets your needs and provides value for money. Review the policy details, network hospitals, and exclusions before making a decision. Consult a Certified Financial Planner for personalized advice.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Subhash - Aug 29, 2023Hindi

Hello Hemant, Greetings. Request a serious suggestion on my investment planning. Have majority of my savings into FDs due to my earlier conservative approach and even now am having the tax benefit as the FDs are on my wife's name where we do get the tax benefit. Also started significant portion into MFs which is a portfolio by itself of nearly 50 lac INR. My question is, I want to plan for my younger son's future and our retirement which almost have the same time duration of about 12-13 years. How can I go for my investment if am looking for around 5-7 crore of corpus by then ? What options could you provide me assuming I do have good risk apettite now as I have seen a good 5 year cycle in the MFs now. I want you suggest 2 options, 1 - With a fresh investment now and the products which I should go around and 2 - If you advise to use the fixed deposits also to contribute to the wealth creation ( I have a total of around 60-70 lac as FDs). So please suggest a good portfolio with the above 2 scenarios.

Ans: Given your risk appetite and investment horizon of 12-13 years, here are two investment strategies to achieve a corpus of 5-7 crore:

Option 1: Fresh Investment

Equity Mutual Funds: Allocate 60% of the portfolio (30 lac) to diversified equity mutual funds with a proven track record.
Direct Equity: Invest 20% (10 lac) directly in blue-chip stocks or through a well-researched stock portfolio.
Debt Mutual Funds: Allocate 10% (5 lac) to debt funds for stability and to balance the portfolio.
Gold or Gold ETFs: Allocate 10% (5 lac) to gold as a hedge against market volatility and inflation.
Option 2: Utilizing FDs

Equity Mutual Funds: Transfer 50% of the FDs (30-35 lac) into diversified equity mutual funds.
Debt Mutual Funds: Transfer 30% (20-25 lac) to debt funds for stability.
Direct Equity: Invest 10% (5-7 lac) directly in blue-chip stocks or a stock portfolio.
Gold or Gold ETFs: Allocate 10% (5-7 lac) to gold.
Regularly review and rebalance the portfolio to maintain the desired asset allocation. Consider SIPs for equity investments to take advantage of rupee-cost averaging. Consult with a Certified Financial Planner to tailor the investment strategy to your specific needs and objectives.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Aug 29, 2023Hindi

Hi Hemant, could you advise me on a form of investment which would consistently give me an inflation beating return for the long term? I understand about the risk reward ratio being skewed towards being risky but would like to make and educated choice. TIA

Ans: Investing for the long term with the goal of beating inflation requires a balanced approach that considers both risk and potential returns. Here are some investment options to consider:

Equity Mutual Funds: Investing in diversified equity mutual funds can provide higher returns over the long term compared to other asset classes. While they carry higher risk, historically, equity markets have delivered inflation-beating returns over extended periods. Choose funds with a track record of consistent performance and a well-diversified portfolio.

Public Provident Fund (PPF): PPF is a long-term savings scheme offered by the government with a tax-free interest rate. It has a lock-in period of 15 years and offers guaranteed returns that are currently higher than inflation.
National Pension System (NPS): NPS is a retirement-focused investment scheme that allows you to invest in equities, corporate bonds, and government securities. It offers market-linked returns and tax benefits, making it an attractive long-term investment option.
Gold: Investing in gold can act as a hedge against inflation and economic uncertainties. You can invest in physical gold, gold ETFs, or sovereign gold bonds to diversify your portfolio and protect your wealth.
Systematic Investment Plan (SIP): Investing through SIPs in mutual funds or stocks allows you to invest regularly and take advantage of rupee-cost averaging. It helps in reducing the impact of market volatility and building wealth over time.
It's essential to diversify your investments across different asset classes to spread risk and maximize returns. Consider your risk tolerance, investment horizon, and financial goals before choosing an investment option. Consult with a Certified Financial Planner to create a customized investment plan tailored to your needs and objectives. Regularly review and adjust your portfolio to ensure it remains aligned with your financial goals and risk tolerance.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Aug 22, 2023Hindi

is good to get the life term insurance plans from private companies like HDFC , SBI life or ICICI. If they have the good track record on providing amount during death of the insured person like LIC

Ans: Yes, it is good to get term insurance plans from reputed private companies like HDFC Life, SBI Life, and ICICI Prudential Life. These companies have a strong track record of claim settlement and are regulated by IRDAI. While LIC is a trusted government-backed insurer, private insurers also offer reliable and competitive term insurance plans with comprehensive coverage and benefits. It's essential to consider the claim settlement ratio, policy features, financial strength, and customer service when choosing an insurer. Consulting a Certified Financial Planner can help you select a plan that best meets your needs and offers financial security to your family.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Aug 22, 2023Hindi

If it is good to get the life term insurance plans from private companies like HDFC , SBI life or ICICI. If they have the good track record on providing amount during death of the insured person like LIC

Ans: Private life insurance companies like HDFC Life, SBI Life, and ICICI Prudential Life have established a strong presence in the insurance market and have a good track record of claim settlement. They are regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and adhere to the guidelines set by the regulatory authority.

Here are some points to consider when choosing a term insurance plan from private companies:

Claim Settlement Ratio: Check the claim settlement ratio of the insurance company. A higher claim settlement ratio indicates that the company has a good track record of settling claims.
Financial Strength: Assess the financial strength and stability of the insurance company by checking its solvency ratio, profitability, and credit ratings.
Policy Features: Compare the policy features, benefits, riders, and exclusions offered by different insurance companies to find a plan that meets your needs and requirements.
Customer Service: Evaluate the customer service and support provided by the insurance company. Prompt and efficient customer service can make the claim settlement process smoother and hassle-free.
Premium Rates: Compare the premium rates of term insurance plans offered by different companies to find a cost-effective option without compromising on coverage and benefits.
Reviews and Feedback: Research online reviews, testimonials, and feedback from policyholders to gauge the reputation and reliability of the insurance company.
While LIC (Life Insurance Corporation of India) is a trusted and government-backed insurance provider with a high claim settlement ratio, private insurance companies also offer competitive term insurance plans with attractive features and benefits. It's essential to do thorough research, compare different options, and choose a reputable insurance company with a good track record of claim settlement to ensure financial protection for your family in the event of your untimely demise. Consulting with a Certified Financial Planner can help you make an informed decision and select a term insurance plan that best suits your needs and budget.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Srinivasnadendla - Aug 22, 2023Hindi

Sir I have invested Rs 50000.00 in LIC Policy in the year 2009 in my wife's name. Now that my wife left me 10 yrs back and am unable to trace her. I don't whether she is alive or not. Now I am 53yrs old(with no job) and want to encash the amount. kindly suggest me

Ans: If you are unable to trace your wife and she has left you, you may face challenges in accessing or encashing the LIC policy that is in her name. Here are some steps you can take:

Contact LIC: Reach out to LIC (Life Insurance Corporation of India) with all the details of the policy. Explain your situation and request guidance on how to proceed in the absence of your wife.
Legal Assistance: Consult with a lawyer to understand the legal options available to you. They can guide you through the process of claiming or transferring the policy if your wife is not reachable or if there are legal grounds to do so.
Family and Friends: Try to gather any information or documents related to the policy that might help in claiming or transferring the policy. If your wife has any close family members or friends who may have information about her, try reaching out to them as well.
Policy Details: Ensure you have all the policy details, including the policy number, date of commencement, and premium payment receipts, as these will be required for any further actions or claims.
LIC Branch: Visit the nearest LIC branch office and explain your situation. They may be able to assist you in identifying the policy status and guiding you on the next steps.
Declare Her Missing: If you have made efforts to locate your wife without success, you may need to take legal steps to declare her as missing or absent. This can be a lengthy process and may require court intervention.
Nomination and Assignment: Check if you are named as a nominee or assignee in the policy. If you are, you may have a better chance of claiming or transferring the policy. If not, you may need to explore legal options to gain access to the policy.
It's important to act promptly and seek professional guidance to navigate this complex situation. A lawyer specializing in insurance or family law can provide valuable advice and assistance in resolving this issue.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Aug 19, 2023Hindi

How much health insurance is required actually for family of 3 at age of 57,51,20 respectively

Ans: For a family of three with ages 57, 51, and 20, the health insurance requirement depends on several factors like current health status, medical history, lifestyle, and location. Here's a general guideline:

Medical Inflation: Medical costs tend to rise with inflation. Consider the average annual medical inflation rate (around 10-15%) to estimate future medical expenses.
Healthcare Needs: Assess the healthcare needs based on family history, lifestyle, and any existing health conditions. Older individuals may require more frequent medical care and treatments.
Coverage Amount: A minimum coverage of Rs 5-10 lakhs for the younger member and Rs 10-15 lakhs for the older members is recommended.
Family Floater vs Individual Policies: A family floater policy can provide coverage for all family members under a single sum insured, whereas individual policies offer separate coverage for each member.
Considering the above factors, a health insurance coverage of Rs 15-25 lakhs for the family would be a reasonable starting point. However, it's essential to reassess your coverage needs periodically and adjust the coverage amount accordingly. Consulting with a Certified Financial Planner or insurance advisor can help determine the appropriate coverage amount based on your specific needs and circumstances.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Jul 21, 2023Hindi

Hello, I am 57 and retired last month. I need a safe heaven to invest my EPF money ( Rs 85 Lacs) and have Rs 15 Lacs in Stocks. I live in my own house and have a Rs 20 Lacs education loan to clear. The interest + capital will start from Apr 2025. I have a Rs 10 Lacs + Top.up of Rs 25 Lacs Health Insurance for me and my wife ( paying Rs 60 Lacs as Premium). I have a Term Insurance of Rs 1 Cr ( paying Rs 36000/ yearly premium. Kindly advise , as to how do i go about my retired life upto 80 yrs

Ans: For your retirement, prioritize safety and steady income. Invest a portion of EPF and stocks in fixed deposits or Senior Citizen Savings Scheme for stable returns. Consider keeping some in debt mutual funds for potential higher returns with low risk. Start planning for the education loan by setting aside funds monthly. Maintain your health insurance and term insurance for coverage. Create a monthly budget considering your expenses and income from investments. Regularly review and adjust your portfolio to ensure it aligns with your financial needs and risk tolerance. Consult a Certified Financial Planner for personalized retirement planning tailored to your situation.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Jun 27, 2023Hindi

What kind of insurance is supported for a SLE Patient for 2 decades and doing ok overall

Ans: For a patient with Systemic Lupus Erythematosus (SLE) who is doing well overall and looking for insurance coverage, here are some types of insurance that may be suitable:

Health Insurance: A comprehensive health insurance plan that covers hospitalization, medication, and other medical expenses related to SLE can provide financial protection against high medical bills. Some insurers offer specialized health insurance plans for individuals with pre-existing conditions like SLE.
Critical Illness Insurance: Critical illness insurance provides a lump-sum payout if you are diagnosed with a critical illness like SLE. This can help cover treatment costs and other expenses related to your condition.
Life Insurance: Term life insurance or whole life insurance can provide financial security to your dependents in case of your untimely demise. Some insurers may offer life insurance coverage to individuals with controlled SLE, although premiums may be higher.
Travel Insurance: If you travel frequently, consider purchasing travel insurance that covers medical emergencies, trip cancellations, and other travel-related risks. Make sure to disclose your SLE diagnosis when purchasing travel insurance to ensure you are adequately covered.
Disability Insurance: Disability insurance provides income replacement if you are unable to work due to a disability, including SLE. This can help maintain your financial stability and cover your living expenses if you are unable to work.
Medicare or Medicaid: Depending on your age and financial situation, you may qualify for Medicare or Medicaid, which can help cover medical expenses related to SLE. Check eligibility requirements and coverage options in your state.
When applying for insurance, it's important to disclose your SLE diagnosis and provide accurate information about your health condition. Some insurers may require a medical examination or review of your medical records to assess your eligibility and determine premiums. Consulting with an insurance advisor or broker who specializes in health insurance for individuals with pre-existing conditions can help you find suitable coverage options tailored to your needs and budget.

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Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Jun 27, 2023Hindi

Hi, I am 45 years old single and no dependent and own home. I have invested 50 lakh in the market (low risk like MF, large cap stocks) and 1 cr in other non risk instruments like FD. I would lile to retire. My monthly need is around 75000 Rs to maintain current lifestyle. I intend to invest 25 lakh more into riskier stocks in future. What would be your suggestion for early retirement at 45? I have a medical insurance too for 5 lakhs. Thanks!!

Ans: To achieve early retirement at 45 with a monthly requirement of 75,000 Rs, you need to ensure that your investments generate sufficient passive income to cover your expenses. Given your current investments and additional 25 lakh planned for riskier stocks, here are some suggestions:

Asset Allocation: Maintain a balanced asset allocation between low-risk (like FDs, large-cap MFs) and higher-risk investments (like stocks) to optimize returns while managing risk.
Investment Strategy: Consider investing in a diversified portfolio of equity, debt, and hybrid funds to generate steady income and potential capital appreciation. Aim for an annual return of at least 8-10% to meet your income requirement.
Regular Income: Utilize Systematic Withdrawal Plans (SWP) from mutual funds or dividend income from stocks to generate regular income. Rebalance your portfolio periodically to maintain the desired asset allocation.
Emergency Fund: Maintain an emergency fund equivalent to 6-12 months of expenses in liquid assets like FDs or savings accounts to cover unforeseen expenses.
Medical Insurance: Continue with your medical insurance and consider increasing the coverage or adding a top-up plan to protect against rising healthcare costs.
Financial Planning: Consult a Certified Financial Planner to develop a personalized retirement plan tailored to your needs, objectives, and risk tolerance. They can help optimize your investment strategy, manage risks, and monitor your progress towards early retirement.
Tax Planning: Efficient tax planning can help maximize your after-tax returns and minimize tax liability. Utilize tax-saving investment options like ELSS mutual funds, PPF, or NPS to optimize your tax efficiency.
Achieving early retirement requires careful planning, disciplined saving, and strategic investing. With proper planning and professional guidance, you can work towards achieving your goal of early retirement and maintaining your desired lifestyle.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Asked by Anonymous - Jun 09, 2023Hindi

Hi I have been diagnosed for cancer on 2012 . I have shelled out hefty amount on chemotherapy ( medical bills) I have not insured.i tried all possibilities for reimbursement ( central govt schemes) but all flop. Is there any option to at least one backlog bill so that i can clear a certain amt of my debts. I'm from poor family

Ans: I'm really sorry to hear about your situation. Dealing with cancer and medical bills without insurance is incredibly challenging. Here are a few potential options you could consider:

Medical Crowdfunding: You can start a crowdfunding campaign on platforms like GoFundMe, Milaap, or Ketto to raise funds for your medical bills. Share your story and treatment details to appeal to potential donors.
Charitable Organizations: Reach out to charitable organizations or NGOs that provide financial assistance to cancer patients. They may be able to help you with your medical bills or connect you with resources for financial aid.
Negotiate with Hospitals: Talk to the hospital or medical providers about your situation. Some hospitals have financial assistance programs or may be willing to negotiate your bills or set up a payment plan.
Government Schemes: Check with your local or state government for any ongoing schemes or programs that provide financial assistance to cancer patients. You may qualify for subsidies or grants to help cover your medical expenses.
Community Support: Engage with your community, friends, and family to seek support. Organize fundraising events, seek sponsorships, or reach out to local businesses for donations.
Legal Assistance: Consult with a legal advisor or social worker who specializes in healthcare to explore your options for reducing or negotiating your medical bills.
Seek Financial Counseling: Consider seeking financial counseling or advice from a professional to help you manage your debts and explore options for debt relief or consolidation.
It's crucial to act quickly and explore multiple avenues to address your medical bills and manage your debts. Don't hesitate to reach out to organizations, communities, and professionals who can help you navigate this challenging situation and provide support.

Remember, you're not alone, and there are people and organizations willing to help. Stay strong and proactive in seeking assistance and managing your finances.

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Ramalingam Kalirajan |606 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 2024

Question by Shaikh - Jun 27, 2023Hindi

Hello Sir, I want to start my investment with Rs. 5,000/- P.M. The following details: 1. Consistently planning to invest for years i.e. 60 Months 2. Moderate Risk Profile 3. Long term financial goal.

Ans: For a 60-month investment horizon with a moderate risk profile and a long-term financial goal, consider diversifying your investment across equity and debt funds to balance risk and potential returns. You can start with a mix of large-cap and balanced funds to provide stability and growth potential. Allocate a portion to debt funds or hybrid funds for steady returns and lower volatility. Regularly review and adjust your portfolio as needed to stay aligned with your financial goals and risk tolerance. Consulting a Certified Financial Planner can help tailor your investment strategy to your specific needs and objectives.

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