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Shekhar

Shekhar Kumar  |154 Answers  |Ask -

Leadership, HR Expert - Answered on May 09, 2024

Shekhar Kumar is senior manager, talent acquisition, at the Shri Venkateshwara University in Gajraula, Uttar Pradesh. He has 18 years of expertise in the search and placement of executive leadership talent across various industries.
He has also mentored middle and senior management professionals for leadership positions and guided them in career development.
Shekhar has a bachelor's degree in business management from Magadh University, Bihar, and a master's degree in human resource management from Annamalai University, Tamil Nadu.... more
Rupesh Question by Rupesh on May 06, 2024Hindi
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Sir Maine Electrical Engineering se Graduation Kiya hai,Mai 10 years se Distribution power project me kaam kar rha hun, lakin Salary growth nhi ho rha, aur na hi carrier growth ho rha hai, ab mai apna sector change krna chah rha hun, Insurance field me carrier banana chah raha hun, kripya marg darshan kare.

Ans: Transitioning from electrical engineering to the insurance field is indeed a significant change, but it's certainly possible with careful planning and preparation. Start by assessing your skills, strengths, interests, and values. Reflect on what aspects of your current job you enjoy and what you'd like to change in your next career. Identify transferable skills from your engineering background that can be valuable in the insurance industry, such as analytical thinking, problem-solving, attention to detail, and project management. Gain a thorough understanding of the insurance sector, including its various segments (life insurance, general insurance, health insurance, etc.), products, regulations, and key players. Research different job roles within the insurance industry to determine which ones align with your skills and interests. Identify any skill gaps between your current skill set and the requirements of the insurance industry. Consider enrolling in relevant courses, certifications, or training programs to acquire the necessary knowledge and skills. Courses in insurance fundamentals, risk management, underwriting, claims processing, and sales techniques can be beneficial. Leverage your existing professional network and connections within the insurance industry. Attend industry events, seminars, and workshops to expand your network and learn from professionals already working in the field. Join online forums, LinkedIn groups, and professional associations related to insurance to connect with peers and gain insights into industry trends. Look for opportunities to gain practical experience in the insurance field. This could involve volunteering, internships, or part-time positions to familiarize yourself with industry practices and build credibility. Consider reaching out to insurance companies or brokers for informational interviews to learn more about their operations and potential career paths. Tailor your resume and LinkedIn profile to highlight relevant skills, experiences, and achievements that are transferable to the insurance industry. Emphasize your problem-solving abilities, analytical skills, attention to detail, and any relevant project management experience from your engineering background. Start exploring job opportunities in the insurance field through online job portals, company websites, recruitment agencies, and professional networking platforms. Customize your job applications to showcase how your engineering background and transferable skills make you a suitable candidate for roles in insurance. Once you've secured a position in the insurance industry, continue to invest in your professional development and stay updated on industry trends, regulations, and best practices. Pursue opportunities for further education, certifications, and career advancement within the insurance sector. Remember to stay proactive, persistent, and adaptable throughout the process, and don't hesitate to seek guidance from mentors or career advisors along the way.
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Milind

Milind Vadjikar  |795 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Dec 24, 2024

Asked by Anonymous - Dec 24, 2024Hindi
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Hello i am almost 30 now I have invested around 40 lakhs in Market (mutual funds plus equity) 6 lakhs ppf maybe 2 lakhs pf I have parental property of combining around 2.5cr I have my parents helath insurance from a private insurance company, also covered by cghs health scheme,so no major worries about health expenses, for me i have 10lakhs health insurance Apart from this we have family pension also. As of now overall i have a monthly income of around 2-2.25 lakhs. I have a car a bike a scooty all valid for next 8-10 years What should be my goal amount for the retirement, i want it as early as possible As per the current scenario i am assuming i will live max till 75 years age. As of now i can invest 80-90k per month Yet to be married i assume i need atleast Lakhs per month as of now What should be the ideal amount with which i can retire
Ans: Hello;

Hope you have adequate term life insurance for yourself.

You may start a monthly sip of 90 K in a combination of pure equity mutual funds.

After 10 years your sip and lumpsum investment will grow into sums of 2.09 and 1.24 Cr respectively.

This adds upto 3.33 Cr. If you add your ppf and EPF corpus then this should add upto a sum of around 4 Cr.

If you invest this corpus in a conservative hybrid debt fund and do a SWP at the rate of 3.5%, you may expect a post tax monthly income of
1 L+.

As you get married your expenses will rise as also the need to plan for various other goals.

Therefore the decision to retire from regular 9-6 job should be backed up with alternate business plan or such other plan to monetize your hobbies that may yield income over atleast next 10-15 years.

Best wishes;

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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