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Education Expert - Answered on Feb 06, 2023

Mayank Kumar is the co-founder and managing director of upGrad, a higher EdTech company. With over 10 years of experience in the education sector, Kumar can offer guidance about degree courses, campus, job-linked and executive programmes and studying abroad.An MBA graduate from ISB Hyderabad, he holds a BTech in mechanical engineering from IIT Delhi.... more
Asked by Anonymous - Feb 02, 2023Hindi
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MAYANK, When Indian civil servants opt for higher studies, is the cost of their education funded by the government?

Ans: It depends - if this is a government driven initiative - then Govt pays for is .. But many civil servants fund these education on their own. When they do it on their own - then the individual pays for it on his / her own.
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Asked by Anonymous - Oct 15, 2024Hindi
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Hi Milind I am 52 years old single woman, from small town and who has worked hard ro reach to level in corporate with good salary. I have a corpus of about 5 crores and small flat in tier 2 town. I dont enjoy yhis new job wirh reputed brand and at a senior level as i dont find ut engaging or doing justice to role. My parents are old and i worry for rhem ans want to spent rkmw with them. With this corpus can i take a call to leave job and get decent income of atleast 2-2.5 lac a month. I have been quite action oriented, but now my mind and body feel exhasuted and also fear rhat without a job i will become lazy. Also living with parents will be a joy, at the same time resteictive to eating or socializing. I am quite concious ,if i leave this well paying ,senior role job with a big renonwed corporate which many of my friends aspired for and whole lot of people congratulated me ,they will think i was not able to justify my role,hence left . I dont want that impression at last stage of career as whole life i have been seen as hard working ,passionate professional. Such rhoughts are taking toll on my mental health. Please advise what should be done
Ans: Hello;

With the corpus that you have (5 Cr) you may buy an immediate annuity from a life insurance company and can expect to receive monthly payout of 2.5 L (pre tax)from the very next month. 6% annuity rate considered, if you shop around and negotiate you may get a better rate.

You can opt for increasing annuity to account for inflation and return of purchase price to your nominee, after you.

Ensure good health insurance policy to cover yourself and your parents.

Think about some vocation which you would like to pursue passionately after retirement.

You are seeking retirement from regular 9 to 5 job not from pursuit of your passion/goals.

It could be in the role of an consultant, counselor or educator.

You should take the decision which you feel is appropriate for you irrespective of what people comment because they will comment in any case.

Learn to ignore such people.

Happy Retirement!!

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Hello team, I am 40 years old and retired. I have 60 lakhs in hand (to be invested) with 5.60 lakh invested in diversified mutual funds, 2 lakhs in fixed deposit, 2.22 lakh in Sukanya (SSA). Will be drawing a pension of 30K/month. I don’t have any liabilities of home loan and car loan which I have already settled. Please advise me to invest my 60 Lakh for my future. I have a single child and she is studying in 10 grades. (a) Short term goal (for 1/2/3 years) - My daughter education yearly fees of 1.5 lakh - Foreign trips alternate year costing around 1.5 lakh - Monthly income of 20 K (b) Long term goal (in 10/15/20 years) - Daughter education (graduation/Post graduation) - Daughter marriage - Corpus of 1 Crore and above Your suggestions on Life term insurance and health insurance will be appreciated. I have central government health insurance still wanted to take up a private health insurance for better treatment.
Ans: Hello;

For goal under heading "a", I recommend you the following;

1. Invest 10 L in Arbitrage type of mutual fund (low risk) for the education funding requirement of your daughter.

2. Buy an immediate annuity for 40 L from a life insurance company which may yield you a monthly income of 20 K as desired. 6 % annuity rate considered.

3. Invest MF corpus(5.6 L) and FD sum(2 L) into an equity savings type mutual fund (low to moderate risk)
This will help fund your international vacations. Value 9.84 L in 3 years considering 9 % returns.

For achievement of goal under heading "b" invest 10 L lumpsum in a pure equity mutual fund for 20 years after which it will provide you a sum of 1.15 Cr. Top-up this investment as and when possible to prepone your target achievement in 15 or 12 years.(13% return considered)

You should have adequate term life cover atleast upto 60 years of age (Check for postal life insurance at your nearest post office if you want to buy) with suitable riders and also health care cover(HDFC ergo and Niva Bupa are good)despite CGHS.

Happy Investing!!

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

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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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