Thank you so much for your valuable suggestione. I will try to add a large car fund in my portfolio. I have one more question could you please help me with this as well? As im 33 years old, recently took a 2cr term insurance for family protection. As im a corporate employee current company provides a health insurance for me and spouse. Im paying extra amount for parents health insurance in the same company beacuse it will be applicable from day 1. Should i take separate health insurance for me and spouse and parents as well. Note: parents are dependent on me Thanks

Ans: You are welcome!

It's great that you've taken a term insurance policy for family protection. As a corporate employee, your company-provided health insurance for you and your spouse is a good benefit. However, relying solely on employer-provided health insurance may not be sufficient for several reasons.

First, employer-provided health insurance is contingent on your employment. If you switch jobs or face job loss, you may lose coverage, which can be risky. It's wise to have a separate health insurance policy for yourself and your spouse to ensure continuous coverage, regardless of employment status.

Second, company health insurance policies often have coverage limits that may not be adequate for severe or prolonged illnesses. A separate health insurance policy can provide higher coverage and more comprehensive benefits, ensuring better financial protection during medical emergencies.

Moreover, it's advantageous to take separate health insurance while you are still healthy. Securing a policy now means you'll likely get better coverage and lower premiums, which will benefit you significantly during retirement when health issues are more common.

Regarding your parents, since they are dependent on you, it's prudent to have a dedicated health insurance policy for them. Employer-provided health insurance might have limitations on the coverage for dependents, especially for senior citizens, and could be insufficient for their healthcare needs.

In summary, having separate health insurance for yourself, your spouse, and your parents ensures continuous, comprehensive coverage and financial protection against medical expenses, both now and in retirement.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in