Hi, I am 45 years old. I have invested in Mutual Funds through Lump Sum and the invested Corpus is INR 33 Lakhs (Market Value of INR 32 Lakhs as on date). Have 4 LIC Policies of 25 years Plans (Cumulative Annual Premium of INR 1.1 Lakhs and 10 years left for maturity). Loans and Liabilities are around INR 35 Lakhs (Home Loan and others). Present monthly expense is INR 1 Lakh. How much Corpus would I require to live leisurely after 60 (Life expectancy of 80) without compromising on lifestyle & increased medical needs. I expect to work till 60 but with the present uncertainties going on, may be next 15 years would go on making the Liabilities nil. Am I on track Sir ? If not, what do I need to invest more (Lump Sum) and how many years of growth should the investment get to give me the required returns.
Ans: 1). LIC policies - review them and decide whether to retain or surrender. Most of the endowment policies deliver an IRR around 5%.
2) MF - Pls review the schemes with a good MFD or RIA.
3) Please consult a Certified Financial Planner for the corpus calculation.
In most of the cases, a CFP will be capable of completing all the 3 for you.