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Journalism of Courage
I would like to accumulate gold for my daughters marriage; please give me detail regarding Gold ETF plan?
Gold ETFs are Mutual Funds schemes that are traded on exchange,which invest in physical gold on your behalf. Gold ETF are advantageous in comparison to buying physical gold as investor need to be sure of making charges,purity & security. ETF can be bought through stock exchanges in the same way shares are traded. You need to have a demat & trading account.
I am 22,should I go for term insurance; if yes then please recommend me scheme. My earning is Rs 15,000 pm?
Its good to know that you are aware about the benefits of term plan at this age. If you have financial dependants then only you should go for term insurance & you should take a policy with Rs 20 lakh s sum assured. You must take comprehensive accidental policy at this stage for the similar amount.
I am 39 and I got 20 lakhs after sale of my property. I would like to invest that amount to get monthly income. Please help.
Out of Rs 20 lakhs,invest Rs 9 lakh in Post Office Monthly Income Scheme in joint account. Balance Rs 11 Lakh can be invested in MIP or Balanced Mutual Funds depending on your horizon. You can take systematic withdrawal plan from mutual fund so that every month some fixed amount come out of it. If we expect a return of 10 per cent on mutual fund investment you can get a total of Rs 14,500 per month from both the investments.
Shantanu Prasad,Mumbai
My monthly income is Rs 23,000 – for tax saving every year I invest Rs 36,000 in ELSS,Rs 16,000 in LIC Money Back policy & Rs 10,000 in PPF. Should I increase my investments in ELSS funds?
Mutual Fund Equity Linked Saving Schemes are best investment available to save taxes under section 80 C with high returns & shortest lock-in period. After considering your income,according to current tax slabs you need to invest Rs 1,00,000 in 80 C instruments to save tax. Your contribution looks Rs 62,000 per year from above data. In section 80 C you should also consider your EPF contribution,school fee for children education & home loan principal payment. When you have exhausted this limit of one lakh,you could look at investing in diversified schemes of mutual funds.
Ravi Narain,Baroda
My agent suggested me ICICI health insurance policy – Is it a good policy to buy?
Although ICICI prudential health saver plan is a mix of mediclaim & investment,but is a product from life insurance company and not general insurance company. It provides comprehensive hospitalisation cover for you and your family and also reimburses all other medical expenses not covered in the hospitalisation benefit by building a health fund for you and your family. The benefit can be claimed after 3 completed years of the policy and is subject to the existing fund value or percentage decided by them. My suggestion will be you should keep your health insurance & investment separate. Its a very complex product & if still you feel you should buy it for a particular reason please consult a certified financial planner before taking the decision.
Vikram Ghuman,Lucknow
I would like to start SIP for my retirement but markets are right now very volatile. Should I start SIP right now or wait for things to get settled.
SIP in Equity Funds would work the best in case markets are going down and not when the markets are rising. But the fact that we dont know when the markets will be go down or up so it is prudent to run your SIP always so that you average out.
Hemant Beniwal Certified Financial Planner
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