How much for long-term (retirement and insurance)?

Tax planning 550 views 5 replies

eTaxMentor

employee

217 Points Joined September 2012

I am 25 years old and earn Rs 70,000 a month. I want to invest in equities. My near-term goals are to buy a car next year (Rs 6 lakh) and a flat in Bengaluru (Rs 30 lakh budget) in 2 years time. I give my retired parents Rs 10,000 a month but at least Rs 35,000 is available for investment. I already own property in my hometown, gifted by my parents. I have Gold ETFs worth about Rs 3 lakh, which I can sell this to buy the flat. I am not married and probably won't be for another three years. No other investments as yet as I was repaying a bike and education loan with a considerably lower salary. What percentage of my investments should be for near-term and how much for long-term (retirement and insurance)?

Replies (5)

Kethki Narayan

Owner

59 Points Joined December 2011

Considering your details, I can guide you with the insurance investment. Since, investing in life insurance can help you in saving tax and provide you coverage for any unwanted or any other expenses. I have opted for saving plans which offers wealth creation through compounded reversionary bonuses, tax benefits applicable as per prevailing tax rules and much more.

Ashish Kelkar

Teacher

50 Points Joined February 2012

You can invest in a retirement plan that will that gives you guaranteed amount as a pension after your retirement. This will not only be a good investment for you but also help you accumulate all the wealth for your retirement making those years of yours safe, wonderful and peaceful.

eTaxMentor

employee

217 Points Joined September 2012

Thanks to all of you ,giving this valuable needed information to me

Kethki Narayan

Owner

59 Points Joined December 2011

Wow! It’s great to know about your success at such a young age. Coming to the point of your investment plans, there are many investment options available in the market. Birla Sun Life is one of the well- known investment plans providers which can help in both long term plans as well as short term plans. They have long term pension plans that give you a guaranteed amount as retirement corpus and also allows you to enhance the financial security for your loved ones and also helps to buy life insurance online which is a short term plan.

Gaurav

Own Business

151 Points Joined July 2013

You have great numbers of investment. So you don't need to confuse among any common insurance policy. It better to invest in ulip, retirement or term life insurance plan for maximum return. However, you can't enjoy the benefits of whole life term insurance plan, only your nominess/families can get benifits of term plan. Rather than, Ulip is also a another great plan for investment for future as it is related with market growth.