Investment Tips: You can secure your future by increasing the top of health insurance

Investment Tips: To make your future secure, saving and increasing money is very important. If you are also doing job or doing business then it is important for you to save money for your future. Many of our readers ask for advice on investing and we give them investment advice through our experts.

A reader has asked a question about this. He wrote, “I am 30 years old and live with my wife and newborn child. My monthly income is ₹1.10 lakh. I have a term plan of 1.5 crores and a mediclaim policy of ₹5 lakh. My The investment in mutual funds is ₹7 lakh. Also I am paying an EMI of ₹53,000 for the home loan. How can I organize my portfolio? I can take a lot of risk and I want to save tax too.”

This question has been answered by our experts. Naveen Kukreja, Founder, Paisabazaar.com said, “You need to reconsider your insurance cover before giving investment advice. Your term insurance cover is adequate but you have to keep in mind that your Your insurance cover should increase with increasing income. Kukreja said that your insurance cover must be 10-15 times your annual income.

In the case of health cover, basic medical insurance of ₹ 500000 and top cover of ₹ 10-15 lakh comes at a very low premium. You should take this type of health insurance policy.

Naveen Kukreja has said that for the safety of your family, you should increase the scope of health coverage. Naveen Kukreja has said that the monthly installment amount of your home loan is very high and this can cause problems in your investment plan. You should focus on increasing the investment amount by repaying your existing loan at the earliest. You can also refinance your home loan.

The longer tenure of the home loan and the lower interest rate will reduce the burden of paying the monthly installments on you. Accordingly, you will be able to invest more amount every month (Investment Tips). If you want to invest to save tax then you can invest in Equity Linked Savings Scheme.

You need to consider this to save tax amount after your EPF contribution, term insurance premium and principal repayment of home loan. You can invest in Axis Long Term Equity Fund in the form of Equity Linked Savings Scheme (ELSS) to save tax.

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