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.