Am I making a good move towards my future? I have following investments/insurance for my and my family future:
1) PPF a/c started in Jan’10, investing at least 40,000 every year (3500/monthly)
2) One term Insurance for 10 years (covered till 2020) sum assured 5,00,000, Single premium already paid.
3) One Money back policy started in 2006 (covered till 2021) sum assured 1,22,000, paying yearly premium 10,200
4) Another Money back policy started in 2007 (covered till 2022) sum assured 1,00,000, paying yearly premium 10,900
5) Insurance policy for wife started in 2006 (covered till 2026) sum assured 1,00,000, paying yearly premium 10,000
I am 33 year old and having a son aged 2 year. I am trying to save at least 10,000 every month from my monthly earning for paying
above mentioned dues and keep some money for emergency.
I am working in an IT enabled firm where no one can say his job is secure.
So please have a look on my investment and please let me know if I am on right path or not or suggest me if you have some better investment plan.
Looking forward to the genuine answers…