Multiple Insurance plans

[obulix]

Hi all,

I am 38 and i am working on planning on investment for retirement.

My Requirement is simple :
After 55, i need a regular income for next 15 years.
That means, every month / every year i need an amount to survive.
Note : i do have stock, mutual fund, gold & Land investment, PF / VPF.

I have got couple of suggestions given it to me.

1. Buy NSC Bonds, every month for next 5 or 6 Years. On maturity keep reinvest again. so, it will be kind of small amount which i will get when i need it on monthly basis.

2. Buy, 15 or more insurance plans which matures ever year after 55. So, i will get a good sizable about every year after 55. I am not sure how they do it. I think those are endowment plans, which is around Rs.500 premium. I am not still clear about how this will workout. if it's wrong idea and cannot be done please let me know.

I need your suggestion / is there any other options.

Thanks,

-Dinakaran.AS

 

[bhimsentrivedi]

Couple of term insurance or endowment plans provides a substantial amount on maturity. Not sure though! I would suggest speaking to an unbiased financial expert or an adviser regarding the same.

 

[Ritesh2014]

Hi “obulix” I would like to tell you that, in all your investments planning you haven’t mention to invest in health insurance. Like you are planning for life after 55, it is very important to have health insurance to manage your health care expenses. It is well known fact that after age 50 people use to face health related issues and you must have protection for your health. Apart from this your investment planning seems to be great!

 

[Ankit Deshpande]

Like “Ritesh2014” mentioned, I too suggest you to get health insurance, as it is of high importance once you pass the age of 50. People start facing health issues after they pass this age, so they should protect themselves from emergency & higher health care expenses and keep their savings untouched. Health insurance is highly suggested in your investment planning, I am sure it will help you a lot.

 

[RohitShenoy]

Most of the plans mentioned above such as term plan, health plan etc are essential and proved to be good in a long run. Have you consulted with any financial expert regarding the same? Please do so if you haven’t done already since it will help you save your hard earned money.

 

[Aarti Verma]

Like few of members suggest you that health insurance should be there in your investment planning. After certain age you need to spend more money on your health care and for same reason you should have right arrangements for same. Health insurance helps you to manage your health care expenses without suffering your savings; it also ensures you that if any emergency health situation occurs then you don’t need to get panic of that situation. Apart from this you’re other planning looking good!

 

[gibl]

You can try post office or bank MIS(Monthly Income Scheme)which is considered a very trusted source of regular income.
Thanks