Financial Planning Assistance

POSTED BY Avishek ON September 21, 2012 1:14 pm COMMENTS (9)

Hi I am following up JAGOINVESTOR forum and it’s very good. Thanks for your neutral suggestions. It’s really very useful.

Now i want some assistance from your end. I am working in a private firm and please find the below details:

Age : 30
Size of family : 3 [wife (dependent) & father ( not dependent but i am paying all his insurance and med claim)]  
Monthly income : 30 k
Monthly expenses : 10 k
Current investments :

1. LIC THE ENDOWMENT ASSURANCE POLICY (Premium : 4,646/- per year) SA: 1 lakh

2. LIC JEEVAN ANAND  (Premium : 5,359 /- per year) SA: 1 lakh

3. ICIC LIFE STAGE PENSION (Premium : 20,000 / – per year)

4. KOTAK FLEXI PLAN II (REGULAR) (Premium : 20,000 /- per year) SA : 1 lakh

5. LIC’S BIMA ACCOUNT (Premium : 10,000 /- per year) SA: 1 lakh

6. IDBI FEDERAL TERMSURANCE PROTECTION PLAN with Premium Retun (Premium : 11,385/- per year) Sum Insured : 30 lakh

7. AEGON RELIGARE GURANTEED INCOME PLAN (For wife) (Premium : 15,000 /- per year) SA : 1 lakh


I am paying 30,000 /- insurance and Mediclaim : 5,500 /- per year (for my father)


Apart from this I have done SIP of 4,000 / – in four different funds


They are as follows:

·     DSP BLACKROCK TOP 100 EQUITY FUND – Regular Plan – Growth

·     HDFC TOP 200 Fund- Growth




I am also started a PPF account and contributing 12,000 /- p.a from this year.

I have also purchased Infrastructure bond of 40,000 / – for last two years for tax saving and NSC of 30,000 /-. Along with this I have a term deposit of 25,000 /-.Also have 90,000/- in MF (Tax Saving) and 25,000 /- in gold ETF.

My present company is giving PF and GRATUITY and also 5,00,000 /- for hospitalization for myself and my spouse.

Apart from this Personal accident insurance and group life insurance is there of 5,00,000/- and 5,00,000/- respectively.

But these facilities are till date i am with this concern so i have to think beyond that.


NOTE: Also need to plan keeping the income. as i am working in private company may be tomorrow the same income is not there.

Sorry for the detail explanation but i thought that without this financial planning solution cannot be made. Just suggest me now that am I going the right way or need to invest in something self to balance it. I want a diversified investment.

Please Suggest.


9 replies on this article “Financial Planning Assistance”

  1. Dear Avishek,

    We understand the responsibility you fulfil when you buy ICICI Pru iCare or for that matter any term plan. And, from our side, we are committed to honour all claims quickly and fairly. We encourage all our customers to make an informed decision related to their policy and are happy to provide them with all the relevant information.

    For online term insurance, total claims received till date is 12 out of which 9 claims worth 7.35 crore were approved. Average time taken to settle the 9 claims was 7 days from submission of all documents.

    Three claims worth 76 lakh were rejected since the policy was taken less than one month before the demise and prevailing illnesses had not been disclosed by the policyholder.

    ICICI Prudential Life Insurance aggregate claims data is publicly available on our website. Please visit for the most recent reported claims figures. The same data is also linked to at the IRDA website (please choose L-40 for claims data).

    Warm Regards,
    Life Insurance Help
    ICICI Prudential Life Insurance

  2. Avishek says:

    Dear Ashal

    Thanks a ton for your suggestions. I will surely take this matter seriously.
    So regarding the term policies I am bit confused as there are many companies which offer online term policies and the blog : is also not updated.
    Initially i thought to go for Aegon Religare as its premium is low and also has the accidental rider. but in the blog (which link is given above) the claim settlement ratio is only 48%. Yes you can say ICICI Pru is there with claim settlement ratio 90.17 % and also have accidental rider though its premium is little bit more compare to Aegon Religare but i don’t have much confident in ICICI Pru. You can say anything to me as it don’t have any sense or logic but that’s completely sentimental statement. Now the basic question is do u have any latest data of the same blog mention above or can you just give me 3 preferences in their order from 1 to 3 taking care of accidental death benefit rider or so( Irrespective of my sentimental feeling).

    Thanks and Regards


    1. Dear Avishek, for term cover need please opt from following insurers.
      Aegon Religare

      In case you have serious doubt for claims settlement, please the Big Daddy – LIC. Yes the prem. of Amulya Jeevan Plan ‘ll be very high in this case. that’s the price of mental peace you should pay.

      Regarding accidental rider, please do not opt. Instead of rider, please go with a plain Personal Accident Plan offered by General Insurers. The coverage is far superior & more beneficial & multiple time claims can be made as it’s yly renewable in this PAP where as Rider provide limited coverage & a one time affair. You can not renew it, once rider is claimed (you met an accident & survived with disability).



    2. Ramesh says:

      Can you tell what is the claim ratio of the online term plans for all companies which have launched them? Since online plans have come up fairly recently only.

  3. Dear Avishek, If I do not include the pension plan as well as wife’s policy, your Sum assured is around 34L Rs. & the yly prem. payment is roughly 51000 Rs.

    In my opinion, please purchase a term plan of at least 18 times of your yly income. Which is 18*3.6L = 60L Rs. roughly. For your age, the prem. of a 30Y policy ‘ll be in the range of 5-7K, if you are opting online policy. It means you w’d still have some 45K Rs. yly to invest in.

    Now please stop all these money sucking policies & divert your money into pure investment instruments like FDs, PPF, MFs. You ‘ll get far higher amount at maturity & in case of your untimely death, the family ‘ll get 60L basic sum assured of your term plan + the fund value of your investment till that date.



  4. Avishek says:

    Dear Ashal

    The Ammount will be around 35 lakh from 6 policies and 1 is for my wife. Correct me if I am wrong.

    Thanks and Regards


  5. Dear Avishek, if you die today, how much money ‘ll your family get from all these 7 policies?



  6. Dear Avishek, as you are reading/following this forum, can you explain what those 7 insurance policies are doing to you?



    1. Avishek says:

      After reading articles in this forum, I am really very confused. 1st of all I was unaware of financial planning and under that circumstances people has misguided and I have done mess out of it. I don’t know what to do. Honestly I started following this forum from this month and my last policy of these seven policies is done on the month of Aug 2012. Really it seems so helpless!!!!!!!!!! 🙁

      Out of the seven policies 2 of them were stated by my father

      1. LIC THE ENDOWMENT ASSURANCE POLICY (Premium: 4,646/- per year) SA: 1 lakh. Date of Commencement: 28/01/2004

      2. LIC JEEVAN ANAND (Premium: 5,359 /- per year) SA: 1 lakh. Date of Commencement: 22/07/2004

      REST 5 is done by me.

      1. ICIC LIFE STAGE PENSION (Premium: 20,000 / – per year). Date of Commencement: 15/03/2008. Date of Maturity: 15/03/2036. This is a unit link Pension plan.

      2. KOTAK FLEXI PLAN II (REGULAR) (Premium: 20,000 /- per year) SA: 1 lakh. Date of Commencement: 07/10/2008. Date of Maturity: 07/10/2018. This is also a unit link plan. The fund value as on date is showing 15000 /- less of the amount I have deposited till date.

      3. LIC’S BIMA ACCOUNT (Premium: 10,000 /- per year) SA: 1 lakh. Date of Commencement: 09/08/2011. Date of Maturity: 09/08/2016. It is like a bond with 8% interest. It is a short term investment.

      4. IDBI FEDERAL TERMSURANCE PROTECTION PLAN with Premium Return (Premium: 11,385/- per year) Sum Insured: 30 lakh Date of Commencement: 27/02/2012. Date of Maturity: 26/02/2042 with return of premium.

      5. AEGON RELIGARE GURANTEED INCOME PLAN (For wife) (Premium: 15,000 /- per year) SA: 1 lakh + 1 lakh added rider. Date of Commencement: 07/08/2012. Date of Maturity: 06/08/2076. Date of last premium: 07/08/2026.

      By putting the comments under each of the policy I don’t want to justify myself of what I have done. But with your assistance I can make a better future. I belong to a middle class family so future security is main concern. I think I have the following options.

      1) Close/surrender all the policies and start fresh.
      2) Partly close/surrender the policies and re investment in other thing.

      So my question is which option to take? And partly if I am closing which policies can be closed/surrender?

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