1. Before any investments, build an emergency fund of 3-6 months' income in an easily accessible form, of say, cash, saving account and fixed deposit with sweep in facility.
2. Opt for a 10 lakh family floater plan (excluding parents) with lifelong renewability, and specific suitable top ups when needed.
3. Buy an online 30-year pure term insurance plan for 5-6 years' income plus any outstanding loans.
4. Thereafter, start building a well-diversified and risk-factored mutual fund portfolio, to fulfill lifetime goals like:-
a) Residential house after 5-10 years,
b) Child's higher education after 15-20 years,
c) Retirement after 25-30 years, and
d) Welfare of dependent parents.
5. Activate monthly SIPs in selected funds, in a disciplined manner without timing the market, throughout your earning years.
2. Opt for a 10 lakh family floater plan (excluding parents) with lifelong renewability, and specific suitable top ups when needed.
3. Buy an online 30-year pure term insurance plan for 5-6 years' income plus any outstanding loans.
4. Thereafter, start building a well-diversified and risk-factored mutual fund portfolio, to fulfill lifetime goals like:-
a) Residential house after 5-10 years,
b) Child's higher education after 15-20 years,
c) Retirement after 25-30 years, and
d) Welfare of dependent parents.
5. Activate monthly SIPs in selected funds, in a disciplined manner without timing the market, throughout your earning years.