Can you give suggestion on my existing investments

Here are our observations and suggestion on your query -

1. Your first priority should be to pay off your car loan and home loan. In case you have some surplus, do pay back the loans first and then invest. Investing for future while you are having liabilities in present do not make good sense.

2. We will not comment on ULIPs as these Companies have more than one ULIP product and each is different from the other in terms of charges. We do not which plan you have invested in. Though ULIP is a good concept of combining investments and insurance together, the cost of fund management in ULIPs is very important. Having a term plan for life risk coverage and mutual funds for wealth creation could be the best solution.

3. Though you have taken a term plan of Rs 60 lakhs, it is inadequate considering your income levels. Your current salary is 1.30 Lakhs which comes to annual Rs 15.60 Lakhs per annum. You should take life cover of at least 15-20 times of you annual income. Therefore, you should consider increasing the life cover to around 2-2.50 Crores at least in order to protect the financial future of your family.

4. You have selected good funds for your SIP. But, closing the SIP in HDFC Equity Fund and increasing exposure in BSL Frontline Equity Fund and ICICI Prudential Value Discovery Fund may be a wise move.

5. Your monthly SIP of Rs 26,000 could get you a corpus of around 73 Lakhs after 10 years (we have assumed 10 years only as your are now 47) and assumed annual returns of 15%.

6. Given current rising medical expenses, floater policy of Rs 8 Lakhs is inadequate. You should definitely consider increasing it.

7. Your daughters are aged 12 and 19 and hopefully you have planned for their higher education and marriage. If not, that is a very essential financial goal for which you should accumulate funds now and also start saving immediately.

Hope the above gives you good guideline in arranging your finances well. Thanks.