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'I am 65, diabetic. Which mediclaim plan to buy?'

By rediffGURU JINAL MEHTA
February 09, 2024 09:59 IST
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Do you have health insurance or financial planning queries?
Please ask your questions HERE and rediffGURU Jinal Mehta, founder of Beyond Learning Finance, an authorised education provider for the CFP certification programme in India and a certified financial planner, will answer them.

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Illustration: Dominic Xavier/Rediff.com
 

Sunny: I am aged 60. I would like to invest Rs. 5 Lac in mutual funds. Safety and return are my criteria. Can you suggest some mutual funds to this effect?

I would first suggest you to keep at least 2-3 years of annual expenses in bank deposits or liquid funds to meet your day to day expenses. After that whatever excess fund is left, if it is not attributed to any goals, then you may invest them in any Index funds, or large cap funds.

Please note that there will be little volatility in these funds but they are good for safety and decent returns. So if you need them in 3-4 years' time, please avoid investing them in equity.

Sharanappa: have 36000 salary and investing 7500/month in SIP and every month 2000rs I'm purchasing stocks (I take own study), Total 9500/month Mutual funds are direct growth *SBI midcap fund 1000* *SBI consumption opportunity fund 1000* *Canara robeco tax saving fund 2000* *Quant small cap 2000* *Quant dynamic asset allocation fund 1000* *Digital gold 500/month* One year old portfolio 10-15-year time zone any suggestions for this long term investment?

I really appreciate your commitment towards investments. I would suggest you may contact a professional for proper evaluation of your financial health. I cannot answer this question without knowing your risk profile, goals, asset allocation, income expenses analysis, etc.

Only thing I can say is invest as per your goals and priorities.

Anonymous: What are good long term investment options as I am getting 7 lacs from some other investments. Mutual funds, Gold, Bonds? Please suggest...

Equity mutual funds are a good option as per your risk profile. If you are seeking to invest in gold, then it would be better to invest in SGBs. They will give you little interest annually and gold appreciation as well.

Anonymous: Hi Money Gurus! I am an NRI. I have following queries: 1. How can I bring money from my accounts in India (currently in MFs) to my UK account? Is there a tax-free limit? 2. Can I get a medical insurance in India?

1. If you transfer the proceeds in a NRE account, then the funds are freely repatriable (take your money back).

You have to pay taxes on the mutual funds here in India when you liquidate them. If you have a NRO account then the limit is USD 1 million per financial year. You cannot repatriate more than this amount.

2. Yes, you can get medical insurance in India. But the coverage is restricted to the geographical boundaries of India.

Anonymous: Which would best plan mediclaim or insurance plan for diabetic person who is aged 65 year plus and need cover for minimum 5 Lacs. Understand that plan should be taken earlier but this for aged person in family.

You may purchase opt for Senior Citizen Health Insurance which covers all the pre-existing diseases. Diabetes and other pre-existing diseases are also covered.

Please note, there may be waiting period before you can claim and / or the premiums may be higher. Please consider these factors too.

  • You can ask rediffGURU Samkit Maniar your questions HERE.

Disclaimer: This article is meant for information purposes only. This article and information do not constitute a distribution, an endorsement, an investment advice, an offer to buy or sell or the solicitation of an offer to buy or sell any securities/schemes or any other financial products/investment products mentioned in this QnA or an attempt to influence the opinion or behaviour of the investors/recipients.

Any use of the information/any investment and investment related decisions of the investors/recipients are at their sole discretion and risk. Any advice herein is made on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. Opinions expressed herein are subject to change without notice.

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