I am 29F and earning 13LPA. I have been working for 4 years of which 3.5 years I had very low pay and close to 0 savings. I have been able to save 6L now.

My investments below:
* Elss funds - 2 (total 1.5L annually)
* Large cap mutual funds - 6 (total 40K sip per month) current portfolio of 4L
* FDs - 2 of 25K each
*Medical insurance - company provided

Can someone advice if this is a good investment plan for future? What can I do better? Do I need another Insurance? Where else to invest?

likehelpful
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My 2 cents

1. Term insurance is must
2. If you’re investing in large cap, better to go with index fund/etf, in long term horizon index fund beats active funds and expense ratio is also very less so effectively u get more returns in hand
3. Build emergency fund (3-6 months of monthly expense) , u can keep in form of liquid funds/FD
4. Recommend you to buy a personal medical insurance for parents, Many times it happens that companies stops offering medical insurance or you change your job and new company doesn’t offer parental insurance then it could be problem (as personal insurance has certain wait time for certain treatments)
5. You can consider take some exposure in debt fund as well( depends on your risk profile, 100% equity like me is perfectly fine but then create an emergency fund for sure)
6. Not sure what type of MF you’re buying- direct or regular, if regular switch to direct for betterment return

like

Do you have any fixed set of goals? Are you married with dependant kids? Or have a family with parents/siblings dependant on your income? Perhaps, you need term insurance if so.
Are your parents appropriately covered with health insurance?
Investing for long term with above funds may help cover future plans like kids education, retirement plans. For short term goals like marriage, car, house you can opt for hybrid or debt funds.

like

As you have mentioned, you have very low savings with dependant parents and sibling. For now, I can only suggest taking a check of your spending patterns, and see if you can cut back. Keep looking for opportunities to boost your pay check. Term insurance is a must for you with dependants. While you have good exposure to equities, you may want to channel some of it (around 30-40 percent) based on you risk appetite into debt thru short term debt funds. This can be more in case you don't have enough savings for your marriage. Please reach out to a good financial advisor to have more thorough planning for short term.

like

I would suggest to add a term life insurance plan for you, since you have dependent on you, it becomes a must have.
Go for a vanilla plan (meaning, no ad-ons). It won't cost you much and could be claimed for tax exemption under section 80C.

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