Disclaimer: I'm not a finance expert. These are suggestions. You should make your own decisions based on your needs.
Do you have something called PF on it? That's a saving!
Did HR issue you an insurance card? That's your Mediclaim.
What's my sum insured? Is it just me who is covered or my dependents too?
e.g. You have 3 lacs for self plus dependents (parents/spouse/child). This means upto 3 lacs to be used by any of you per year
Mediclaim in India is devastatingly cheap for young professionals in good health. At 31 i pay less than 2k/year for a policy that covers me for 3 lacs.
It doesn't need any health check-up to get one
It's cheaper for younger people
If you have pre existing health conditions most of them will start covering you after a certain period of time where you don't claim anything
You can get one that covers your parents and you (Usually called a family floater in the sense anyone from the family can use it and the sum assured is a floater meaning whoever needs it can avail it)
I'd advise getting one for yourself separately
That means instead of 3 lacs per year to be used by one member/collectively, each one is entitled to the full amount
My parents 61 each. Their policy costs about 30k annually now
But unlike Mediclaim where your premium can go up as you age, life insurance premiums don't
Mediclaim - Approx 2k
Life cover (1 crore) - Approx 10k
Mutual Fund (let's say 1.5k a month) - 18k
Total - 30k
Or basically a month's salary for someone making 30k
You need to save ₹2500/- a month to be able to do this
If you choose to cash out your dividend, you can keep it aside as a policy premium!
I want to clarify that I was doing this while running a household!
clothes which were fabric materials which were stitched at the local tailor. This meant I was getting 2-3 pairs at the cost of a ready made pair
Little stuff adds up. I managed to squeeze in presents for loved ones, cheap vacations (by sleeper trains and buses and flash sales for airlines)
I obviously had privilege, but what I'm saying is that it's possible to save money at a low salary
Happy to help in my personal, non professional capacity