I am a housewife with two children in their late 20s. My husband, who passed away last year, had made savings worth Rs 25,00,000/- in bank accounts, fixed deposits (FDs) and life insurance policies. I own the house I live in and receive a pension of Rs 13,500/- per month. Can you suggest some investment tips to help me get good returns?

Ashka Saxena, New Delhi

The very first thing that you need to do is to secure your future. This is a classic mistake made by most parents – giving out a lot of the retirement savings to the children. Please understand that your children are grown up now and should learn to take care of themselves.

The corpus that you have is modest. The most important thing is the security of the corpus as no capital erosion can be made up at this juncture. Hence, you need to select the investments with great caution. I would suggest you to make simple, secure investments in bank FDs and Senior Citizens Savings Scheme (SCSS). A small portion (less than 20 per cent) of the corpus can be invested in debt-oriented mutual fund schemes, with some equity component.

Your day-to-day needs could be met with the pension you receive. It is a very positive sign that you live in your own house. Medical insurance is an absolute must. Get yourself a cover of about Rs 3,00,000/-. The insurance premium you are paying for your children should now be managed by them. I suppose all these steps should ensure a security future for all of you.

New Woman Team

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