How to diversify your retirement corpus

My father is nearing retirement. We plan to sell land and properties worth ₹3.4 crore and buy a ₹1.75 crore home.

- Nehal Mota

Other assets include ₹12 lakh in mutual funds, a ₹35 lakh LIC policy, and ₹6-7 lakh in savings. Monthly expenses are ₹45-55,000, but we aim for ₹1.2 lakh to include travel. How should we invest for steady income, long-term growth and tax efficiency?

-Name withheld on request

You've done well to plan ahead for your parents' retirement. Once the land property (₹2.5 crore) and other assets (₹90 lakh) are sold, and you account for the Life Insurance Corp. (LIC) maturity value of ₹35 lakh, with mutual funds likely to grow to ₹16 lakh, and other savings at ₹37 lakh, total available corpus will be around ₹3.98 crore.

After allocating ₹1.75 crore for a new 3BHK apartment, ₹25 lakh for interiors, ₹5 lakh for an emergency fund, and accounting for comprehensive health insurance cover, the net investable surplus is likely to be around ₹1.93 crore.