Express Clinic

Resides in Jammu

Profession: Senior Manager in MNC

Net annual income

( Rs 10.80 lakh )

Status & goals

Kuldeep Singh Rawat has recently joined a new firm in Jammu. Earlier, he was posted in Mumbai and he found it very difficult to save enough for his future due to the high cost of living in the city. Now, the new company has given him a hike in his salary while the cost of living in Jammu has also come down. Kuldeep’s wife Sapna (41) is a homemaker. They have a 12-year-old son Raghav.

Kuldeep want to plan for Raghav’s future and wants a financial plan which will help him achieve his life goals comfortably.

Needed

A comprehensive financial plan securing child’s education and an early retirement, along with adequate protection planning

Existing Investments:

PPF : R5 lakh

Bank Fixed Deposit : R2 lakh

Findings

Emergency fund: Kuldeep is considering a fixed deposit as a liquid investment which he can break anytime during an emergency

Life insurance: He has some ULIP policies in his portfolio with total sum assured of R15 lakh. He’s paying annual premium of R45,000.

Health Insurance: He has got coverage of R3 lakh for his family from employer and a separate coverage of R5 lakh.

Investments: His investment is 100% into safe debt category and some ULIP policies.

Liabilities: He does not have any loan.

Provident fund: His PF balance is R8 lakh and he’s contributing Rs 3,360 p.m. into this and equal contribution is being made by his employer. He expects 10% increase

... contd.