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Name:Rajan and Manisha
Reside in Solapur District, Maharashtra
Net annual income
(Rs 12 lakh)
Status & goals
Rajan has built a house and hospital on a plot of land in his home town. Manisha, his wife, though qualified, is not practising. His elder son Aditya is studying in first year of engineering in a government college in Mumbai and the youngest, Apurv is in Class 8. Rajan has been systematically saving over the years, but needs some clarity on his retirement plan. Being a professional, he does not have a fixed retirement age, but he would like to have a good corpus by 65 to live comfortably.
A plan that can help them channel their savings into productive avenues in order to meet their financial goals
Net monthly surplus
Committed savings : Rs 19,500
Cash in Hand : Rs 3 lakh
SB balance : Rs 2 lakh
Mutual Funds : Rs 1.20 lakh
Stocks : Rs 2.40 lakh
PPF : Rs 4.50 lakh
Recurring Deposit : Rs 6,000 p.m.
Gold : Rs 16 lakh
Land & Building : Rs 1.2 crore
Plot of Land : Rs 17 lakh
Agricultural Land : 7 acres
Emergency fund: Total amount of cash and bank balance is R 5 lakh
Life insurance: Rajan has R 30 lakh risk cover. Manisha has R 3 lakh risk cover in various endowment policies.Total premium paid: R 40,000 p.a.
Health Insurance: Rajan has a cover of R5 lakh, which only covers him for a period of three years. The rest of the family has no health cover
Investments: Rajan has been investing in debt, equity, gold and property. Asset allocation in skewed towards this class.
Retirement: Rajan invests R2,000 p.m. in New Pension Scheme (NPS) since last two years. He has a pension plan from an insurer, which will pay him R5,000 p.m. for life, after retirement.