Express Clinic

Name: Pallavi Murudkar(38)

Resides in Mumbai

Profession: Banker, Middle Management Cadre

Net annual income

(Rs 10.8 lakh)

Status & goals

Pallavi is getting married in the next few months. She wants to check her financial fitness to meet her goals without depending on her future husband's income. She wants to build in a slight increase in her expenses and a component of regular financial support for her mother in this plan. She would also want to adopt a two-year-old child, whose expenses are built up here. Other Details: Pallavi lives with her mother (65) in their ancestral home. Her mother is a retired government employee, who has her own independent pension.

Needed

A plan to support a slight increase in her expenses and a component of regular financial support for her mother.

Net monthly surplus

Rs 43,500

Current finances:

Property: Current Value : Rs 60 lakh

ESOP : Rs 1.10 cr

FD : Rs 1 lakh

Tax saving FD : Rs 1 lakh

Recurring Deposit : Rs10,000 per month (Present value Rs 40,000)

Equity Mutual Fund : Rs1 lakh (ongoing SIP R5000)

EPF : Rs 20 lakh

Findings

Life Insurance coverage: R3 lakh endowment policy. Total premium: R30,000 pa. She has an open liability of R35 lakh loan against which there is a risk cover available of only R3 lakh. But there are no dependents and good assets to cover this risk.

Health insurance: R5 lakh group insurance cover from employer. Mother is covered under CGHS.

Emergency Fund: Pallavi has a total bank balance of R75,000 spread across a few accounts. She has one FD of R1 lakh. The other FD of R1 lakh is tax saving FD, hence is locked-in for five years.

Investments: She has been living a simple life and saving regularly. All her investments have been going towards purchasing her ESOPs which form the biggest chunk of her investments. She used her PPF maturity amount last year as a down payment for her property purchase.

... contd.

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