Express Clinic

Name: Aditi (36) and Malav Joshi (40)

Resides in Mumbai

Aditi is a Senior Manager HR in an MNC, Malav is middle management cadre in an it co

Net monthly income combine

(Rs 2,90,000)

Status & goals

The main aim for this plan is to assess whether it is feasible for Aditi to quit her job without compromising on their lifestyle or goals. Their son, Soham is studying in an international school so the expenses are on the higher side, besides they love to travel which they do not want to discontinue. They live in their ancestral house in Mumbai's suburb with Soham (7) and Malav's mother Sneha Joshi (69).

Needed

A comprehensive financial plan securing all goals — child's education, daughter's marriage, retirement, international vacation, investment and insurance planning.

Net monthly surplus

Rs 2,15,000

Current Investments:

Property (Current Value) : R40 lakh

EPF (Aditi) : R8 lakh

EPF (Malav) : R15 lakh

PPF (Combined) : R10 lakh

Fixed Deposits : R4 lakh

Stocks : R50 lakh

Mutual Funds : R25 lakh

Savings accounts : R90,000

Findings

Emergency fund: The Joshi's have R4.90 lakh in savings account and FD's which is a substantial amount of liquidity.

Health Insurance: Aditi's employment benefit provides R5 lakh cover for her and Soham, Malav's employer benefit includes R5 lakh cover for him and his mother. For his mother a premium of R1,000 per annum is deducted by his employer from his salary. The health insurance is slightly on the lower side. With health expenses going up, the existing amount looks insufficient, especially for Malav's mother.

insurance: They have taken a very good decision to go in for bigger amounts of insurance through term plans. Though there are endowment policies which are low on returns, they have no major negative impact on any goals or the cash flow. Malav has a cover of R1.18 crore while Aditi is covered for R35 lakh.

... contd.

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