Vikas and Kirti are both 30 years old. Vikas works with an IT company while Kirti works with a financial services firm. The couple is expecting a baby in two months.
Having recently bought a home, part of which was funded by a home loan, Kirti and Vikas pay an EMI of ₹35,000 per month.
They have not bought any life insurance till now since they don’t have financial dependents yet. Their respective employers provide them with health cover of ₹5 lakh and accidental disability cover of ₹50 lakh each.
They have augmented their health insurance coverage with a family floater plan of ₹10 lakh.
Their monthly expenses (excluding loan EMI) are ₹40,000. Though their expenses are set to increase after the baby is born, they think they can invest ₹55,000 on a monthly basis.
They have ₹2 lakh each in their savings accounts, which they want to retain as ‘comfort cash’. Apart from that, they have ₹10 lakh in fixed deposits and liquid funds and ₹3 lakh in equity mutual funds. Besides, they have ₹12 lakh in their EPF accounts, with a monthly contribution of ₹22,000.
Their primary goals include planning for their kid’s higher education (expected cost ₹25 lakh in 17 years) and providing for their retirement income, for which they are not sure about the amount needed. Though a vacation is not a top priority now, they would still want to earmark ₹1 lakh a year for that.
Our recommendations
この記事は The Hindu Business Line の January 08, 2020 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は The Hindu Business Line の January 08, 2020 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Covid Presents An Opportunity For India
India must attract investors exiting China post-Covid. Streamlining of project clearances and relaxation in FRBM norms will help
Did Alternative Assets Shield You From Covid-19 Volatility?
The assets closely linked to stock and debt markets could not stave off the losses
How To Put Aircraft To Bed
Preserving grounded planes, to get them up and flying at short notice, is a challenging task. Ashwini Phadnis captures the process
There Can Be No Going Back On WFH
Covid-19 has fast-forwarded the shift to ‘work from home’. However, some face-to-face connect will always be needed
UN, WHO Urged To Ensure ‘Benefit Sharing' Of Covid-Related Data
Biopharma firms should reach vaccines, medicines to poor nations at an affordable price, say civil society bodies
With No Clear Signal From Rlys, States Explore Ways To Bring Back Migrants
Quarantine centres, cross-country buses being arranged even as migrants hop on to boats, trucks and ambulances
Centre Allows All Neighbourhood Shops To Open But With Riders
Final call will be taken by local authorities; shopping complexes that draw fewer ‘outsiders’ are permitted to operate
Covid Impact Relatively Muted In India
Compared to Italy and the US, India’s rate of infection spread has been slow. This can be attributed to the strict measures in place
How Global Trade Will Fare Post-Covid
China isn’t likely to lose its pre-eminent position soon. India, for one, will need to make manufacturing globally competitive
How To Curb Harassment In The Virtual Office
Training and sensitisation are essential. Institute a strict dress code and chat etiquette to ensure professionalism during video calls
