Family Financing: Manjras is said to be personal loan through Bank FD. repay

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Samir and Kajal Manjra live with their children aged 11 and 6 in their own house in Ahmedabad. While Samir is employed, Kajal is self-employed and they both bring in a monthly income of Rs 1.05 lakh. Her portfolio includes real estate worth Rs 1.45 crore (two properties, one of which is owner-occupied), equity worth Rs 12.2 lakh in mutual funds and ulips, debt worth Rs 11.37 lakh in Form of PPF, EPF and Fixed Deposit and 55,000 rupees in cash.

They also have a personal loan of Rs 3.05 lakh for which they pay an EMI of Rs 36,006. Her goals include building an emergency corpus, saving for her children’s education and weddings, and their own retirement.

Financial planner Pankaaj Maalde proposes to start building an emergency corpus of Rs 3.06 lakh, the equivalent of spending for six months, by allocating cash and part of the fixed-term deposits. This should be invested in a liquid fund. Maalde also suggests using the remaining time deposit to repay her expensive personal loan.

Portfolio

Cash in circulation

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Next, they want to save Rs 43 lakh on their older child’s education in eight years. In return, they can allot Ulips and start a SIP of Rs 5,000 in diversified equity funds. For college education in 11 years, they will need Rs 52.5 lakh and can allocate stock funds for that.

You will also need to put up a SIP of Rs 12,000 in diversified equity funds. For the education of the second child they will need Rs 56 lakh and Rs 69 lakh in 12 or 15 years. For those goals, they need to start SIPs of 17,500 and 14,000 in diversified equity funds. For the kids’ weddings in 14 and 21 years of age they will need Rs 82.7 lakh and Rs 1.08 crore and will need to start SIPs of Rs 16,500 and Rs 12,500 in equity funds. However, due to the lack of surpluses, they have to invest in it as their income increases.

How to invest for goals

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To retire in 22 years, the couple will need Rs 3.4 crore and can allot their PPF and EPF corpus as well as a property. You should also continue to add Rs 5,000 per month to the NPS to help meet the goal.

For life insurance they have two ulips worth Rs 15 lakh and two term plans of Rs 1.05 crore. You should go ahead with these and purchase a Kajal subscription plan from Rs 30 lakh for Rs 333 per month. For health, they have Rs 4 lakh insurance from Samir’s employer, an Rs 5 lakh family floater plan, and an Rs 10 lakh recharge plan. Maalde suggests that they continue. However, you should choose a Rs 25 lakh accidental disability plan for Samir, which costs him Rs 333 monthly premium.

Insurance portfolio

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Financial plan from Pankaaj Maalde Certified Financial Planner

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