Financial Planning - How disciplined savings can help Chandras meet their financial goals

As for his health insurance, Ramesh currently has a cover of Rs 3 lakh and a company cover of Rs 2.5 lakh. Fincart suggests boosting this with a super top-up cover of Rs 12 lakh, with a deductible of Rs 3 lakh Financial Planning. It will cost only Rs 4,326 a month and will be eligible for a tax rebate under Section 80D. There will be no additional premium cost for Ramesh since his expense will reduce from Rs 2.35 lakh a year to Rs 75,068 after surrendering the policies. The amount thus saved can be used to invest for other goals.

Before the Chandras start planning for their goals, they need to have an emergency corpus of Rs 4.23 lakh in place, which is equal to six months' expenses. To achieve this, they can allocate their cash holding of Rs 1.5 lakh and debt fund value of Rs 9,953. To make up for the remaining amount, they should invest a sum of Rs 51,605 in an equity fund for five months to meet the goal.