Besides this, Ramesh gets a salary of Rs 1.3 lakh, which
brings their monthly income to Rs 1.44 lakh.
s for their financial outgo, the Chandras spend Rs 35,000 on
household expenses and Rs 14,500 on house rent, while Rs 16,500 goes as home
loan EMI, Rs 20,080 as insurance premium and Rs 4,500 for Meghana's education Financial Planning.
They invest Rs 49,000 in various avenues and are left with a surplus of Rs
4,420 a month.
The current goals of Chandras include building funds for
Meghana's education and marriage, their own retirement, creating a contingency
corpus and having a buffer for Ramesh's parents' medical needs. Fincart
suggests a realignment of investments and a revamp of insurance portfolio to be
able to meet all the goals.
Insurance coverage
Though
Ramesh has a seemingly impressive collection of insurance policies, these are
all costly, traditional plans which will be unable to beat inflation and offer
a low cover at a high premium of Rs 2.35 lakh a year. While he does have a term
plan, it is expensive. Ramesh needs a cover of Rs 2.5 crore given his income,
expenses and home loan, and the Fincart team suggests buying an online cover of
this amount, which will cost him Rs 38,742 a year. Since Meenakshi is not
working, she doesn't require any life insurance.
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