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Name: Srinivasa and Harshalata Gedam
Reside in: Pune
Profession: Both are officers with the Government of Maharashtra
Net annual income
(Rs 10.8 lakh)
Status & goals
Srinivasa, 38 and Harshlata, 37 have a simple lifestyle. They live in Pune with their little daughter Disha (3). They are government employees and are living in employer provided accommodation.
Their main goal is to provide for good education for Disha and her marriage. They wish to purchase a property by the end of the year. Their expenses are well within limits and have invested in a conservative manner in life insurance policies, real estate, bank fixed deposits and gold.
A plan that will
help them buy a house and plan for the education and marriage of their daughter Disha
Net monthly surplus
Emergency fund: The couple has R1.20 lakh FD and a balance of R 3,000 in savings account. At present this is close to five months of expenses. But the picture will change after they avail of loan at the end of the year. Then this amount will be insufficient.
Health Insurance: Both of them being government officers are entitled to lifelong health care facilities under the CGHS facility. Their daughter is also covered under this till age of 25 or marriage, whichever is earlier..
Life Insurance: Both have three policies each. Two of them are moneyback and endowment policies for which they pay R 70,130 per annum as premium. The third one is a term plan of R 23 lakh each. The term plan covers then till their retirement age. This was a good decision.
Investments: The entire investment portfolio of the couple is into debt and real estate. They own a plot in Bangalore worth R 21 lakh. They have recently been contributing R 1 lakh in their PPF accounts. They also have their contributions towards the GPF account. They have started investing in gold ETF. They are holding about 75 units of gold
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