Everyone needs and deserves a quality financial plan.
Satish (age 44) is an architect, working in a private company. His wife Rachana is a classical dancer. They met during their university days,
where she was junior to Satish by a couple of years. They are married for 17 years now. Aarushi, their daughter, studying in class 9, recently won an
international award in an online science competition. Her parents are proud of her talent and they plan build a suitable corpus for her higher studies
abroad, in 4 years from now. Ayush, their 12-year- old son is a junior state level athlete. His coach recently recommended to send him to a residential
academy as early as possible, for his further progress.
Rachana runs her own dance school. The classes are now online, but regular classes were held in a flat, jointly owned by her husband and herself
(in a ratio 75:25 respectively). The flat was booked 5 years ago against a housing loan of floating interest rate. Satish recently learnt, there is
a chance of rise in the interest rate in near future. So, he is weighing opportunities to rework his present home loan. Another cause of concern –
the tenure of the present home loan of 20 years almost coincides with his retirement.
Satish wishes to retire early, at 55 and build his own architecture firm. He made a blueprint ready for this during the lock down, but he is not
clear how to build required capital for his venture. He lives with his parents in a joint family. He has a brother staying abroad and a sister living
in the same city. His father owns the house and expressed to support Satish for his new venture. But he is 70 and yet to make a will. The legal
formalities are practically not possible for his elderly father in this Covid situation.
The company Satish works, is covered under Gratuity Act, but does not participate in a recognised Provident Fund. His employer contributes to his
NPS account. He also has a company sponsored health insurance policy, and a car for his official use. Apart from this, Satish recently bought another
family floater health insurance policy. He is clueless if he should buy one ‘Corona Rakshak’ that he heard about.
Rachana is fond of two things – holiday and jewellery! They travelled every year within the country and abroad once in 3 years – mostly on
account of her earnings! And Rachana never misses to invest in gold and precious stones every Dhanteras!
Satish has a few SIPs and multiple insurance policies. Though he never calculated how much is there on store! But lately, Satish started feeling
that he must think of a ‘Will’, though he is confident on his own physical fitness.
But is it a time for him to check his financial fitness as well?
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