This is a 'Sample Plan' to illustrate how Financial Planning can help
you in realizing your dreams.
All the names and numbers used in this plan are fictitious.
If you want a similar Financial Plan for you, then give us a call at:
1800 180 7424 (Toll Free)
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Financial Plan specially prepared
for Mr. Sudhir Singh
Financial Plan specially prepared for Mr. Sudhir Singh
Personal Information:
Name : Mr. Sudhir Singh
Address
: Apt 123, Garden Estate, Gurgaon
Age
: 39 years
Office Address
: Office Complex, Gurgaon
D.O.B : 16-Sep-1968
Contact No. : 9899999999
________________________________________________________________________________________________
Family Members:
Name
Relation
D.O.B
Age
Dependent
Radha Singh
Wife
09-Feb-1974
33
Yes
Nakul Singh
Son
01-Oct-1997
10
Yes
Arti Singh
Daughter
01-Sep-2002
5
Yes
Vijay Singh
Father
20-July-1937
70
Yes
Gita Singh
Mother
23-Aug-1939
68
Yes
________________________________________________________________________________________________
Your Long Term Financial Goals
Your Immediate Financial Goals
Goals
Name
Target date
(Year)
Goals
Education
Nakul
2014
Protection
needs
Education
Arti
2020
Home
Improvement
Loan
Marriage
Nakul
2022
Marriage
Arti
2027
Retirement Corpus
Self
2028
Target Date
(Year)/Objective
Evaluate the adequacy of
your existing insurance.
2008
Current situation and observations:
Net Worth
Your current net worth is Rs. 93.35 lakh.
Cash Flow
Your current surplus is Rs. 17,828 per month.
Life Insurance
Currently, you have 10 different insurance policies total sum assured of
Rs. 43.45 lakh, with total annual premium of Rs.2.33 lakh.
Health Insurance
Your employer has provided you with Rs. 3.50 lakh health insurance
cover for the family.
Home Insurance
Currently, you do not have any home insurance.
Motor Insurance
Currently, you have motor insurance policy. However you have not
shared the size and scope of the motor insurance coverage.
Savings Account
Total savings account balance is Rs. 1.05 lakh.
Investments
Currently, your total investment is Rs. 60,000
-NSC
Rs. 5,000
-Fixed deposit with SBI Rs. 25,000
-ICICI Bond Rs.
Rs. 15,000
-Mutual funds
Rs. 7,000
-Direct equity
Rs. 8,000
Retirals
Your current PF balance is Rs. 4.77 lakh, PPF balance is Rs. 1.80 lakh.
Will
Currently, you do not have will.
Income
Planning
Tax You are availing benefits up to Rs. 1 lakh under section 80C (PF
contribution, Insurance Premium).
Current Financial Situation : Your Net Worth and Cash Flow in
September 2007
Net Worth : (Assets less Liabilities)
Assets
Liabilities
71,50,000
Rs.
Rs.
Your Net Worth
Rs.
10000000
9535997
9535997
9000000
Car
2,50,000
Cash at Bank
-HSBC
25,000
-ABN
35,000
-HDFC
35,000
-BOM
10,000
1,05,000
Rs.
Rs.
8000000
7000000
6000000
5000000
4000000
Rs.
3000000
2000000
Rs.
1000000
Fixed Interest Investment
-NSC
Rs.
5,000
-ICICI Bond
Rs.
15,000
-Fixed Deposit
Rs.
25,000
45,000
Equity
-Direct
8,000
-Mutual Funds
7,000
15,000
Assets
Rs.
7,13,997
PF Balance
4,77,000
PPF Balance
1,80,000
Jewellery
6,00,000
Rs.
Cash Value of Insurance
-LIC Jeevan Suraksha Rs.
1,35,000
-LIC Jeevan Surabhi Rs.
38,462
-LIC Jeevan Kishore Rs.
6,250
-LIC Endowment
Rs.
4,25,000
-HDFC Young Star
Rs.
1,09,285
Total Assets
Amount
(Rs.)
Amount (Rs)
House
-Flat at Mumbai
36,50,000
-Flat at Indore
21,00,000
-Plot at Indore
14,00,000
Amount
(Rs.)
95,35,997
Total
Liabilities
Net Worth
0
95,35,997
Liabilties
Net
Worth
Current Monthly Cash Flow : (Income less Expenses)
Amount
(Rs.)
Salary Income:
Mr. Singh
Less: Income Tax
Expenses and
Deductions
Amount
(Rs.)
Living Expenses:
83,333
(15,000)
Household
expenses
Charity
Life Insurance
23,000
500
60000
55000
50505
50000
45000
40000
35000
30000
25000
19,405
20000
17828
15000
10000
Deductions:
68,333
68333
65000
Insurance
Premium:
Total Income
Your monthly cash flow
70000
Amount (Rs)
Income
5000
PF (your
contribution and
employee's
contribution)
7,600
Total Expenses
and Deductions
50,505
Surplus
17,828
0
Income
Total
Expenses
and
Surplus
Please note that you expect a bonus of Rs. 2 lakh in the current financial year. As this
is not guaranteed we have not included this in our analysis.
Assumptions used in the analysis (based on data you have shared):
1. Life Expectancy of Mr. Singh and Mrs. Singh is 80 years.
2. An inflation rate of 5% p.a. is assumed.
3. You and your spouse expect to retire at age 60 and will not take up any part/full time
employment after retirement.
4. Rate of return on debt investments is expected to be 8.50% p.a.
5. Rate of growth on large cap equity and mid cap equity is expected to be 12% p.a. and
14% p.a respectively.
6. Education expenses are expected to be increasing at 10% p.a. (5% more than rate of
inflation).
7. You expect your salary income to increase at the rate of 8% p.a. net of tax till
retirement. Household expenses are expected to increase at 9% p.a. (4% more than
rate of inflation) year-on-year.
8. Analysis assumes that returns on your investment portfolio till retirement is 9% and
after retirement, the portfolio value increases at the rate of 8.50% p.a. This analysis is
based on your risk profile being conservative.
Note: All assumptions made are based on your input and are not a performance guarantee of
any specific investment.
Protection Planning:
Life Insurance
Observation:
You are adequately covered for life insurance.
Analysis:
Currently, your total life insurance cover is Rs. 43.45 lakh and you pay an annual premium of
Rs. 2.33 lakh.
Sum Assured (Rs.)
Annual Premium (Rs.)
LIC-Jeevan Suraksha
2,70,000
10,000
LIC-Jeevan Surabhi
1,00,000
10,895
LIC-Jeevan Kishore
25,000
1,408
LIC
5,00,000
1,624
LIC-Endowment
8,50,000
38,052
Birla Sun Life-Gold Life
5,00,000
36,000
Birla Sun Life-Flexilife
6,00,000
30,000
HDFC-Double Benefit
3,00,000*2
33,040
HDFC-Double Benefit
2,00,000*2
21,840
5,00,000
50,000
43,45,000
2,32,859
HDFC-Young Star
Total
Below graph depicts your insurance need vs current coverage
Insurance Need Vs Current Coverage
4500000
4000000
Amount (Rs.)
3500000
3000000
2500000
2000000
1500000
1000000
500000
0
-500000
-1000000
-1500000
-2000000
-2500000
-3000000
-3500000
A. Financial Needs
B. Dependant's Expense
C. Liabilities/ Responsibility (e.g home loan)
D. Current insurance coverage
E. Existing resources (Investments, etc)
F. Insurance Need
(A+B+C-D-E)
Recommendation:
Mr. Singh, iTrust's analysis shows that you are adequately covered for life insurance
and do not require to buy any further insurance as of now.
However, if the following conditions occur, we encourage you to review your insurance
coverage immediately
Change in family size
Increase in salary
Increase in assets and liabilities
Any other life changing events (change in job, any new financial goals, etc)
Back up data for the above analysis:
Total Protection Need:
Description
Amount (Rs.)
A. Expenses that need protection
Expenses that need
protection in case of
any unfortunate events
Expected
expense
(Rs.) p.m.
Age till which support is
required
(years)
Total Protection
needed (Rs.)
Radha Singh-Spouse
8,000
80
22,63,400
Nakul Singh-Son
3,500
25
4,96,617
Arti Singh-Daughter
3,500
25
6,14,198
Vijay Singh-Father
2,500
80
2,55,532
Gita Singh-Mother
2,500
80
2,97,201
Total
39,26,947
B. Goals that need protection
Education and Marriage goal of Nakul and Arti
17,04,163
Total
17,04,163
C. Liabilities that need protection
Outstanding Loan
0
Total
Total funds needed to cover expenses (A+B+C)
0
56,31,110
Less: Assets currently available to support family
Life Insurance:
Proceeds from life insurance already owned
43,45,000
43,45,000
Investment Assets:
43,22,000
Investment portfolio and saving accounts
1,65,000
PPF and PF current balance
6,57,000
Flat-Indore*
21,00,000
Plot-Indore*
14,00,000
Total Available Assets
86,67,000
Additional Life Insurance Required (56,31,110-86,67,000)
-30,35,890
*We have assumed that you are the sole owner of these two assets and that your survivors will
be the sole beneficiaries of these assets after your death.
Health Insurance
Observation:
You have an employer provided health insurance cover. However you have not shared
your coverage details.
Recommendation:
In addition to a company sponsored plan, it is always advisable to have self-funded
Health Insurance plan. Often a company sponsored plan does not fulfill all needs, or
might not be sufficient to cover a family of 3-4 members. Further, on the off-chance
that you change your job, you will not get any coverage during your transition period.
And, your new plan might not cover any pre-existing ailments. Therefore, we would
recommend that you should consider an additional plan.
You should buy a health insurance policy with coverge of Rs. 3 lakh under floater
scheme for family of 4, which would cover you, your wife, father and mother. Currently,
there is no health insurance plan in India that will cover more than a family of 4
members. Based on age of your father who is 70, the premium would be approximately
Rs. 8,376 for a family of 4 as per the quotation taken from Reliance HealthWise Policy.
Further for your two child Nakul and Arti you should take another policy under floater
of 2 members for sum assured of Rs. 2 lakh, the premium of which would be
approximately Rs. 999 p.a. as per the quotation taken from Reliance HealthWise Policy.
Home Insurance
Observation:
You do not have a Home (buildings/contents) Insurance for any of your house.
Recommendation:
You should buy a Home Insurance policy in the near future for your house where you
are residing. The sum assured of this policy will depend upon the value of building and
different contents in the house. The approximate premium for various sum assured
slab has been mentioned in Ne0124 - 478 0222xt Step section.
Motor Insurance
Observation:
You have not shared the details of motor insurance. However we assumed that you
have compulsory motor
insurance which covers third party liability and / or death and
property damage..
Recommendation:
We recommend you to go for comprehensive policy for vehicle insurance to cover
against the risk of fire and /
or theft and third party/ theft risks.
Retirement Planning:
Observation:
Mr. Singh, your current retirement savings will not be sufficient to meet your post
retirement expenses.
Analysis:
We understand that you intend to retire at age 60. To maintain your life style after retirement,
you need a regular income of Rs. 23,500 per month in today's value. This will increase at the
rate of 9% p.a till your retirement age. Thereafter it will increase at 5% p.a.
As per our analysis, you need to have a corpus of Rs. 2.56 crore at retirement age. Your
current savings in insurance, PPF, PF (including employer's matching contribution) can be
expected to rise to approximately Rs. 1.33 crore at your retirement age. Based on your
current situation a shortfall of Rs. 1.23 crore is expected.
Recommendation:
To address the shortfall of Rs. 1.23 crore at your retirement age, you need to start investing
Rs. 16,632 per month in the recommended asset allocation.
Retirement Need vs Available Resources
27500000
25000000
Amount (Rs.)
22500000
20000000
17500000
15000000
12500000
10000000
7500000
5000000
2500000
0
A. Total Need (After retirement expenses)
B. Resources (Provident Fund)
Back up data for the above analysis:
Below table depicts figures at your desired retirement age of 60.
Expected value at retirement
Amount (Rs.)
Current estimate of retirement expenditure per
month in today's value (100% of current living
expenses of Rs. 23,500)
Future value of monthly retirement expenses goal
as of the year of retirement
Total funds needed to fund retirement over
life expectancy
23,500
1,43,557
2,56,85,415
Less: Future value of current investments
Value of PF and PPF
92,09,524
Value of maturity proceeds received
periodically from various Insurance
policies
41,17,417
Total Resources
1,33,26,941
Shortage amount needed less resources available
1,23,58,474
Monthly contribution required to cover
16,632
C. Shortfall
shortfall
Investment Planning and Cash Flow recommendation:
A.
Your Current Portfolio Allocation:
Funds
Mutual Funds/Direct
Equity
Fixed Interest
Investments
Funds
Type
Amount
(Rs.)
Large cap
15,000
Fixed
45,000
Total
B.
60,000
Current Investment Allocation
Equity-Large
Cap
Fixed Interest
Equity Large
Cap
25.00%
Fixed
Interest/Debt
Funds
75.00%
Emergency Fund:
For all families, it is advisable to keep a pool of money that is readily accessible at short notice
to meet emergencies and towards unforeseen events. This is especially important for you as
you do not have any private health insurance (above your company plan). Typically, an amount
equal to 3-6 months of living expenses is recommended to be kept aside as an emergency
fund.
Saving Account Balance
Rs. 1,05,000
Less: Emergency Fund
Rs. 70,000
Balance Transferred to Investment Portfolio
Rs. 35,000
Observation:
Total savings account balance is Rs. 1.05 lakh.
Recommendation:
At this point of time it is recommended that you should set aside three months
household expenses i.e. Rs. 70,000 for meeting any contingency requirement.
The excess balance of Rs. 35,000, earning a low rate of 3.50% p.a. to be reallocated to
investment portfolio with equity and debt exposure.
C.
Re allocation within existing portfolio
I. Current Portfolio
Current Portfolio
Rs. 60,000
Add: Amount released from Saving Accounts
Rs. 35,000
Total
Rs. 95,000
Recommendation:
We recommend that you re-balance your portfolio of Rs. 95,000 with 25:75 allocation in
equity:debt as
shown below:
Total Portfolio
Rs. 95,000
100%
Equity
Rs. 23,750
25%
Debt
Rs. 71,250
75%
Please see the following table on how to re-balance and re-allocate the
funds:
Current Mutual Funds Investment
Rs. 15,000
Add: Amount re-allocated from saving
accounts
Rs. 8,750
Total Recommended Equity Exposure
Rs. 23,750
Current Fixed deposits/Debt
Rs. 45,000
Less: Amount re-allocated to equity
Rs. 26,250
Total Recommended Fixed Deposit
Exposure
Rs. 71,250
II.
Your Current Surplus Allocation:
You have a cash surplus of Rs. 17,828 per month. Based on your conservative risk
profile as declared by you, iTrust recommends the following investment allocation:
Proposed Monthly Cash Flow
Amount
(Rs.)
Total amount available (Current
cash surplus)
17,828
Monthly Savings required to meet
the post retirement expenses
16,632
Monthly Savings required to meet
other financial goals (children's
education, marriage etc.)
1,196
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C
a
s
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D
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C
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C
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Recommended Investment Allocation
Equity-Large Cap
Equity-Mid Cap
Fixed Interest
Cash/Liquid Funds
Fixed
Equity-Large Interest/Debt Cash/Liquid
Funds
Cap
Funds
25.00%
50.00%
25.00%
Recommendation:
Currently your monthly cash surplus is Rs. 17,828 per month out of which which you
are investing Rs. 6,000 in equity oriented mutual funds through SIP. This will be a
contribution per month towards building a capital pool to achieve all financial goals
throughout your life time.
However, we recommend you to realign your SIP and monthly savings with 25:75
allocation in equity:debt.
Continue to keep Rs. 6,000 in equity oriented mutual funds through SIP and the
balance of Rs. 11,825 (Rs. 17,825 less Rs. 6,000) to be invested in mix of Medium-term
and Short-term debt funds.
D.
Projection of Savings and Portfolio Value during the next few
years
An approximation of your portfolio over the next ten years is shown below. We have
used your assumption of
expected 8% annual salary increase. These two cash inflows result
in a continuous growth in your yearly
savings (net of your expenses). For the purpose of
this calculation, it is assumed that these annual savings are
invested in the recommended
portfolio allocation. The portfolio value is net of cash outflows for your goals.
Year
Annual Savings
(Rs.)
Investment
Portfolio* (Rs.)
2007
2,13,941
3,03,941
2008
1,42,546
4,73,842
2009
1,77,850
6,94,338
2010
2,15,702
9,72,531
2011
2,56,281
13,16,339
2012
2,99,777
17,34,586
2013
3,46,394
22,37,093
2014
4,29,390
21,05,771
2015
6,37,236
29,32,526
2016
7,24,582
39,21,035
*Closing Blance of Investment Portfolio
Opening Balance of Portfolio
Less: Financial Goal
Add:
Annual Savings (Income-Expenses)
Add:
Any Assests Available
Add:
Return on last year's Portfolio
Equals:
Closing Balance of Portfolio
Your Long Term Financial Goals:
Provide for Children's Education - Nakul and Arti
Provide for Children's Marriage - Nakul and Arti
Recommendations: (Following recommendations are based on assumption that you will
save Rs. 3,074 per month in the recommended portfolio)
Education goal Nakul
We understand that you expect to incur an expense of Rs. 5 lakh (in today's value) 7
years down the line (in the year 2014) on Nakul's education. Further we understand
that you have not made any specified allocation for this goal.
Assuming an inflation rate of 10% for education cost, the future value of this goal will
be Rs. 9.74 lakh after 7 years.
At the end of the years 2013, the value of your portfolio can be expected to rise to
approximately Rs. 22.37 lakh. So from the portfolio you can use Rs. 9.74 lakh for
Nakul's education.
Education goal Arti
We understand that you expect to incur an expense of Rs. 5 lakh (in today's value) 13
years down the line (in the year 2020) on Arti's education. Further we understand that
you have not made any specified allocation for this goal.
Assuming an inflation rate of 10% for education cost, the future value of this goal will
be Rs. 17.26 lakh after 13 years.
At the end of the year 2019, the value of your portfolio can be expected to rise to
approximately Rs. 81.21lakh. So from the portfolio you can use Rs. 17.26 lakh for Arti's
education.
Marriage goal Nakul
We understand that you expect to incur an expense of Rs. 5 lakh (in today's value) 15
years down the line (in the year 2022) on Nakul's marriage. Further we understand
that you have not made any specified allocation for this goal.
Assuming an inflation rate of 5%, the future value of this goal will be Rs. 8.32 lakh
after 15 years.
At the end of the year 2021, the value of your portfolio can be expected to rise to
approximately Rs. 99.11 lakh. So from the portfolio you can use Rs. 8.32 lakh for
Nakul's marriage.
Marriage goal Arti
We understand that you expect to incur an expense of Rs. 6 lakh (in today's value) 20
years down the line (in the year 2027) on Arti's marriage. Further we understand that
you have not made any specified allocation for this goal.
Assuming an inflation rate of 5%, the future value of this goal will be Rs. 15.92 lakh
after 20 years.
At the end of 20 years, the value of your portfolio can be expected to rise to
approximately Rs. 2.24 crore. So from the portfolio you can use Rs. 15.92 lakh for
Arti's marriage.
Your Immediate Financial Goals:
Home Improvement Loan
Analysis:
Goals
Financial need
(Amount in Rs.)
Target date
5,00,000
2008
House Improvement
Loan
Home Improvement Loan:
Recommendation:
We understand that next year in 2008 you want to take a home improvement loan of
Rs. 5 lakh. Currently you can get such a loan at the rate of 11.5% p.a. For the period of
7 years the estimated EMI will be Rs. 8,693 (within advisable limit). Please note that
this rate of interest on the loan is for illustrative purpose only. Actual rates will depend
upon then prevailing market rate in 2008.
Estate Planning
Observation:
You do not have any will.
You have 5 dependants.
Analysis:
Your current Net Worth is Rs. 93.35 lakh. As you build your portfolio, your net worth
will increase further. These assets ought to be allocated to the beneficiaries in order to
plan your estate and avoid the problems of dying intestate.
Recommendation:
We strongly recommend that you start thinking about your will and actually execute a
will within the next few years. At your age, now that the size of your family is stable
and because you have a very substantial amount of assets, including a portfolio which
is growing quite fast, it is critical that you identify who your beneficiaries will be and in
what proportion do you want them to benefit. This will help your survivors avoid
numerous problems later on.
Summary of Recommendations:
Goals/Needs
Recommendation
Contingency Fund
Maintain Rs. 70,000 (3 months of living expenses) in the
savings account to meet future contingencies.
Life Insurance
You are adequately covered for life insurance.
Health Insurance
You should go for self-funded Health Insurance plan under
floater scheme for your family
Home Insurance
We recommend you to go for a home (building and content)
insurance for the house where you are residing.
Motor Insurance
You have not shared the details of motor insurance. However
we assumed that you have compulsory motor insurance which
you must get it renewed in time.
Home Improvement Loan
In the year 2008 you can take a home improvement loan of Rs.
5 lakh.
Education and Marriage
goal of children
You need to save Rs. 1,196 per month in the recommended
portfolio to meet Nakul's education goal in the year 2014, Arti's
education goal in 2020, Nakul's marriage in 2022, and Arti's
marriage in 2027.
Post Retirement Expenses You need to save Rs. 16,632 per month in the recommended
portfolio to meet the after retirement expenses.
Will
Start thinking about writing a will. You should execute a will in
next few years.
Next Steps
1. Health Insurance
You should buy a health insurance policy with coverge of Rs. 3 lakh under floater
scheme for family of 4, which would cover you, your wife, father and mother.
Currently, there is no health insurance plan in India that will cover more than a
family of 4 members. Based on age of your father who is 70, the premium would be
approximately Rs. 8,376 for a family of 4 as per the Reliance HealthWise Policy.
Further for your two children, Nakul and Arti, you should take another policy under
floater of 2 members for sum assured of Rs. 2 lakh, the premium of which would be
approximately Rs. 999 p.a. as per the Reliance HealthWise Policy.
2. Retirement, Education, Marriage goals
Start investing Rs. 17,828 as per our recommendation with 25:75 allocation in
equity:debt. Your relationship manager can suggest names of funds to invest in. We
would encourage you to invest in these suggested funds as soon as possible.
3. Re-allocation of current investment portfolio
As per our recommendation you should re-align your existing portfolio of Rs.
60,000 along with Rs. 35,000 from saving account
4. Home Insurance
You should get home insurance for your home where you are residing. The
premium chart for the Home Contents insurance as per Reliance Home Protect
Policy is shown below.
Premium Chart
Standard
Silver
Gold
Platinum
50,000
1,00,000
2,50,000
5,00,000
Premium excl Terrosim
(Rs.)
499
799
1,799
3,799
Premium incl. Terrosim
(Rs.)
505
810
1,830
3,815
Sum Assured (Rs.)
5. Home Improvement Loan
iTrust's Relationship Manager can assist you in getting details about the process of
a home improvement loan.
6. Will
Please identify who you want your beneficiaries to be and in what proportion you
would like them to inherit your assets. iTrust can help you in the process of drafting
a will. The lawyers charges will be aproximately Rs10,000 which include
registration fees at the sub- registrar's office. You will have to make yourself
available for one day to be physically present at the sub-registrar's office during the
process of registration.
As time passes, your needs, situation and context changes. Therefore, review your plan
regularly. We would advise another meeting in August 2008 to review your financial
plan.
DISCLAIMER
This financial plan is based on information detailed in your personal Client Information and
Investment Profile Questionnaire and personal discussions with you. A copy of your
Questionnaire is available on request. You must read the information contained in the
Questionnaire and in this financial plan carefully. If you believe that any relevant information
may have been overlooked or misinterpreted, please contact us before proceeding with the
implementation of the plan. We have relied on information supplied to us by you, which, we
have assumed to be correct. No responsibility can be accepted if the information that you
have provided is incorrect or inaccurate. This plan is prepared solely for the use of the client
to whom it is addressed.
This financial plan is a forward-looking document. The words "forecast", "anticipate",
"estimate", "project", "intend", "expect", "should", "believe", and similar expressions are
intended to identify forward-looking statements. These forward-looking statements involve,
and are subject to known and unknown risks, uncertainties and other factors, which could
cause actual results, performance or achievements to differ from the future results,
performance or achievements expressed or implied by such forward-looking statements. All
forward-looking statements attributable to iTrust herein are expressly qualified in their
entirety by the above mentioned cautionary statement. iTrust does not accept any direct or
indirect liability for any results, performance or achievements that differ from results,
performance or achievements implied by such forward-looking statements.
We do not promise that the investments you make based on this plan will be profitable. The
investments are subject to various market, currency, economic, political and business risks.
We will not be liable for any losses that may be caused directly or indirectly by circumstances
beyond our reasonable control or on account of our good faith decisions or actions.
This document does not constitute an offer to sell or a solicitation of an offer to buy any
security or other financial product, which may be referred to herein.
This financial plan is based on your current situation and goals, which will change with the
passage of time and your age. Any material change in your financial situation will necessarily
render the contents of the plan out of date. Material changes refer to change in income/salary
levels, assets acquired, liabilities incurred, change in number of dependents, health condition,
or the passage of time of more than 12 months or the effect of inflation or deflation.
We strongly recommend that a) you review this plan periodically to ensure that your plans
actual performance is consistent in meeting your goals, and b) you update your plan annually
to ensure that your plan is updated for your changing situation and goals.
