A dissertation report on financial planning of individuals

A Dissertation Report on
“Financial Planning of Individuals:
With reference to Delhi NCR”
Submitted in partial fulfillment of the requirements for PGDM
By
Name of the Student: Aakash
Roll No. : DM1921001
Batch: 2019-2021
Under the Guidance of: Faculty: PGDM
Dr. S.K. Matta AIMT (Greater Noida)
ACCURATE INSTITUTE OF MANAGEMENT & TECHNOLOGY, PLOT NO.49,
KNOWLEDGE PARK 3, GREATER NOIDA- 201306 (UP)

CERTIFICATE
This is to certify that Aakash, student of PGDM (Full Time) 2019-21Batch, AIMT Greater
Noida, have done this Dissertation project under My supervision and guidance. During this
project they were found to be very sincere and attentive to small details whatsoever were
told to them.
I wish them good luck and success for their future
Date: ………………… Dr. S.K. Matta
Faculty – PGDM
(AIMT, Greater Noida)

DECLARATION
I, Aakash, student of PGDM course in Accurate institute of management and technology,
Greater Noida, declare that Dissertation project report titled “Financial Planning of
Individuals: With reference to Delhi NCR” which is being submitted in the partial
fulfillment of the requirement for the Dissertation project. A prestigious post graduate
diploma awarded by AIMT. This is my original work and has not been submitted as part
of another degree or diploma of other business school or university.
The findings and conclusion of this project report are based on my personal study and
experience, during the tenure of my summer internship.
(Student's Signature)
Date:
(Faculty Mentor's Signature)
Date:

ACKNOWLEDGEMENT
This successful project report has been made possible through the direct co-operation and
guidance of various people for whom I wish to express my appreciation and gratitude.
First of all, I would like to express my sincere gratitude to our department that has given
me an opportunity and special thanks to my guide Dr. S.K. Matta, Faculty of AIMT,
GREATER NOIDA who have always provided me guidance whenever needed.
THANKING YOU
AAKASH

TABLE OF CONTENT
CHAPTERS PARTICULARS PAGE NO.
1. EXECUTIVE SUMMARY 6
2. INTRODUCTION TO FINANCIAL PLANNING 7
3. INTRODUCTION TO INDUSTRY 14
4. INVESTMENT AVENUES 18
5. RESEARCH METHODOLOGY 26
6. DATA ANALYSIS AND INTERPRETATION 27
7. CONCLUSION 38
8. SUGGESTION 39
9. ANNEXURE 41
10. BIBLIOGRAPHY 44

6 | P a g e
CHAPTER 1
EXECUTIVE SUMMARY
Financial planning is the process of assessing financial goals of individual, taking an
inventory of the money and other assets which the person have, determine life goals and
then take necessary steps to achieve goals in the stipulated period. It is a method of
quantifying a person’s requirement in terms of money.
The major things to be considered in financial planning are time horizon to achieve life
goals, identify risk tolerance of client, their liquidity need, the inflation which would eat
up living and decrease standard of living and the need for growth or income. Keeping all
this in mind financial planning is done with six step process. This are self-assessment of
client, identify personal goals and financial goals and objective, identify financial problems
and opportunities, determining recommendations and alternative solutions,
implementation of appropriate strategy to achieve goals and review and update plan
periodically.
Financial Planning is one such advisory service, which is yet to get recognition from
investors. Although financial planning is not a new concept, it just needs to be conducted
in organized manner. Today we avail this service from Insurance agent, Mutual fund
agents, Tax consultant, Equity Brokers, Chartered Accountants, etc. Different agents
provide different services and product oriented. Financial Planner on other hand is a service
provider which enables an individual to select proper product mix for achieving their goals.
Financial services refer to services provided by the finance industry. The finance industry
encompasses a broad range of organizations that deal with the management of money.
Among these organizations are banks, credit card companies, insurance companies,
consumer finance companies, stock brokerages, investment funds and some government
sponsored enterprises.
A good financial plan includes Contingency planning, Risk Planning (insurance), Tax
Planning, Retirement Planning and Investment and saving option.
In market there are different instruments which can be adapted to fulfill the need of various
planning objective. These instruments are different from each other in terms of returns,
risk, fund allocation, charges, investment term, tax incentives, etc. A detail description of
instruments like Life insurance, Equity, Mutual Funds, PPF, Investment in Gold,
Investment in Real Estate, Deposits with Banks and Post Office, etc. are covered in this
report. This will help the investor to make their investment decisions

7 | P a g e
Chapter 2
Introduction to Financial Planning
Literature Review
Author: Dr. Vikas Shrotria, Year 2019
Topic: “Budgeting: A Financial Planning tool for Individuals”
Conclusion: It is found that financial planning is affected by various factors. While doing
financial planning it is necessary to create budget
Author: Tan Hui Boon, Year 2011
Topic: “Financial literacy and personal financial planning”
Conclusion: It is found that to understand financial planning in the better way it is necessary
to have knowledge related to financial planning. It is found that education level is also most
important factors which affect financial planning.
Author: David S. Murphy and Scott Yetmar, Year 2010
Topic: “Personal Financial planning attitudes: A preliminary studies of graduate students.”
Conclusion: His main purpose of study is to find out the attitudes regarding financial
planning of MBA students in the USA. After making a survey of 206 MBA students they
found that most of the students says that financial planning is important and they are
interested in developing a financial plan. 13% students said that they are doing financial
planning by himself/herself and remaining are taking support of financial advisors.

8 | P a g e
INTRODUCTION
Financial Planning is the process of meeting life goals through the proper management of
finances. Financial planning is a process that a person goes through to find out where they
are now (financially), determine where they want to be in the future, and what they are
going to do to get there. Financial Planning provides direction and meaning to persons
financial decisions. It allows understanding of how each financial decision a person makes
affects other areas of their finances. For example, buying a particular investment product
might help to pay off mortgage faster or it might delay the retirement significantly. By
viewing each financial decision as part of the whole, one can consider its short and long-
term effects on their life goals. Person can also adapt more easily to life changes and feel
more secure that their goals are on track.
In simple Financial Planning is what a person does with their money. Individuals have been
practicing financial planning for centuries. Every individual who received money had to
make a decision about the best way to use it. Typically, the decision was either spends it
now or save it to spend later. Everyone have to make the same decision every time they
receive money. Does it need should be spend now or to save it to spend it later?
Today, India financial planning means only investing money in the tax saving instruments.
Thanks to the plethora of tax exemptions and incentives available under various sections
and subsections of the Income Tax Act. This has led to a situation where people invest
money without really understanding the logic or the rationale behind the investments made.
Further the guiding force in investment seems to be the ‘rebate’ they receive from the
individual agents and advisors. The more the rebate an agent gives, the more smug person
are in the belief that they have made an intelligent decision of choosing the right agent who
has offered them more rebate. In the process what is not being realized is the fact that the
financial future is getting compromised.
Six step process of Financial Planning
1. Self-assessment:
Clarify present situation, this is a preliminary step someone has to complete prior to
planning their finance. Doing a self-assessment enable a person to understand their
present wealth status and responsibilities. Self-assessment should contain following
 Prospective retirement age
 Main source of income
 Dependents in family
 Expenses and monthly savings
 Current investment status 

9 | P a g e
2. Identify financial, personal goals and objectives
Once the needs/ objectives have been identified, they need to be converted into
financial goals. Two components go into converting the needs into financial goals. First
is to evaluate and find out when it is needed to make withdrawals from investments for
each of the needs/ objectives. Then person should estimate the amount of money
needed in current value to meet the objective/ need today. Then by using a suitable
inflation factor one can project what would be the amount of money needed to meet
the objective/ need in future. Similarly one need to estimate the amount of money
needed to meet all such objectives/ needs. Once person have all the values they need to
plot it against a timeline.
3. Identify financial problems or opportunities:
Once goals and current situation are identified, the short fall to achieve the goal can be
assessed. This short fall need to be covered over a period of time to full fill various
need at different life stages. Since future cannot be predict, all the contingencies should
be considered will doing financial planning. a good financial plan should hedge from
various risk. A flexible approach should be taken to cater to changing needs and should
be ready to reorganize our financial plan from time to time.
4. Determine recommendations and alternative solutions:
Now review various investment options such as stocks, mutual funds, debt instruments
such as PPF, bonds, fixed deposits, gilt funds, etc. and identify which instrument(s) or
a combination thereof best suits the need. The time frame for investment must
correspond with the time period for goals.
5. Implement the appropriate strategies to achieve goals:
Until person put things into action everything is waste. Necessary steps needs to be
taken to achieve financial goals this may include gathering necessary documents, open
necessary bank, demat, trading account, liaise with brokers and get started. In simple
terms, start investing and stick to the plan.
6. Review and update plan periodically.
Financial planning is not a one-time activity. A successful plan needs serious
commitment and periodical review (once in six months, or at a major event such as
birth, death, inheritance). Person should be prepared to make minor or major revisions
to their current financial situation, goals and investment time frame based on a review
of the performance of investments.

10 | P a g e
 Constitute of Financial Planning
A good financial plan should include the following things
 Contingency planning
 Risk Planning (insurance)
 Retirement Planning
 Tax Planning
Investment and Savings Option
1. Contingency planning
Contingency means any unforeseen event which may or may not occur in future.
Contingency planning is the basic and the very first step to financial planning. It was found
that a large number of people have invested in financial planning instrument but have
ignored their contingency planning. Why it is more important to have a contingency plan?
May will have planned for their future that’s a great thing, this would definitely help in
long run. But there is always a million dollar question to be asked, What about today, is
there a plan in place? Everyone would think that they have a secure present with regular
salary, but what if suddenly something happens and it is not possible to draw that monthly
income. There are many possibilities that due to illness, injury or to care of family member
a huge amount of money is required. Moreover in this era of pink slip and job hopping it’s
not assured that the next job will be available at the earliest. This are temporary situation
and for a short phase but cannot be ignored.
If person is not planned for contingencies he will use his long term investment to fund such
crises. It is possible that long term investment may not give enough returns if withdrawn
early there is also a possibility of capital erosion. In such situation all the financial plans
made are of waste. With long term planning person also need to take care of present
situation in order to truly achieve financial goals. It is a thumb rule that one should have
three times money of monthly salary in liquid form to support contingency.
2. Risk Coverage
Every individual is exposed to certain type of risk whether it is due to loss or damage of
personal property, loss of pay due to illness or disability; or even due to death. Such risk
cannot be determined but on occurrence there may be a financial loss to the individual or
their family. Proper personal financial planning should definitely include insurance. One
main area of the role of personal financial planning is to make sure that one has the ability
to carry on living in case of some unforeseen and unfortunate event. Basically, insurance
provides a safety net to provide the necessary funds when one meets with events like
accidents, disabilities or illnesses. One main contribution of insurance is that it helps
provides peace of mind, knowing that enough funds are at hand in the event when things
do not go the way it should be. This peace of mind leaves one with the energy and
confidence to move forward.

11 | P a g e
3. Tax Planning
A good plan is one which takes the maximum advantage of various incentives offered by
the income tax laws of the country. However, do understand that the tax incentives are just
that, only incentives. Financial planning objective should be getting maximum advantage
of various avenues. It is to be remembered that tax planning is a part and not financial
planning itself. There are many investments which do not offer tax shelter that does not
mean they are not good investments. But with the knowledge of the Income Tax (IT) Act
one can reduce income tax liability. It also helps to decide, where to invest and to claim
deductions under various sections. The income earned is subject to income tax by the
government. The rate of income tax is different for different income levels, and thus, the
income tax payable depends on the total earnings in a given year. India income tax slabs
for the financial year 2015-2016 as per budget 2015 are as below:
4. Retirement Planning
A retirement plan is an assurance that person will continue to earn a satisfying income and
enjoy a comfortable lifestyle, even when they are no longer working. Due to the improved
living conditions and access to better medical facilities, the life expectancy of people is
increasing. This has led to a situation where people will be spending approximately the
same number of years in retirement what they have spent in their active working life. Thus
it has become imperative to ensure that the golden years of the life are not spent worrying
about financial hardships. A proper retirement planning, to a very large extent, will ensure
this.
Planning ahead will let enjoy the retirement that is deserve. The retirement strategies decide
upon now makes a fundamental difference to the degree of financial freedom one will
experience when they do decide to take their pension.
Planning for retirement and choosing a pension strategy to safeguard financial security can
be a minefield. In the last few years, there have been many changes; the volatility of the
stock market, reduction of final-salary pension schemes, the rise of buy-to-let property
portfolios and changes in taxation and pension legislation. These changes underline the
importance of both setting a retirement plan in place and of keeping it up- to-date
 Concept & Significance of the Study
Financial Planning is an integral part of any individual life, especially in this modern world
where value of everything is expressed in terms of money. The active working span of
human life is short as compared to the life span. This means people will be spending
approximately the same number of years in after retirement what they have spent in their
active working life. Thus it becomes important to save and invest while working so that
person will continue to earn a satisfying income and enjoy a comfortable lifestyle.

12 | P a g e
Financial Planning enables a person to identify their goals, assess the current position and
takes necessary steps to achieve the goals. It helps us to understand how financial decisions
made effect our life. Financial Planning is not just about investment planning but it is about
life time planning. Thus through proper financial planning a person can have an easy and
secured financial life.
 Scope of the Study
The scope of study is getting familiar with various investment avenues available in market.
To study the life stages of an individual and to identify their risk tolerance, income flow,
life goals and current investment. Study should cover all areas of the individual’s financial
needs and should result in the achievement of each of the individual’s goals.
The scope of planning will include the following:
 Risk Management and Insurance Planning
 Investment Planning
 Retirement Planning
 Tax Planning
 Objective of Study
 The Primary Objective:
 To understand financial planning done in India.
 To spread awareness of financial planning.
 To identify various avenues for investment.
 The Secondary Objective:
 To identify investment habit of people.
 To study changes in financial planning with change in age.
 To examine factors influencing the investment decision.

13 | P a g e
WHY THIS TOPIC WAS SELECTED FOR STUDY?
The topic-“Financial Planning for Individual Investors”
Was selected to find out the risk appetite and investment potential of Indian Investors to
invest in these instruments and what percentage component are these instruments in an
optimal portfolio.
Prior to the development of portfolio theory the investors dealt with the concept of risk and
return loosely. Then portfolio theory was later on developed by Harry Markowitz in 1950,
it was the first attempt to quantify the risk of a portfolio and develop a methodology for
determining an optimal portfolio. Shares, mutual funds, tax planning, gold, silver etc….
are all the constituents of a portfolio. My basic reason of selecting these three instruments
of investment i.e. mutual funds, insurance and tax planning is that these instruments cover
the most basic investment needs of an individual. Mutual funds offer the advantages of
diversification, professional management, liquidity, assured allotment, tax saving, and
transparency.
Also insurance products have many unit linked plans (ulip) which provides both growth
opportunity and risk cover at the same time. So, understanding these instruments is a must
as they form the most basic and essential part of an investment portfolio. Thus this topic
was selected for the study.

14 | P a g e
Chapter 3
Introduction to the Industry
Financial services refer to services provided by the finance industry. The finance industry
encompasses a broad range of organizations that deal with the management of money.
Among these organizations are banks, credit card companies, insurance companies,
consumer finance companies, stock brokerages, investment funds and some government
sponsored enterprises.
The Indian financial services industry has undergone significant changes over the years,
particularly in the last decade, and continues to evolve today. Financial Planning - a distinct
element within the spectrum of financial services industry - is still relatively a young
discipline. But personal finance products & services are increasingly becoming an
important part of this industry as the Indian consumers seek to maximize and optimize the
potential earnings and fruits of their hard-earned money.
Currently, there are distinct divisions within the financial services industry. A person goes
to a bank to save his money or to get a loan. He buys stocks and bonds from a broker. He
purchases insurance from an insurance agent and mutual funds from a mutual fund
distributor. The regulation of the industry reflects the division of these transaction-based
services.
Category Products for sales and advice
Insurance agent Insurance Policies
Mutual Fund distributor Mutual Funds
Equity share broker/sub-broker Share trading, IPOs
Income tax consultant Tax Planning, Employee Benefits
Distributor/Advisor of multiple financial
products & services
MFs, Insurance, Post Office schemes,
share trading, tax etc.
Indians have been making investment through such agents which was restricted to a
particular product. Apart from the above agent friends and professionals like Chartered
Accountant played an important role in investment decisions. This is how for few decades
investors have been doing their Financial Planning.
However, financial services, especially on the retail side, have undergone a major
transformation and financial consumers are demanding a holistic & comprehensive
approach to their personal finance. Various factors have catalyzed this change like

15 | P a g e
privatization of insurance and mutual fund sectors has increased product options for the
investor. Second, fluctuating interest rates and the end of ‘guaranteed return’ products have
prompted investors to look for alternative modes of investment. And also with a number
of mass-selling instances taking place in the financial markets, investors’ confidence in
‘advisors’ has been shaken and the investors are asking for a ‘trusted financial advisor’.
FINANCIAL MARKETS
A financial market can be defined as the market in which financial assets are created or
transferred. Financial assets represents represent a claim to the payments of a sum of money
sometime in the future and/or periodic payment in the form of interest or dividend.
Financial Market performs an important function of mobilization of savings and channeling
them into the most productive uses. The participants in the financial markets are financial
institutions, agents, brokers, dealers, borrowers, lenders, savers and others who are inter-
linked by the laws, contracts and communication networks.
Financial markets consist of Primary and Secondary Markets. The Primary markets deal in
new financial claims and securities and hence are known as new issue markets. The
secondary market deals in securities already issued, existing or outstanding. Financial
markets are also classified as Money and Capital Markets. Money markets deals with
transactions in short-term instruments (with period of maturity one year or less, e.g.
treasury bills), while capital market deals with transactions in long-term instruments (with
period of maturity above one year, e.g. corporate debentures and government bonds).
On the basis of the type of the financial claim, financial markets are classified as Debt and
Equity markets. By the timing of delivery, financial markets are classified as Cash or Spot
markets and Forward or Future markets.
The classification of financial markets can be summarized as follows:
 Money Market
 Debt Market
 Forex Market
 Capital Market
MONEY MARKETS
Money markets can be defined as a market for short term money and financial assets that
are near substitutes for money (any financial assets that can be quickly converted into
money with minimum transaction cost). One more important function of this market is to
channel savings into short term productive investments like working capital. Money market
aids banking, operates as a medium of integration between sub markets, promotes
maintaining of minimum reserve in the form of cash and liquidity and controls the interest
rates.

16 | P a g e
Money market is a collection of market for the instruments like Call money, Treasury bills,
Commercial papers, Certificate of deposits, Money Market Mutual Funds, etc. A certain
degree of flexibility in the regulatory framework exists and there are constant endeavors
for introducing a new instruments or innovating dealing techniques. It is a wholesale
market and the volume of funds or financial assets traded are very large i.e. in cores of
rupees.
DEBT MARKET
Traditionally debt instruments are known for generating a predetermined income for a
given period of time, other than in cases of default. Hence they are also known as fixed
income instruments. The debt markets in advanced are significantly larger and deeper than
equity markets. But in India, the trend is just the opposite. The development of debt market
in India has not been as remarkable as in the equity market. However the debt markets in
India have undergone a considerable change in the last few years. Characterized by
regulated interest rates, limited players and lack of trading earlier, the markets have become
more integrated and less regulated.
FOREIGN EXCHANGE MARKET
Every sovereign country in the world has a currency, which is a legal tender in its territory,
and which does not act as money outside its boundaries. Foreign exchange or Forex market
is the one where a country’s currency is traded for another. The rate at which one currency
is converted to another is known as the rate of exchange. Forex market is the largest
financial market in the world having a daily turnover of couple of trillion dollars. The key
participants in the forex market are importers (who need foreign currency to pay off their
imports), exporters (who want to convert their foreign currency receipts into domestic),
traders (who make a market in the foreign currency), foreign exchange brokers (who bring
together buyers and sellers), speculators (who tries to profit from exchange rate
movements) and portfolio managers who buy and sell foreign currency. Speculative
transactions account for more than 95% of the turnover on the Forex markets.
In India, the key participants in the Forex markets are RBI, banks and business
undertakings. Business undertakings can participate in the Forex market only to the extent
that they need cover for the exchange exposure arising from a merchant transaction or a
foreign currency borrowing and cannot resort to speculative transaction.
One reason justified for the existence of the Forex market is that each nation has decided
to keep their sovereign right to have control on their own currency. If every country had
the same currency, then there will be no need for a foreign exchange market.

17 | P a g e
CAPITAL MARKET
Capital markets provide the resources needed by medium and large-scale industries for
investment purposes unlike money markets that provide the resources for working capital
needs. While money markets deal in short-term claims (with a period of maturity 1 year or
less) capital market deals in long-term claims (with a period of maturity more than 1 year).
Stock market and Government bond markets are example of capital markets.
Capital market consists of primary and secondary markets. The primary markets create
long-term instruments through which corporate entities borrow and the secondary market
provides liquidity and marketability to these instruments. Companies can raise capital in
the primary market through the issue of shares and debentures for which prior approval of
The SEBI is required. The secondary market that operates through the medium of stock
exchanges is that segment of the capital market where securities already issued are traded.

18 | P a g e
Chapter 4
Investment Avenues
4.1Life Insurance
Life Insurance is a policy provided by an insurance company, according to which in
exchange for premium payments, the insurer is obliged to pay a certain sum (a lump sum
or portions of smaller sums) to the beneficiary in the event of insured death. Life Insurance
is literally a matter of life and death, since purchasing Life Insurance is basically planning
for after the death. When healthy and well, people from all walks of life prefer not to think
that one day they would pass away. However planning for after the death may be as
important as planning other significant actions in life. By paying a very small sum of money
a person can safeguard himself and his family financially from an unfortunate event. Life
insurance provides economic support to the dependent in family and in some cases can
even create an estate for heirs.
Factor to be considered before buying a Life Insurance Policy
Before buying a Life Insurance Policy it is always important to find out why do I want to
buy Insurance and for what purpose. How much Life Insurance Cover do I need, comes
second. Few factors which need to be considered are:
 Age and number of dependents.
 Annual Income and Annual Expenses.
 Outstanding Liabilities like Home Loan, Car Loan etc. Investments and Savings.
 Life Style Expenses. Money require in Future.
As a rule of thumb when buying first Life Insurance Policy it is suggested that person
should have Insurance Cover of at least 5 to 10 times of their annual income.
A wide range of insurance products are available in the market. Each insurance product is
different from the others having some unique attributes which are devised to meet specific
needs of different individuals. However, with such a wide range of products available, it
becomes very difficult for an individual to choose an insurance plan that is best suited to
meet his requirements. Based on the financial plans and needs and one's affordability to
pay premium, an individual can choose any of the plans available in the market. Some of
those plans are listed in the table below:
4.1.1 Term Insurance
Term Insurance, as the name implies, is for a specific period, and has the lowest possible
premium among all insurance plans. Person can select the length of the term for which they
would like coverage, up to 35 years. Payments are fixed and do not increase during the
term period. In case of an untimely death, dependents will receive the benefit amount
specified in the term life insurance agreement. Term policies, cover only the risk during
the selected term period. If the policyholder survives the term, the risk cover comes to an

19 | P a g e
end. Person can renew most Term Insurance policies for one or more terms even if their
health condition has changed.
4.1.2 Endowment Insurance
Combining risk cover with financial savings, endowment policies is the most popular
policies in the world of life insurance. Endowment insurance are policies that cover the
risk for a specified period and at the end the sum assured is paid back to the policyholder
along with all the bonus accumulated during the term of the policy. The Endowment
insurance policies work in two ways, one they provide life insurance cover and on the other
hand as a vehicle for saving. If the insured dies during the tenure of the policy, the insurance
firm has to pay the sum assured just as any other pure risk cover. A pure endowment policy
is also a form of financial saving, whereby if the person covered remains alive beyond the
tenure of the policy, he gets back the sum assured with some other investment benefits.
4.1.3 Whole Life Insurance
Whole Life Policies have no fixed end date for the policy; only the death benefit exists and
is paid to the named beneficiary. In whole life insurance plan the risk is covered for the
entire life of the policyholder, irrespective of when it happens that is the reason they are
called whole life policies. The policy holder is not entitled to any money during his or her
own lifetime, i.e., there is no survival benefit. This plan is ideal in the case of leaving
behind an estate. Primary advantages of Whole Life Insurance are guaranteed death
benefits, guaranteed cash values, and fixed and known annual premiums.
4.1.4 Money-Back Plan
Money back policies are quite similar to endowment insurance plans where the survival
benefits are payable only at the end of the term period, plus the added benefit of money
back policies is that they provide for periodic payments of partial survival benefits during
the term of the policy so long as the policy holder is alive. An additional and important
feature of money back policies is that in the event of death at any time during the term of
the policy, the death claim comprises full sum assured without deducting any of the
survival benefit amounts.
Money-Back plans are ideal for those who are looking for a product that provides both -
insurance cover and savings. It creates a long-term savings opportunity with a reasonable
rate of return, especially since the payout is considered exempt from tax except under
specified situations.
4.1.5 Annuities and Pension
Insurance companies offer two kinds of pension plans - endowment and unit linked.
Endowment plans invest in fixed income products, so the rates of return are very low.
A pension plan or an annuity is an investment that is made either in a single lump sum
payment or through instalments paid over a certain number of years, in return for a specific
sum that is received every year, every half-year or every month, either for life or for a fixed
number of years. Annuities differ from all the other forms of life insurance in that an
annuity does not provide any life insurance cover but, instead, offers a guaranteed income

20 | P a g e
either for life or a certain period. Typically annuities are bought to generate income during
one's retired life, which is why they are also called pension plans. By buying an annuity or
a pension plan the annuitant receives guaranteed income throughout his life. He also
receives lump sum benefits for the annuitant's estate in addition to the payments during the
annuitant's lifetime.
Types of Annuities / Pension Plans
Life Annuity: Guarantees a specified amount of income for lifetime. After death,
the amount invested is refunded to nominee.
Guaranteed Period Annuity: Provides specified income for lifetime and
guarantees that nominee will receive payments for a certain minimum number of
years, even if person should die earlier. In case person lives longer than the
specified minimum number of years, they are entitled to receive annuity payments
for lifetime.
Annuity Certain: Under this plan, the stipulated annuity is paid for a fixed number
of years. The annuity payments stop at the end of that period, irrespective of how
much longer person may live.
Deferred Annuities: The premiums paid into such plans may be deducted from
one’s taxable income at the time of payment. In addition, the interest earned on the
annuities is not taxed immediately. But the proceeds of the annuity will be taxable
when they are paid to person.
2. Equities
Equities are a type of security that represents the ownership in a company. Equities are
traded (bought and sold) in stock markets. Alternatively, they can be purchased via the
Initial Public Offering (IPO) route, i.e. directly from the company. Investing in equities is
a good long-term investment option as the returns on equities over a long time horizon are
generally higher than most other investment avenues. However, along with the possibility
of greater returns comes greater risk.
Stock market investments= Economics + Mathematics/Statistics + Psychology
Economics Deals with fundamentals of company. Statistics deals with study of companies’
financial statement and it past performance in stock market. Psychology deals with market
sentiments (Herd mentality) which are most crucial as it can lead in wrong direction.

21 | P a g e
Invest in Blue Chip Stocks
Stock of a well-established and financially sound company that has demonstrated its ability
to pay dividends in both good and bad times and is a leading player in its. These stocks are
usually less risky than other stocks.
Features of Blue Chip Stocks
There are no specific criteria for blue chip stocks. The most common characteristics of
such stocks include:
1. Revenues: Companies with revenues higher than that generated by industry peers.
2. Earnings: Companies that have been generating healthy earnings on a consistent basis.
3. Dividends: Companies that pay regular dividends to common stockholders, even if their
performance has been unsatisfactory in a particular period. Moreover, the dividend payout
is raised at regular intervals.
4. Balance Sheet: The balance sheets are robust and their debt liabilities are not extensive.
5. Credit Rating: Their credit ratings in the bond and unsecured debt markets are high.
6. Size: The market capitalization of these companies is higher than that of other companies
in the same industry.
7. Product Portfolio: They have extensive and diversified product lines. They also have a
wide global presence.
8. Competition: They are cost efficient, with high distribution control and excellent
franchise value, all of which contribute towards their competitive advantage.

22 | P a g e
3. Mutual Funds
A Mutual Fund allows a group of people to pool their money together and have it
professionally managed, in keeping with a predetermined investment objective. This
investment avenue is popular because of its cost-efficiency, risk-diversification,
professional management and sound regulation. Person can invest as little as Rs. 1,000 per
month in a Mutual Fund. There are various general and thematic Mutual Funds to choose
from and the risk and return possibilities vary accordingly.
A Mutual Fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities. The income earned through
these investments and the capital appreciation realised are shared by its unit holders in
proportion to the number of units owned by them.

23 | P a g e
BROAD MUTUAL FUND TYPES

24 | P a g e
4. Certificate of Deposits
Certificate of deposit was introduced in India in 1991. It is a scheme of raising funds by
commercial banks, except rural banks and is a negotiable receipt of funds. Due to their
negotiable nature, they are also called Negotiable Certificate of Deposit (NCD). It may be
in a registered form or a bearer form. The latter is more popular as it can be transacted more
readily in secondary markets. Unlike Treasury bills, this carries an explicit rate of interest.
Subscribers to the Certificate of Deposits are Individuals, Corporations, Companies,
Trusts, Funds and Associations etc.
Though interest on certificate of deposits is taxed, it is still a popular form of short- term
investments for companies due to following reasons:
o These certificates are fairly liquid.
o They are generally risk free.
o They offer a higher yield as compared to conventional deposits.
5. Public Provident Fund (PPF)
PPF is considered safe investment avenue. The current interest rate on PPF is 8.7% per
annum. Again like EPF the rate of interest is revised 8.80%. The government modifies the
same from time to time. The best part of PPF is that the interest thereon is exempt from tax
under section 10(11) of the Income Tax Act. Tax deduction can be claimed on contribution
made by an individual into his own PPF account or into the PPF account of his spouse or
children.
PPF account can be opened in a nationalized bank or a post office. It is a 15-year account.
The entire amount including accumulated interest can be withdrawn after 15 years.
Many may not like to invest in PPF due to its very long tenure (15 years). However, one
may open an account and contribute only small sums initially; after all minimum annual
contribution is just Rs 500. In later years, contributions can be increased.
6. Real Estate Investment
Real Estate Investment is now treated as a major case of capital budgeting by using state-
of-the-art investment analysis which incorporates the future stream of income it may
generate and the associated risk adjustments. It has been the highlight of the investment
literature since the 1970’s when investment theorists extended techniques such as
probability, time value of money and utility into its analysis.
7. Gold
The love for gold in India is legendary. There has always been a good demand for gold in
India making it the largest consumer of gold in the world. The consumption of gold is
mostly in form of jewellery. But as investment an investors generally buy gold as a hedge
or safe haven against any economic, political, social or currency-based crises. These crises
include investment market declines, inflation, war and social unrest.

25 | P a g e
Gold can be bought in various forms, one can either buy it in the form of physical gold --
bars, biscuits and or coins or even in a dematerialized form. Gold jewellery is not a good
investment as it is not as liquid as bars or gold fund. The disadvantage is that a huge amount
is to be paid as making charges or design charges which is discounted while selling it. The
second disadvantage is most jewellers do not give cash in lieu of gold. Instead they allow
to exchange it for gold jewellery or in a bar or coin form.
8. Investment in Bank
Bank investment can be said as the most common or primary investment avenues. Not
many people recognize this sector as an investment avenue. Banks are the most common
and many a times people first investment experience. Few investments in bank can be in
following form such as Fixed Deposit, Saving Bank Account and Recurring Deposit
9. Investment through Post Office
Share of Post office investment has also a major part in Indian Household investment,
which is mostly due to its all India presence of service network. Various avenues for post
office investment are such as Post Office Recurring deposit (RDA), Term Deposit,
National Saving Certificates, Post Office Kisan Vikas Patras, and Post Office Monthly
Income Scheme.

26 | P a g e
CHAPTER 5
RESEARCH METHODOLOGY
Primary sources for data collection will be used for the present study. On the basis of the
information gathered, a well-designed pretested interview schedule will be drafted and
used in the field survey to collect primary data, before undertaking the main survey a
tentative.
Primary Source: Primary data had been collected by approaching the investors (Survey
Method)
Secondary Source: The sources of data are internet, magazines, newspaper, reference
books, etc.
Need for the study: This study is know the Financial Planning of individuals and how
customers are investing their funds in the different like equity market, fixed deposit,
insurance etc.
Data Set and Sample: The study suffers from certain limitations, although. The researcher
will make every possible for comprehensive study of investment pattern degree of risk and
returns to investors. Yet, non-availability of adequate information may be key limitation in
few cases. The present study is confined only the area of DELHI NCR. Thus the findings
can be generalized only to certain extent.
RESEARCH DESIGN
Type of Research Design: Descriptive Research Design
Research Equipment: Questionnaire
Sampling Technique: Non- probability Technique- convenience sampling method
Sample Size: 60 samples
Sample Design: Data has been presented with the help of bar graph, pie-charts, line graphs
etc.
Area of Research: DELHI NCR

27 | P a g e
CHAPTER 6
DATA ANALYSIS AND INTERPRETATIONS
1. Age distribution of the respondent
Age Group of respondent No. of Respondent Percentage (%)
21-30 32 53.33%
31-45 15 25%
45-60 9 15%
Above 60 4 8%
Total 60 100%
Almost 70% of respondent was from age group 21yrs to 45yrs this is considered to be
most active age group. During this age, life of an individual changes very drastically.
The career is in growing stage in starting few years and there are hardly any
responsibilities, at this time there is a lot of funds available for disposal. It is this age
where maximum risk can be taken and a greater period can be given to grow the amount
invested. As a person enter into their 30’s they have increased family responsibility and
gradually the risk taking ability reduces with the age. With a greater portion of such
population included in data collection a greater degree of understanding can be gained
how financial planning is done by young India.
32
15
9
4
NO. OF RESPONDENT
53.33% 25% 15% 8%

28 | P a g e
2. Income distribution of respondent
Income Respondent Percentage
up to 2,00,000 22 20%
2,00,000 - 3,00,000 11 30%
3,00,000 - 4,00,000 14 26.67%
4,00,000 - 5,00,000 6 10%
above 6,00,000 8 13.33%
Total 60 100
Financial planning is about assessing our present cash flows; estimating the required cash
flow after a certain period of time and to determine the steps required to achieve this over
a period. The amount of disposable income at hand determines various investment
decisions. It also helps in making tax plans so that maxim benefit can be gained through
various tax exemptions. So it is necessary to know the income inflow of an individual. The
above graph shows that a major portion of respondent are in income slab of Rs.2,00,000-
Rs. 3,00,000 p.a.; this indicates that the persons may be in the beginning stage of career.
With increasing income slab the no of respondent are increase as well as reduced.
up to 2,00,000
2,00,000 -
3,00,000
3,00,000 -
4,00,000
4,00,000 -
5,00,000
above 6,00,000
Respondent 22 11 14 6 8
22
11
14
6
8
0
5
10
15
20
25

29 | P a g e
3. monthly savings from the individual’s salary/ Income
Income Respondent Percentage
less than 20% 32 52%
between 20%-35% 19 31%
between 35%- 50% 7 12%
over 50% 3 5%
Total 60 100
According to the Respondent’s saving pattern where individual general save only less than
20% from their salary or income generation, it is about 52% of the individual save their
income after completed their all expenses and save amount circulated in the financial
avenues.
32
19
7
3
0
5
10
15
20
25
30
35
less than 20% between 20%-35% between 35%- 50% over 50%
Respondent's Saving Pattern

30 | P a g e
4. Investment made by the respondent in various avenues
Avenue Respondent Percentage
Life Insurance 60 100%
Fixed Deposit 31 52%
Mutual Fund 25 42%
Gold 19 31%
PPF 12 20%
Post Office Deposit 31 52%
Equity Market 18 30%
A fair idea of asset allocation of individuals in various asset class can be observed through
this. It was observed that the all respondent had a life cover policy. This shows that the
basics of financial planning were achieved. The next major portion was Provided Fund due
to it being more secure investment and also tax exemption offered. Major investments were
also made in Bank Fixed Deposits and Post Office Deposits. Equity was not a preferred
investment among many due to its volatile nature but many used it as a long term
investment by investing in large companies. Investment in gold was more in form of
jewelry which is not a good option as investment. Very few invested in gold coins/bars and
Gold ETFs.
60
31
25
19
12
31
18
0 10 20 30 40 50 60 70
Life Insurance
Fixed Deposit
Mutual Fund
Gold
PPF
Post Office Deposit
Equity Market
RESPONDENT
Respondent

31 | P a g e
5. Satisfaction of investors on their previous investment
Satisfaction Respondents Percentage
Yes 13 21.67%
No 32 53.33%
Neutral 15 25%
Total 60 100%
A major portion of respondent was unsatisfied with the returns they got on their investment.
This reflects that investment decision was not taken properly. Few common reasons cited
were:
 Inadequate knowledge about the instrument in which investment was made 
 Misguided by the agent of financial company
 Charges applicable were not disclosed initially
 Unplanned investment
Also a major portion of investment was in assets which has a low risk – low returns
category. This also was a major reason of respondent unsatisfied with current returns.
13, 22%
32, 53%
15, 25%
RESPONDENT'S SATISFACTION IN
TERM OF RETURNS
Yes No Neutral

32 | P a g e
6. Investment Objectives of Individuals
Investment Objective Respondents Percentage
Principle Safety 13 21.67%
Maintain Standard of Living 14 23.33%
Meet Future Expenses 22 36.67%
Safeguard against contingencies 11 18.33%
Total 60 100%
Investment objective to a greater extend determine the investment tenure and the avenue.
Different investment objectives have different investment avenues to meet them. By
determining the objective we can easily determine the investment vehicle for individuals.
The persons looking for principal safety can investment in Post office schemes,
government securities, banks and PPF. Investment in Equity and Mutual funds can give
greater returns which can beat high inflation rate. Term deposits are useful when money is
needed after a fixed period of time. 22% 23% 37% 18% Investment Objective Principle
Safety Maintain Standard of Living Meet Future Expenses Safeguard against
contingencies.
21.67%, 22%
23.33%, 23%
36.67%, 37%
18.33%, 18%
Investment Objective
Principle Safety
Maintain Standard of Living
Meet Future Expenses
Safeguard against contingencies

33 | P a g e
7. Respondent frequency of investment
Preferred Frequency of Investment Respondent Percentage
Monthly 18 30%
Quarterly 16 26.67%
Half Yearly 9 15%
Annually 17 28.33%
Single/One time 1 1.67%
Total 60 100 %
A good number of investors prefer to invest regularly on monthly basis, thanks to
Systematic Investment Plan. Monthly investment helps to invest in small denominations
with benefits of Rupee cost averaging. Monthly investment was largely found in Mutual
Funds. To a surprise many prefer to invest in single or one time installment without
knowing the risk attached to it. One time investment are a good option only for physical
assets life real estate and gold.
0 2 4 6 8 10 12 14 16 18
Monthly
Quarterly
Half Yearly
Annually
Single/One time
18
16
9
17
1
Monthly Quarterly Half Yearly Annually Single/One time
Frequency of Investment 18 16 9 17 1
Frequency of Investment

34 | P a g e
8. Investment in mutual funds
Mutual Fund Investment Respondent
Money Market Funds 8
Gilt Funds 7
Debt Funds 3
Balanced Funds 16
Index Funds 7
Diversified Equity Funds 18
Sector Specific Funds 16
It was observed that a large number of mutual fund investors have invested in Diversified
Equity Funds which are high on risk but also gives a high return. The other major portion
went to Balanced Funds which provides with a regular income, moderate capital
appreciation and at the same time minimizing the risk of capital erosion. Also large portion
of investors have invested in Sector Specific Funds which are high on risk but also provides
high returns when economy favors such sectors. All this funds provide a greater
opportunity for capital appreciation with trying to minimize the effect of risk on
fluctuations in equity market.
A small portion of respondent has invested in fixed return funds like Debt funds, Gilt funds
and Money Market Funds. This investment have low risk – low return characteristics with
little capital appreciation.
0 5 10 15 20
Money Market Funds
Gilt Funds
Debt Funds
Balanced Funds
Index Funds
Diversified Equity Funds
Sector Specific Funds
Mutual Fund Investment2

35 | P a g e
9. Respondents main objective, While taking Life Insurance policy
Life Insurance Investment Respondent
Get at least the premium amount back if I survive the Plan period 14
Get some return on the premium if I survive the Plan period 22
Get market linked return on the amount of premium and some life
cover or pension
17
Cover pure risk without any consideration of return (even of
premium paid)
7
I do not have any life insurance policy 0
Total 60
It was observed that a large number of Life insurance investors have invested in return on
the premium if survive the plan period which gives a high return. The other major portion
went to market linked return on the amount of premium and some life cover pension, which
provides with a regular return, moderate capital appreciation and at the same time
minimizing the risk of capital erosion
A small portion of respondent has invested in pure risk without any consideration of return,
this investment have low risk – low return characteristics with little capital appreciation.

36 | P a g e
10. Respondents seek professional help of a CERTIFIED FINANCIAL PLANNER or CFP
practitioner to streamline your finances through a structured Financial Plan for their
family.
Respondents Percentage
Yes 42 70%
No 18 30%
Total 60 100%
70% of respondents agreed to seek professional help of a CERTIFIED FINANCIAL
PLANNER or CFP practitioner to streamline your finances through a structured Financial
Plan for their family. And rest 30% which are not following their investment decision they
follow there other perspectives.
If no, how do you check the performance of all/any of your investments and influence your
Investment Decision.
Responses Respondents Percentage
Newspaper, Publications & media 3 17%
Agents/Broker 5 28%
Friends, Peer group, etc. 10 55%
Total 18 100%
42
18
RESPONDENTS SEEK PROFESSIONAL
HELP
Yes
No

37 | P a g e
Case Study base Questions:
1. Suppose you are participating in a contest where you have reached a stage assuring
cash prize of Rs. 1 Lakh, which of the following stages would you pay?
Particulars Responses Percentage
Possibility of winning extra Rs.50,000 by taking risk of
Rs. 50,000 won already
15 25%
Possibility of winning extra Rs. 1Lakh by taking risk of
Rs. 75,000 won already
16 26.67%
Possibility of winning extra Rs. 2Lakh by taking risk of
Rs. 1 Lakh won already
9 15%
I will not play next stage and take home Rs. 1 Lakh won
already
20 33.33%
Total 60 100%
2. You have invested Rs. 50,000 each in two stocks A and B. After 1 month you observe
that A has gone up to Rs. 60,000 but B has declined to Rs. 35,000. Thereafter your
Decision:
Particulars Responses Percentage
sell stock A and book profit 14 23.33%
sell stock B and cut your loss 12 20%
sell both stocks 4 6.67%
do nothing 10 17%
buy more of Stock A 9 15%
buy more of Stock B 11 18%
Total 60 100%

38 | P a g e
CHAPTER 7
CONCLUSION
The Saving behaviour has been changed considerably over the last couple of years. The
savings rate in India is comparatively higher than various other countries. Earlier the trend
of saving was in terms of physical assets but it has started to shift now to financial
instruments. This trend partially reflects the relentless expansion of the various branch
networks of the financial institutions into the county's rural areas and partially holds the
increasing trend of the easy accessibility of the alternative investment opportunities. Today
corporate securities has become a part of household savings wherein retail individuals
prefer to invest his saving in security market. The reason cited for this are the growth seen
in the stock market and a low interest rate and return offered by traditional instruments.
Also the growing income of working class has also contributed largely to the changing
pattern of saving in India.
The household savings in India can be broadly categorized into the following types:
 Savings in physical properties
 Savings in financial instruments or financial household savings
Financial household savings in India usually include the following:
 Savings deposits with banks
 Life insurance policies
 Provident funds
 Pension funds
 Liquid cash of households
 Deposits with non-banking financial institutions
 Unit Trust of India Investment Schemes
The major portion of financial saving goes into pension funds and life insurance. It has
been found recently that the traditional instruments of savings like special tax incentives
or higher interest rates are not able to increase the rate of private saving rate in the long
run. It is also found that the response of saving for the interest rate changes in India was
amongst the lowest in the developing countries.
Over past 30 years, the prime two instruments for household long term saving like pension
saving and life insurance have come to an idle state. On the other hand, the mutual funds
started to become more successful in the early years of 1990s. Considering these two
factors, we can conclude two weaknesses of the saving market in India. First, public sector
dominates the markets. Second, the allocation of portfolio is under control that makes the
low returns from the market developments.

39 | P a g e
CHAPTER 8
SUGGESTIONS
After all this it can be stated that the fundamental corner stones of successful investing are:
 Save regularly, Invest regularly
 Start Early
 Diversify
 Use tax shelter
 Keep a regular check on investment and modify plans as and when needed
All the documentations should be complete and need to be preserved. At time of maturity
it is necessary to produce the investment documents which act as a proof. But many times
investors do not have proper documents which dishonors the claim at maturity. It is also
recommended that all the disclosure documents also be preserved as it would help in case
of any dispute in settlement.
People need to be educated and informed about Financial Planning and this provides a
greater opportunity to financial product distributer like ICICI SECURITIES, TATA
Mutual Fund and Reliance Money to educate people. Companies can arrange for seminars
and sessions through which they can provide information to people and in return can get
prospective clients from the audience. In this way both the audience and the company can
also be benefited.
Investment through SIP should be encouraged. A little amount regularly invested for long
period can create a greater wealth. SIP helps in Rupee cost averaging, develop habit of
saving and it provides convenience of investment.
Mutual funds could provide better advice to their investors through the Net and through
the traditional investment routes where there is an additional channel to deal with the
Brokers. Direct dealing with the fund could help the investor with their financial planning.
If an investor is seeking help from advisor then he should collect enough information of
product from different sources. It will help to take proper investment decision and choose
a right advisor. It is also necessary that advisor should have enough experience. Thus the
ultimate responsibility is on the investor when it comes to taking investment decision.
Goal should be properly divided into short term, medium term and long term. Proper
allocation should be done in various instruments according to the time period of goal. There
are various instruments available which can site different time period needs. If investment
are giving regular return or are going to get matured should be reinvested properly.

40 | P a g e
Financial planning is not a onetime activity; the initiative should be taken by financial
planner to put this forward to their client. Regular meetings should be conducted between
the financial planner and client to review the investment portfolio. This is one area where
many planners are lacking today. Follow-up, follow-up, follow-up is need of hour and it
should be understood by financial service provider.

41 | P a g e
CHAPTER 9
ANNEXURE
Questionnaire for “Financial planning of Individuals”:
 Age*
o 21-30
o 30-45
o 45-60
o above 60
 Income*
o up to 2,00,000
o 2,00,000-3,00,000
o 3,00,000-4,00,000
o 4,00,000-5,00,000
o Above 6, 00,000
 What percentage of your monthly salary/ Income do you save?*
o less than 20%
o between 20%-35%
o between 35%- 50%
o over 50%
 Suppose you are participating in a contest where you have reached a stage
assuring cash prize of Rs. 1 Lakh, which of the following stages would you pay?*
o Possibility of winning extra Rs. 50,000 by taking risk of Rs. 50,000 won
already
o Possibility of winning extra Rs. 1 Lakh by taking risk of Rs. 75,000 won
already
o Possibility of winning extra Rs. 2 Lakh by taking risk of Rs. 1 Lakh won
already
o I will not play next stage and take home Rs. 1 Lakh won already

42 | P a g e
 You have invested Rs. 50,000 each in two stocks A and B. After 1 month you
observe that A has gone up to Rs. 60,000 but B has declined to Rs. 35,000. You
would _____.
o sell stock A and book profit
o sell stock B and cut your loss
o sell both stocks
o do nothing
o buy more of Stock A
o buy more of Stock B
 Have you made investment in following different Avenues available*
o Life Insurance
o Fixed Deposits
o Mutual Fund
o Equity Market
o Gold
o PPF
o Post office deposit
 Are you satisfied with your previous investment in term of returns*
o Yes
o No
o Neutral
 Important factors/objective to you consider before choosing an investment *
o Principle Safety
o Maintain Standard of living
o Meet future expenses
o Safeguard against contingencies
 How would you prefer your investment frequencies.*
o Monthly
o Quarterly
o Half Yearly
o Annually
o Single/One time

43 | P a g e
 While taking Life Insurance policy, your main objective is to ____________.*
o get at least the premium amount back if I survive the Plan period
o get some return on the premium if I survive the Plan period
o get market linked return on the amount of premium and some life cover or
pension
o cover pure risk without any consideration of return (even of premium paid)
o I do not have any life insurance policy
 In which Segment of Mutual Fund, you preferred for investment *
o Money Market Funds
o Gilt Funds
o Debt Funds
o Balanced Funds
o Index Funds
o Diversified Equity Funds
o Sector Specific Funds
 Would you like to seek professional help of a CERTIFIED FINANCIAL
PLANNER or CFP practitioner to streamline your finances through a structured
Financial Plan for your family?*
o Yes
o No
 If no, how do you check the performance of all/any of your investments and
influence your Investment Decision.*
o Newspaper, Publications & media
o Agents/Broker
o Friends, Peer group, etc.

44 | P a g e
CHAPTER 10
BIBLIOGRAPHY
Websites
http://www.fpsbindia.org/
http://profit.ndtv.com/PersonalFinance/Insurance.aspx
http://profit.ndtv.com/2008/01/16190747/Compare-Different-Insurance-Pl.html
http://business.rediff.com/report/2009/may/15/perfin-types-of-life-insurance.htm
http://www.mywealthguide.com/persnl.htm
http://www.kingswoodconsultants.com/LifetimeFinancialPlanning.html
http://www.businessgyan.com
http://www.itrust.in/financial
http://www.dnaindia.com/money/report_union-budget-2009-10-highlights_1271503
http://finance.mapsofworld.com/savings/india/household.html

A dissertation report on financial planning of individuals

More Related Content

What's hot (20)

Similar to A dissertation report on financial planning of individuals (20)

Recently uploaded (20)

A dissertation report on financial planning of individuals