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I agree with Raj Talati to some extent....Tax outgo has increased un-necessarily due to booking of profts of MFs which could have been routed alternatively to a dynamic asset allocation product Also endowment thing we need to fund out why was it suggested ..Was it a guranteed return product...and why not increase cover of the person instead of locking up money in long term insurance savings
@Rajesh, 1) I have concern about suggesting endowment plan instead of Term Plan, Endowment plans are very low in returns in the range of 4-5% although they are tax free. 2) As mentioned premium of new insurance was more then earlier life cover that means they are in top bracket. After booking profit/Asset allocation you made them buy a annuity assuming that interest rate will go down, we all know that interest rates move in cycles and there would be a period when interest will again go up. Secondly: you made them invested in a taxable instrument (Annuity)and inturn advised them to divert annuity to again equity funds through SIP, I couldnt understand logic.
Very interesting...Perhaps Rajesh should also highlight, at some stage, the brilliant use of technology that he does, to manage his business and service his clients