House Insurance Icici Prudential

Ask Mint Money | To strike a balance, see how much you can save and what you need

I am 40 years old and earn Rs 12 lakh per annum. I have two daughters and I want to build a corpus of Rs 80 lakh for their marriage and education in the next 15 years. I also want to buy a house next year for which I can make Rs 40 lakh downpayment. However, I will take Rs 20 lakh as housing loan. How much should I save and invest to reach my goals?

—Prabhakaran

Surya Bhatia is a certified financial planner and principal consultant, Asset Managers

There are two ways to plan your savings. First, determine your current and future needs as it will help you determine how much savings are required. Second, work out your positive cash flows—net income over expenses—which then needs to be saved. The best way, of course, is to do a combination of both. Determine how much is your saving potential as well as how much you need to save to achieve your goals. In case of any mismatch, goals as well as the savings can be fine-tuned till a balance is achieved. For example, you may consider delaying your purchase of house by a year in case your cash flows are getting squeezed.

You need to save Rs 40,000 per month to achieve your goals. And your savings need to grow by a minimum of 4% year-on-year if the average interest rate is taken at 10%. This factors in a loan of Rs 20 lakh at an interest rate of 10.75% and a tenor of 15 years, besides a corpus of Rs 80 lakh after 15 years.

This savings amount can either increase or decrease based on how much you expect your savings will grow every year.

However, you have not factored in your own retirement planning. You should plan to save aggressively and try to achieve a higher savings growth rate.

There are few other factors that you should be aware of to make a comprehensive financial plan. You should have adequate life and health insurance covers. As a thumb rule, take a life insurance cover of 5-6 times of your annual income and review your insurance every five years. This insurance cover should be over and above the cover taken for loan amount you may take after one year. Cover your entire family with a health insurance even if your employer provides you the same. If you have one from the employer, go for a smaller cover that can be increased gradually.

BMC Fortifies Indian Connection - Zacks.com

BMC Software Inc. ’s ( BMC ) Control-M Workload Automation suite has recently tasted success at the Indian life insurance company, ICICI Prudential. The BMC solution was picked up by the insurance carrier in the hope of its offering optimal services at rational costs. Financial details of the deal were not disclosed.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, one of the foremost financial service companies in India and Prudential plc, one of the leading international financial services groups headquartered in the United Kingdom. The company follows a batch cycle process for its business operations. Hence, smooth running of the system while managing huge workloads is the prerequisite for its success.

BMC Software’s workload automation suite offers a range of capabilities required to manage traditional job scheduling, batch service management and workload automation. It is now taking care of ICICI Prudential’s ‘on-time’ batch cycle operations, reportedly cutting the insurance firm’s workload processing time by up to 15%. Moreover, the solution has facilitated the efficient management of critical scheduling processes, thereby eliminating chances of errors by the IT staff.

The synchronization of workload and greater flexibility in the work environment reduces the total cost of ownership significantly. This feature also prompted German financial services company Dresdner-Cetelem Kreditbank GmbH to opt for the Control M solution, last month.

We feel that BMC Software’s products are gaining popularity because they are increasing IT efficiency within eco systems of companies, thus pushing down their costs. The offered facilities go hand in hand with today’s IT needs, thereby aiding demand growth.

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