Amish Shah, aged 35 years, is employed with a MNC. His wife Pooja, aged 34 years, is also working part - time. The couple has two children - daughter Rima aged 7 years and son Ansh aged 4 years. Amish and Pooja require your help to make a few financial decisions. (Give justification and reasoning for the option you would suggest to your client. You can make any assumptions to further build up your case.)

a. Amish and Pooja want to invest for their children's higher education for the long term (over 12 to 15 years). They want to know what is lump sum equity mutual fund investments and invest in SIPs of Equity MFs?

b. Amish wants to take a Life Insurance cover of Rs 1.5 crore. what is ULIP and term insurance?