Mr Satya, age 35,married to Rupanvita, age 33. He is a government employee, and his wife is a marketing manager with private company. He stays in Kolkata, and has a 10-months old son, Ajay. Over the past few years, he had been cautious with respect to thier future. He wanted to have a clear road-map to help achieve their goals and secure their financial future.

Their Current financial condition is a follows:

Their total annual family income is at13.2 lakh, while annual expenses are at5.71 lakh. They invest about 2.68 lakh annually (This includes2.04 lakh in SIPs and64,000 as insurance premium). In addition, they have1.5 lakh in equity/ MF investments,4.5 lakh as life insurance surrender value,60,000 in savings account and a vehicle worth2 lakh. Currently they do not hold any liability in the form of Loans.

They want to achieve the following goals in their future:

1.They want to buy a flat with a down payment of10 lakh (in today's value) after 1 year

2.They want to purchase a new car worth5 lakh (today's price) after 5 years

3.We need to plan for a major expense around60 lakh (current value) after 30 years

4.Mr. Satya is also planning to start a business for which he needs to accumulate25 lakh (in today's value) after 8 years

5.We also need to save for Ajay's MBA abroad; approximate cost of MBA abroad is15 lakh today. This goal is to be achieved when he turns 19. And, for his marriage, we need to accumulate10 lakh (in today's value), when he turns 24

Based on the given information draw a 2 alternative financial plans which helps in satisfying all the financial needs of Mr. Satya. Also justify your suggestions in detail.