You are a Financial Planner. Your client Arpit (age 35 years) works with an IT company earning Rs. 18 lakhs per annum. His wife Ritu (age 32 years) is a homemaker. They have one daughter Prema (age 4 years). The couple requires your help to make few financial decisions. (You can make any assumptions to further build up your case.)

a. Arpit wants to buy a Pure Risk Life Insurance cover of Rs 1.5 crore. He is confused whether he should buy a ULIP, Endowment or a Term Plan. Recommend the product best suited for his requirement. (5 Marks)

b. Arpit has expressed his desire to retire by the age of 55. Design a retirement plan for him. (5 Marks)