1. You are employed as a junior analyst in PMS company. A new prospective client has approched the company for discussing his insurance needs. His profile : Mr. Tom , aged 42 years, working for an IT company . His annual income is Rs 15,00,000. Married; Dependents : His wife 37 years( home maker) and two children Girl : 10 years and Boy : 6 years. He is expected to retire at age 58 years. His outstanding home loan amount is Rs12,00,000 He has a car loan outstanding of Rs 3,50,000. His wife's life expectancy is 75 years. He has a life insurance for Rs.20,00,000/- on his life and has investment of Rs. 1,00,000/- in bank fixed deposits and cash of Rs.2,50,000. He has also invested in Mutual Funds and the present value of this investment is Rs 8,00,000. His accumulated savings in his PF is Rs 10,00,000. He would like to have an emergency fund ofRs.3Y00,000/- and also to create education fund for his two children. The expected college expenses for elder child is Rs. 5,00,000/- and younger child is Rs.20,00,000/- when they both reach the age of 18 years. Estimate his insurance requirement based on needs approach.