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Moneycontrol.com >> Messageboard >> Personal Finance >> Budgeting and planning >> A unique problem
   You are here :     Moneycontrol     MMB    Personal Finance      Budgeting and planning                         Most active discussions of 2006 , 2007 & 2008
A unique problem (23)   07-Sep-09 16:07Track this thread   Tracked by (0)  
Posted by:   brawnym on ( 07-Sep-09 16:07 )
Addressed to  ashalanshu,  pcspune,  sushant.p,  vvrk
Hello,
I need your help again, I have come across a unique problem /situation and I need your help / guidance / advice.

Recently my uncle (Dad`d Friend) visited me and during the discussion a very interesting situation /problem came up. Last time you guys helped me a lot, I thought of sharing the problem with you in hope to get some feedback / advice.
- My uncle is retired (1 april 2008) he get Rs. 10,000 as pension.
- He received Rs 11, 00,000 as retirement corpus.
- He bought a plot of 3300 Sqft total cost 10, 00,000, good location but the appreciation in last 9 month is about Rs. 35-40 ( he bought because the broker told him that he woudl be able to make at least 1 lac in ayear)
- He also has 2 ULIPS (again the agent told him that he can sell it off in 3 years and earn good money, whcihis not entirely true)
1) 1,00,000 yearly Met smart Plus regular (1 yr old) NAV gone up from 15 to 21
2) 50,000 yearly Metlife smart gold (6 months old) NAV from 14 to 21

- He stays alone in his own house (cost about 6, 00,000), but it a old house and needs some repairs to continue to stay there.
- He has a medical insurance which is paid by his son (ICICI predential- hospital Care)

Given the income and outgoing, there is a clear imbalance, he can’t stop the ULIP as he tends to lose lot of money as penalty but He can’t afford it without selling off the property.
I suggested him to rent a small flat (1 BHK) and either sell or rent his old house. Use the money /cash generated from it for his expenses and wait for the right opportunity to sell the plot. I also asked him to reduce the ULIP payment after 3 years, if not stopping it completely.
Can you please suggest a way out? Whereby he doesn’t have to depend on anybody for his expenses and be able to grow his 10 lacs.
Thanking you all in advance.
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