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Job Offer Delayed: What to Do After Verbal Confirmation?

Inderpaul

Inderpaul Singh  |47 Answers  |Ask -

Leadership Coach - Answered on Mar 12, 2025

Major Inderpaul Singh (retired) served in the Indian Army for eight years.
In the year 2008, he moved to the corporate sector and worked with Century Plyboards for 14 years, specialising in people management and organisation improvement interventions.
He is currently employed as a partner with Amishrit Terrene Pvt Ltd, an IT solutions start-up located in Mohali, Punjab.
A certified life coach, he also helps students and individuals handle challenges in their personal and professional lives.
He holds a commerce degree from DAV College, Amritsar, and a post-graduate diploma in business administration from Symbiosis, Pune. ... more
Arjun Question by Arjun on Mar 11, 2025Hindi
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I have been given verbal confirmation of a job by the director of the company. However, it has been a month since and I have not reeived my offer letter. I have contacted the company numerous times and they say that the HR has left the company due to medical reasons and so the delay. My joining is said to be from May. Now what should I do?

Ans: Hello Arjun
1. There must be someone officiating as HR. Try to contact them
2. If required, you may speak to the Director directly since he/she gave the confirmation
3. If possible, you may personally visit the office & meet the relevant person
All the Best !!
Career

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I am 39 years old and my wife is 38 working and my son is 7 years. I earn 35LPA my wife 15LPA. I started with zero as from a young age I took care of my parents by paying tuition and funded by my education. I completed engineering and started paying off my education loan from my first day of work. 2015 I got married and in 2016 we bought our first house. I moved my parents there and I take care of them they are financially dependent on me and I have a 4L health insurance for them. The first house is now worth 55L and I have paid off this loan. We built our 2nd house its worth around 1.2 crore and I have a loan of 70 lakhs left. I have a plot worth 30L which I have bought. I have 40L in MF and stocks, I do SIP of 1Lakh per month ( XIRR was good at 20% but now it's at 13%). I have 20L in gold and 10L in EPF. I have a 1cr term insurance and I do Jeevan umang of 4L per year started last year and Jeevan tarun for my son for 1.5L per year started 2 years ago and I have 40k of Jeevan anand started in 2011 for 25 years. My fear : My parents were dependent on me, and I had nothing to fall back on when I started my career. I do not want to be the same for my son. I want to be financially self-reliant when he starts his career and his life. I want to ensure that he doesn't worry about us when he starts his work life or if he wants to start a business, he has the freedom to do so. I have 15 years left in my career. I want to make sure my wife is also secured if I am not around. My questions is what can I do more to ensure we are financially well off?
Ans: You earn Rs. 35 LPA, and your wife earns Rs. 15 LPA.

You support your parents financially and have Rs. 4L health insurance for them.

Your first house is worth Rs. 55L and is fully paid off.

Your second house is worth Rs. 1.2 crore with a Rs. 70L loan.

You own a plot worth Rs. 30L.

Your investments include Rs. 40L in mutual funds and stocks.

You invest Rs. 1L per month in SIPs.

You have Rs. 20L in gold and Rs. 10L in EPF.

Your term insurance is Rs. 1 crore.

You have investment-linked insurance policies.

Your goal is financial independence for yourself and your family. You want to ensure your son does not have financial burdens when he starts his career.

Strengths in Your Financial Planning
You have built wealth despite challenges.

Your high savings rate helps in wealth accumulation.

Your SIPs give long-term compounding benefits.

Your first home is debt-free, providing stability.

Your gold holdings offer liquidity in emergencies.

Your EPF provides retirement security.

Your term insurance gives financial protection.

Areas That Need Improvement
Your insurance-linked policies are not wealth creators.

Your home loan is a major liability.

Your gold holdings may not generate high returns.

Your current insurance cover may not be enough.

Your parents’ health cover might be inadequate.

Your son’s education and future needs require better planning.

Steps to Strengthen Financial Security
Increase Term Insurance Cover
A Rs. 1 crore cover is low given your income and liabilities.

You should have a cover of at least 15 times your annual income.

Increase your term insurance to Rs. 2.5 crore for full protection.

Ensure your wife has her own term cover as well.

Reassess Your Insurance-Linked Investments
Traditional insurance policies offer low returns.

They do not provide inflation-beating growth.

Surrendering them and shifting to mutual funds is a better option.

This will give higher returns and better flexibility.

Pay Off Your Home Loan Strategically
Your home loan balance of Rs. 70L is a major liability.

Focus on repaying it within the next 5-7 years.

Increasing EMI payments or making part prepayments can help.

Avoid extending the tenure to reduce interest burden.

Optimise Your Mutual Fund Investments
Your SIP of Rs. 1L per month is a strong wealth-building tool.

XIRR of 13% is still a good return for long-term investing.

Ensure your portfolio has a mix of large-cap, flexi-cap, and small-cap funds.

Actively managed funds will help in capturing market opportunities.

Avoid index funds as they limit potential gains.

Strengthen Your Parents’ Health Insurance
Rs. 4L health cover for them may not be enough.

Increase their health insurance to Rs. 10L with a super top-up plan.

This will prevent financial stress in case of medical emergencies.

Plan for Your Son’s Education and Future
Higher education costs are rising rapidly.

Start a dedicated mutual fund portfolio for his education.

Avoid insurance-linked child plans as they offer poor returns.

SIPs in equity funds can provide high returns over 10-15 years.

Ensure flexibility in investments to support his career or business plans.

Secure Your Wife’s Financial Future
Your wife should have her own investments independent of you.

Ensure she has adequate insurance and retirement savings.

Consider joint ownership of assets for financial security.

Encourage her to invest in equity mutual funds for wealth creation.

Retirement Planning and Wealth Creation
You have 15 years left in your career.

Focus on accumulating at least Rs. 10-12 crore for retirement.

This will ensure financial independence and a secure future.

Continue SIPs and increase them whenever income grows.

Diversify into debt funds for stability in later years.

Systematic withdrawal plans (SWP) will help manage post-retirement cash flow.

Finally
Increase your term insurance for full protection.

Reallocate funds from low-return insurance policies to mutual funds.

Focus on clearing your home loan early.

Strengthen health insurance for your parents.

Create a dedicated fund for your son’s education.

Ensure your wife has financial security even in your absence.

Keep investing for long-term wealth creation and retirement security.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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Hello Sir - I have taken a HDFC Unit Linked pension plan in 2008 and the fund value is approx. 49 lakhs. The policy matures in 2030 and allows for commutation of 1/3rd of fund value (with mandatory annuity for balance 67%). My HDFC Life Relationship manager is suggesting that he will transfer the proceeds of this fund to a new HDFC Smart life pension plan (via surrender of old policy and immediate reinvestment as single premium in the new policy) for a term of 5 years. At the vesting date, I will be allowed to remove 60% of the fund value as tax free commuted pension and will need to take annuity only for remaining 40% of fund value. This is beneficial for me (since tax free commutation will be 60% instead of current 33%). In such a case, will the surrender of old policy and immediate reinvestment into new smart pension plan be a taxable transaction in India? I have claimed 80CCC benefits for part of premiums paid in the past. HDFC has informed me that the surrender value will not be taxable as no amount is received by me and the full amount is reinvested into the new policy (HDFC will also not do TDS). Is this correct? Thanks for your advice.
Ans: You have invested in a unit-linked pension plan since 2008.

The current fund value is Rs. 49 lakhs.

The plan matures in 2030.

As per the policy, you can withdraw 33% tax-free and the rest must be used for annuity.

Your relationship manager is suggesting surrender and reinvestment into a new pension plan.

The new plan allows 60% tax-free withdrawal instead of 33%.

You need to evaluate whether this switch is beneficial from a taxation and financial perspective.

Taxation on Surrender of Old Pension Plan
Pension plans under section 80CCC get tax benefits during investment.

If you surrender, the surrender value is taxable as per your income slab.

HDFC claims that no tax will apply as the amount is reinvested directly.

However, as per income tax laws, surrendering a pension plan leads to taxation.

Even if reinvested, the surrender value is added to taxable income.

Since you have claimed 80CCC benefits, surrendering can result in tax liability.

Misconception About Tax-Free Transfer
HDFC is not deducting TDS, but that does not mean no tax is due.

Income tax liability exists even if the amount is not received in hand.

If tax authorities later verify, you may face penalties or additional taxes.

You need written confirmation from HDFC and a tax expert’s opinion.

Evaluating the New Pension Plan Offer
The new plan allows 60% withdrawal instead of 33%.

The remaining 40% must still go into annuity.

Annuity income is fully taxable every year.

The new plan has additional charges, which can reduce returns.

The lock-in period of 5 years restricts flexibility.

If your goal is wealth creation, better options exist.

Should You Switch to the New Plan?
The tax-free withdrawal of 60% seems attractive, but consider the surrender tax.

If you are in the highest tax bracket, surrendering can be costly.

Locking funds in another pension plan reduces flexibility.

Instead, investing in mutual funds can give higher returns and better control.

You can withdraw systematically without annuity restrictions.

Reinvesting in a pension plan limits future financial choices.

Better Alternatives for Retirement Planning
Instead of shifting to another pension plan, consider equity mutual funds.

Mutual funds allow withdrawals with lower tax impact than annuities.

Debt mutual funds provide stability while maintaining flexibility.

Systematic withdrawal plans (SWP) help manage retirement income efficiently.

Combining equity and debt investments gives better post-retirement security.

What Should Be Your Next Steps?
Consult a tax expert before surrendering your pension plan.

Get written confirmation from HDFC on taxation treatment.

Compare annuity income vs. mutual fund withdrawals for retirement.

Ensure flexibility in withdrawals rather than locking into another pension plan.

Build a diversified portfolio that balances risk and liquidity.

Finally
Surrendering your pension plan may trigger tax liability.

Reinvesting in another pension plan may not be the best financial decision.

You need flexibility and better returns for retirement.

Mutual funds offer tax-efficient and high-growth alternatives.

Evaluate all options before making a final decision.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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Ramalingam Kalirajan  |8111 Answers  |Ask -

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Asked by Anonymous - Mar 17, 2025Hindi
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I am investing 1.5lack in sbi smart wealth plan for 7 years. My policy term 12 years. Is it a good plan for good return,2 years completed,fund value 2.7lack,Should this policy be continued? kindly guide me
Ans: You are investing Rs. 1.5 lakh per year in an insurance-cum-investment policy.

The policy duration is 12 years, with a premium payment term of 7 years.

You have completed 2 years, and the fund value is Rs. 2.7 lakh.

You want to know if you should continue this policy.

Insurance-cum-investment plans are not the best for wealth creation. You need to evaluate whether this plan aligns with your financial goals.

Issues with Insurance-Cum-Investment Plans
High Charges: These plans have high fees in the initial years. This reduces actual investment returns.

Low Returns: The returns are usually 4%-6%, lower than equity mutual funds.

Lock-in Period: You are required to stay invested for a long term, with limited flexibility.

Poor Liquidity: Withdrawing funds before maturity may result in high penalties.

Mixing Insurance and Investment: Insurance should provide protection, and investment should focus on growth. A combined product does not serve either goal efficiently.

Performance of Your Policy So Far
You have invested Rs. 3 lakh so far (Rs. 1.5 lakh per year for 2 years).

Your current fund value is Rs. 2.7 lakh, which means a loss of Rs. 30,000.

This is due to high charges deducted in the early years.

Even if the fund performs better in future, the charges will continue to impact returns.

You must decide whether to stay invested or move to better alternatives.

Should You Continue or Exit?
If wealth creation is your goal, this plan is not the best option.

If you need insurance, a pure term insurance plan is more cost-effective.

You can surrender the policy and reinvest the amount in mutual funds for better growth.

The surrender charges may reduce your corpus, but over the long term, mutual funds will give better returns.

Alternative Investment Options
Equity Mutual Funds: These provide better long-term growth than insurance plans.

Balanced Advantage Funds: These funds manage risk while giving decent returns.

Debt Mutual Funds: Suitable if you need stable returns with lower risk.

PPF or EPF: If you want a safe and tax-free investment option.

Reallocating your money into these instruments will give better returns and flexibility.

Tax Considerations on Surrendering
Surrendering before 5 years will add the maturity amount to your taxable income.

If you exit after 5 years, the amount will be tax-free.

The earlier you surrender, the higher the impact, but staying invested will continue to reduce your returns.

Consult a tax expert if required, but in most cases, switching to a better investment is more beneficial.

What Should Be Your Next Steps?
If your goal is wealth creation, surrender the policy and reinvest in mutual funds.

Buy a separate term insurance plan for financial protection.

Avoid future investments in such insurance-linked plans.

Build a diversified portfolio for long-term financial security.

Keep reviewing your portfolio annually to ensure you are on track.

Finally
Insurance-cum-investment plans do not generate high returns.

Your policy is already showing negative growth due to high charges.

Consider surrendering and shifting to a better investment strategy.

Always keep insurance and investment separate for better financial growth.

Make future investments in mutual funds and other flexible options.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

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Ramalingam Kalirajan  |8111 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Mar 19, 2025

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I am 42 and investing 1.15 L as SIP and also has a corpus of around 2 cr. SWP of 1.15 L is also active. I am planning to retire by 2030. My expenses thereafter can be taken care with a SWP of 2L. What do you advise? How much will be my corpus value in 2030?
Ans: You are 42 years old and planning to retire by 2030.

You have a corpus of Rs. 2 crores.

You are investing Rs. 1.15 lakhs per month through SIPs.

You are also withdrawing Rs. 1.15 lakhs per month through SWP.

Your expected monthly expenses in retirement are Rs. 2 lakhs.

This is a well-structured plan, but some adjustments are needed.

How Much Will Your Corpus Be in 2030?
Your current corpus of Rs. 2 crores will continue to grow.

Your ongoing SIPs will add to this corpus.

Your SWP withdrawals will reduce the corpus.

Market returns will impact the final value.

Assuming a reasonable return, your corpus can grow to around Rs. 4.5 - 5 crores by 2030.

If the market performs well, it may be slightly higher.

If returns are lower, it may be slightly less.

This estimate considers the impact of both SIPs and SWPs.

Will Rs. 2 Lakhs SWP Be Sustainable?
Your withdrawal rate should not deplete your corpus too soon.

Rs. 2 lakhs per month means Rs. 24 lakhs per year.

If your corpus is Rs. 5 crores, this is about 4.8% withdrawal per year.

This can be sustainable if your portfolio earns more than this annually.

Inflation needs to be factored in, as expenses will rise over time.

Proper asset allocation is key to ensuring sustainability.

Changes to Consider Before Retirement
Reduce equity exposure gradually: As you approach retirement, shift some funds to safer assets.

Build a contingency reserve: Keep at least 2-3 years of expenses in a safe, liquid investment.

Ensure tax-efficient withdrawals: Plan SWP withdrawals to minimize tax outflow.

Review insurance needs: Ensure you have adequate health insurance coverage.

Monitor investment performance: Review your portfolio every year and adjust allocations.

Asset Allocation After Retirement
You need both growth and stability.

Keep a portion in equity for long-term growth.

Allocate a part to debt funds for stable income.

Maintain liquidity for short-term expenses.

Avoid overexposure to any single asset class.

A well-diversified portfolio will ensure financial security.

Tax Planning for SWP Withdrawals
Long-term capital gains (LTCG) above Rs. 1.25 lakh are taxed at 12.5%.

Short-term capital gains (STCG) are taxed at 20%.

Debt mutual funds are taxed as per your income tax slab.

Plan SWP withdrawals to reduce tax impact.

Use a mix of investments for tax efficiency.

Final Insights
Your current plan is strong, but some refinements are needed.

Ensure your corpus is allocated wisely before retirement.

Review and adjust your withdrawal strategy for sustainability.

Plan for inflation and rising expenses over time.

Keep a regular check on market conditions and your portfolio.

A structured approach will ensure financial independence post-retirement.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

Money
Ramalingam

Ramalingam Kalirajan  |8111 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Mar 19, 2025

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What is the safe and best plan for NPS Allocation. I have NPS through SBI and as of now I have Tier 1 and Tier 2 for me Government doesnt give any benefits because I am contractual based employee. I have 100% in Equity. Which one should I have because I worry about market volatility during my retirement
Ans: NPS (National Pension System) is a retirement-focused investment. It has different asset classes: Equity (E), Corporate Debt (C), Government Bonds (G), and Alternative Assets (A).

You currently have 100% in equity. This means your NPS corpus will grow with the stock market. Equity gives the best long-term returns but also has market ups and downs. Since you are concerned about volatility near retirement, you should adjust your allocation.

Ideal NPS Allocation Based on Age
If you are below 40: Keep 75% in Equity (E) and 25% in Corporate Debt (C) or Government Bonds (G). This keeps growth high with some stability.

If you are between 40-50: Reduce Equity to 50%-60% and move the rest to Corporate Debt and Government Bonds. This lowers risk but keeps decent returns.

If you are above 50: Reduce Equity further to 30%-40% and shift more to Government Bonds. This makes your portfolio more stable before retirement.

This approach balances growth and safety.

Active vs Auto Choice
Active Choice: You decide how much to invest in each asset. You have full control.

Auto Choice: The system reduces equity allocation as you age. It automatically shifts funds to safer options.

If you are not comfortable making allocation changes, the Auto Choice (Aggressive or Moderate) is a good option. It reduces equity as you get closer to retirement.

Should You Stay 100% in Equity?
If you are young and have a long time before retirement, then 100% in equity is fine.

But if you are within 10-15 years of retirement, reduce equity to avoid major losses in a market crash.

A balanced approach (mix of Equity, Corporate Debt, and Government Bonds) ensures stability and growth.

What About NPS Tier 2?
Tier 2 NPS is like a normal mutual fund. It has no lock-in and no tax benefits.

If you are using it for long-term savings, then shift the money to mutual funds instead.

Mutual funds give better flexibility and withdrawal options than NPS Tier 2.

Managing Market Volatility
If markets fall before your retirement, your equity portion will drop in value.

A proper asset mix will reduce this risk.

Always review your NPS allocation every year and adjust based on your age and risk level.

If markets crash just before you retire, you can postpone withdrawals to wait for recovery.

Final Insights
100% equity is good for long-term growth but risky near retirement.

Reduce equity gradually and move funds to Corporate Debt and Government Bonds.

Use Auto Choice if you don’t want to adjust allocation manually.

Avoid Tier 2 NPS for long-term investments. Mutual funds are better for flexibility.

Review your NPS every year and rebalance based on your needs.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

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I have 4+ years of experience in IT as a automation enginner and currently I am studying Mtech as integrated program along with my work. But it seems like the pressure on completion of lab, assignments, quiz, midsem and main sem is becoming a burden along with my current work life. Now I regret taking the decision of being a part of Integrated learning. Also I have signed an agreement that if I quit midway I have to pay 2.4lac. Currently I am in 1st semester and it is really a tough journey ahead. What should you think I do. Day by day I am losing motivation. Should I continue this journey or should I focus more on my work. Please help.
Ans: It sounds like you’re in a challenging phase, feeling stretched between your job and the demands of your M.Tech program. The pressure of assignments, labs, quizzes, and exams is making you question whether this was the right decision, and the financial penalty of quitting adds another layer of stress. But before making a decision, let’s take a step back and reflect.
What was your initial motivation for enrolling in this program? Was it career growth, a passion for learning, or future stability? Do those reasons still matter to you, or has your perspective changed? Sometimes, when we’re overwhelmed, we forget why we started. Reconnecting with that purpose can help clarify whether the struggle is worth it. Another important question is: What exactly is overwhelming you? Is it a lack of time, the workload, or the fear of burnout? If better systems were in place—like structured time blocks, prioritization, or external support - would it still feel unmanageable? It’s also important to define what success looks like for you. If you push through, where do you see yourself in two years? If you quit, what’s the alternative, and are you comfortable with the financial and career implications? Finally, have you explored all possible support systems - mentors, colleagues, or even university resources - to lighten the load?
Decisions like this aren’t just about choosing between two options; they’re about understanding what truly matters to you and what sacrifices you’re willing to make. Rather than focusing on whether you should continue or quit, ask yourself: What would make this journey easier? What changes, however small, could help you regain control? You don’t have to find all the answers today, but you do need to start asking the right questions.

Wishing you success,
Aamish Dhingra
ICF-PCC Certified Life Coach
Co-Founder, Cocoweave Coaching International, Delhi

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