Mr Nitesh Singh age 35 years is married to Natasha age 33 Years and has a daughter

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Question:

Mr Nitesh Singh age 35 years is married to Natasha age 33 Years and has a daughter age 2 years. He is working in private bank and has annual income of Rs 10 lakhs per annum. He approaches you for his personal financial planning. Family Expenses are assumed to be 70% of Income .Following are his Savings and Investments

He has Endowment Life Insurance Policy of Rs 5 lacs Sum Assured and has recently this year also purchased ULIP plan this year for term of 25 years in which he is paying premium of Rs 50000 per annum with Sum Assured Rs 5 lacs. In that he has opted for Equity fund. He is covered from his employer a family floater Health Insurance plan of Rs 3 lacs. He intend to start purchasing Gold every year on his daughter's birthday starting from this year worth Rs 20000 till his daughter attain the age of 18 years

His primary goals are protection planning, Retirement Planning and fund his daughter's education. You have conducted Risk profiler test for him and from that it is concluded he is moderately conservative and has taken limited exposure to equity

Assumption: Inflation rate 6% per annum, Life Expectancy of Mr Nitesh Singh is 80 years and Ms Natasha Singh 82 years. Return from Debt fund 8% p.a, Balanced fund 12% p.a , Equity fund 15% p.a Gold Return 10% p.a

Estimate the amount of extra Life Insurance he should have if he wants to ensure that his spouse is covered with inflation linked expenses for her life if the Insurance Corpus is invested in Debt Fund and which type of Life Insurance product will you recommend?
Nitesh is seeking your advice on choice between Critical Illness and Medical Reimbursement Plan?
Advice Nitesh which among Gold ETF, Gold Coin, Sovereign Gold Bond and Gold Fund will suit his need.
Nitesh will retire at the age of 60, how much corpus he should accumulate so as to give him inflation linked pension for his retired life to cover is expenses if the retirement corpus is invested in debt fund?