OPEN ELECTIVES-UG (Arts , Humanities and Commerce)
| Course Name | Personal Financial Management |
| Course Code | 24OEL233 |
| Credits | 3 |
OPEN ELECTIVES-UG (Arts , Humanities and Commerce)
Introduction to personal finance – concepts – savings, investment, borrowings, inflation, time value of money – active and passive income – personal financial planning – steps – SMART financial goals – importance of personal budget
Investment planning – importance and objectives of investment – savings, current, fixed and recurring; investment avenues offered by securities market – primary market and secondary market – risks involved in securities market – mutual funds.
Personal Financial security: National Pension scheme – investment options under NPS – Retirement planning – role of retirement planning in personal financial management – sources of retirement income – estate planning – gratuity plans from the government -Provident Fund.
Management of Insurance – Benefits of Life Insurance, evaluating need for Life Insurance, Determining the Right Amount of Life Insurance. Choosing the Right Life Insurance Policy – Term Life Insurance, Whole Life Insurance, Universal Life Insurance, Variable Life Insurance, Group Life Insurance, Other Special Purpose Life Policies. Buying Life Insurance – Compare Costs and Features.
Tax Management – Personal Tax Planning –Fundamental Objectives of Tax Planning, Tax Structure in India for Individuals, Common Tax Planning Strategies.
Course Objective:
The objective of the course is to familiarize the students with basic concepts of personal financial management and its avenues.
Course Outcomes:
The student will able:
CO1: To understand the basic concepts of Personal financial management.
CO2: To identify the significance of investment planning.
CO3: To describe the role of personal financial security and their options. CO4: To ascertain the relevance of insurance policies in personal finance. CO5: To understand the tax management mechanisms.
| PO1 | PO2 | PO3 | PO4 | PO5 | PO6 | PO7 | PO8 | PO9 | PO10 | PO11 | PO12 | PO13 | PO14 | PO15 | |
| CO1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ||||||||
| CO2 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | ||||||||
| CO3 | 1 | 1 | 2 | 2 | 1 | 1 | |||||||||
| CO4 | 1 | 1 | 1 | 2 | 2 | 2 | |||||||||
| CO5 | 1 | 1 | 1 | 1 | 1 | 1 |
Textbooks:
References:
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