1. Medical Insurance : Take a Family floater plan for medical emergencies (Bank of Baroda, Bank of India provides the cheaper solution for family of four)
2.TERM Insurance : Take Pure Term Life cover (Term Insurance is the CHEAPEST form of insurance). Ideally you should have Insurance cover of around at least 15 times of your annual income.
3. Emergency Funds : Put around 3 months of expense amount in liquid fund or savings bank account.
4. Investments Funds:
a) Do SIP in a TAX savings ELSS Equity Mutual. / PPF Investment can also be done.
b) Do SIP in a 2 or 3 Large cap Funds / 1 Midcap Fund
c) Park Lump sum money in short term funds for Asset Re balancing and Asset Allocation.
5. If you cannot do above then simply do SIP in a Balanced Fund.
Important Goals you need to consider.
1. Retirement Planning for SELF and wife
2. Childrens Marriage
3. Childrens Higher Education
4. own House