How can I create a corpus for education of my son after 10 years

What you have read about balancing the investment etc. is right. The idea behind this is to invest according to your risk taking appetite. Therefore, you should first assess how much risk you can take and then starting investing in different asset classes accordingly.

Now, let us analyze your current situation and the future goal -

1. You have two policies taken from LIC of India. Two policies are not important as far as life insurance is concerned. You should have enough live cover so that your family can maintain the same lifestyle in case something untoward happens to you. There are many formulas to decide the life coverage amount. But generally speaking, your life coverage should be 10-12 times of your annual income. For example - if your annual income is 5 Lakhs then you should have a life coverage of 50-60 Lakhs.

For covering your life to that extent you should go only for term plans. Here, you may like to read this https://www.advisorkhoj.com/articles/Life-Insurance...

2. Your PPF investment, SIP in HDFC Top 200 Direct Plan and investment in Gold through ETF is okay. But you should resume the SIP in Reliance Mutual Fund which is now lying idle.

3. Though you have mentioned that you want to have a decent corpus for education of your child after 10 years, you have not mentioned the amount? Please note that you should first know the future cost of his education and then plan for investments !

How to do it?

Try this children education calculator https://www.advisorkhoj.com/tools-and-calculators... OR use this calculator to know the future value of any goal https://www.advisorkhoj.com/tools-and-calculators...

Now, if you know the future value, you may start doing monthly SIP for achieving the said goal after 10 years. Take help from here https://www.advisorkhoj.com/tools-and-calculators...

Hope the above helps! Thanks for writing to Advisorkhoj !!