How to reach my retirement and child education goals

We will not comment on the term plans both of you have taken as the life cover through term plans should be approx 12 times of your annual income + Liabilities. Accordingly, check if you and your spouse are adequately covered.

You have selected good funds from ELSS, large cap and multi-cap funds and the portfolio mix is good. Your total SIP value is Rs 25,000 per month.

If you continue the above SIP, assuming for next 24 years, i.e. till your retirement, you will be able to create a corpus of Rs 5.50 Crores. This is based on assumed annual return of 13.50%. Therefore, your retirement target corpus is taken care off! In fact you will have Rs 1.50 Crores extra.

Assuming that you will spend this extra Rs 1.50 Crores on higher education of your kids, you will still need to save for a target corpus of 1.50 Crores (3 Crores for higher education – 1.50 Crores extra from retirement corpus). For this you can start another SIP of Rs 13,000 per month for next 20 years

The following two calculators can help you further in knowing these amounts –

https://www.advisorkhoj.com/tools-and-calculators/systematic-investment-plan-calculator

https://www.advisorkhoj.com/tools-and-calculators/become-a-crorepati

For creating long term wealth for your financial goals, you should go for investing in diversified equity funds. Please check the top performing funds from here https://www.advisorkhoj.com/mutual-funds...

Hope the above helps you in achieving your financial goals. All the best!