Whether my investments are okay to continue

Thanks for sharing your investment details. Here are our suggestions -

1. Your take home salary is Rs 1.60 Lakhs per month, therefore, annual income is Rs 19.20 Lakhs. Compared to your annual income, the term life cover is less. It should be around 12-15 times your annual earnings. Therefore, you should consider increasing the life cover to the extent of 2.25 - 3.00 Crores thru term plans. This will help you protect the financial future of your family in case something untoward happens to you.

2. Though you have not mentioned the debt fund name of ICICI Prudential Mutual Fund, we think, this is a good investment move as some part of the portfolio should always be in debt.

3. Doing SIP in ICICI Prudential Long Term Equity is a good decision. However, ICICI Prudential Exports and Other Services is a thematic fund and suitable for investors with very high risk profile. If your idea is to create long term wealth then shifting this SIP to ICICI Prudential Value Discovery Fund will be a prudent move. ICICI Prudential Value Discovery Fund is a top performing diversified fund and could be most suitable for your long term wealth creation needs.

4. With regards to ICICI Elite Life, you should check the fund value after paying 5 premiums and then evaluate whether to remain invested in that or not?

5. Continuing LIC policies is not suggested as the returns will not be more than 5-6% per annum. As you can increase your life cover by paying a small term plan premium, you may consider making these two policies as "PAID UP". In that case you need not pay any premium any further. You may wait till the maturity period to get the paid up value with benefits, as per the plan terms.

6. Before investing further, you should try to pay off your Car loan of Rs 450,000 first.

7. Yes of course, we would suggest you to invest more every month. SIPs in equity funds could be the best way for 5 year investment horizon. You can choose schemes from the following list of diversified, mid cap and large cap funds category as -

Large cap - SBI Bluechip or Birla Sun Life Top 100

Diversified - ICICI Prudential Multi-cap or Birla Sun Life Equity Fund

Mid & Small cap - Reliance Small Cap Fund or Mirae Asset Emerging Bluechip Fund

Hope the above helps you. Thanks for writing to us.