Hi,
I am 32, male, married, having one kid, a Software Professional in Bangalore, thinking to get Insurance coverage & also some SIP. I am new to the field of Insurance, Mutual Funds etc. My primary requirements are as follows :
a) I want to invest around Rs. 50K per annum to get Tax exemption.
b) I need Rs. 15 lac insurance coverage throughout my life. That means, in case of death, I need my family members to get Rs. 15 lac
c) I would like to avail a mediclaim policy of Rs 3 lacs. That means, in case of hospitality of any one of us ( we are 3 ), we should be able to claim the amount. I currently have a Group Insurance in my company upto 1.5 lacs.
d) I would like to Invest around Rs. 25K per annum on best & safest mutual funds over a period of next 10-15 years.
e) I want to ensure that my child's education is not burdened ( he is 4 yrs now ) later. I need to invest around 10K per annum for his future.
f) I am planning for house loan in next 2 years.
Please sugst

Dear Prahlad,
You have very beautifully explained your details here. I will suggest you to put your money in different segments like life insurance and MFs [mutual funds], Now a days FDs are also a good option.

Main concept is how much risk you can bear.
In terms of life insurance at-least 3 times of your annual income should be your sum assured [risk cover].

in case of Tax saving MFs - SBI is a performer in last 5 yrs.

These are just suggestions from my side and you are the final judge for your money.

please consult with your friends and professional with cool mind.

One more suggestion : spread your investment in differnet months except Jan to Apr
becoz from Jan to Mar. you will be paying income tax.
And school sessions [for kids] starts in Apr where you will be requiring good amount of money. this is my observation

For India I found interesting information about your answer & options here. http://all-insurance-online.blogspot.com/2007/08/life-insurance.htmlGood luck!