@naveen

Hi, welcome to ReLakhs Forum!

Before answering your query, may I know if you have adequate life insurance coverage and whether your family has a good health insurance plan?

Do you have any existing investments for your financial goals?

Ok!

May I know the TATA AIG life insurance plan name?

Also, kindly do not depend on company provided health insurance alone. 

Advisable to take a family floater health insurance plan at the earliest!

Plan Name: Tata AIG Medicare Premier

yes it is family floater health insurance plan.

I understand that you do not have a term life insurance cover.

Suggest you to kindly first take a life insurance cover. You may term cover from any life insurer of your choice, but disclose all the required information in the proposal form accurately and honestly.

You may go through my youtube shorts video on - FAQs on Term life insurannce

Since your basic protection needs (life and health insurance) are already in place, the next step is to focus on building a suitable asset allocation between equity and fixed income based on your risk profile. Avoid low-yield life insurance plans.

Instead, consider investing in 2 to 4 quality equity mutual funds — for example, a large-cap index fund, one flexi-cap fund, an equity hybrid fund, and a multi-asset fund if required.

You can also contribute to the Public Provident Fund (PPF). Align all your investments with key financial goals such as your child’s education and your retirement planning.

Related article :Best Mutual Funds to invest in 2026

Since you already have term life insurance and a family floater health plan, you should focus on long-term wealth creation for your child’s education. A balanced approach is recommended: invest in 2–4 quality equity mutual funds (large-cap, flexi-cap, equity hybrid, or multi-asset funds) and consider PPF for stable, tax-free returns. Avoid low-yield insurance plans as investment. Align your investments with your child’s education goals and your retirement planning.