Financial Planning Advice (Insurance, MFs, Long Term Financial Goals)

Dear Sreekanth, Many thanks for the good work you are doing. I am 41 years old and my husband is 46 years old. We both are working in a private company. We have a two year old daughter. We live in our own house i.e. husband’s property. We had invested in a society flat in 2012 and in our names and the outstanding home loan is approx. 38 lacs. We recently got the possession of the flat. We intend to give it on rent for time being. We have decided to do term plans only after reading your blogs. I was searching for a home insurance plan to secure my home loan when I found your website and got convinced that I should do a term plan instead of home insurance. We had an HDFC ergo home insurance plan which has expired. When I called the bank for options for insurance including investment they has suggested me to take HDFC pro growth plus (investment cum insurance plan). If there is any claim (god forbid) the outstanding will be waived off and the principal amount will be paid from the date of issue of this policy. I would be grateful for your advice on the below: My first priority to secure my financial liability. Can I take hdfc pro growth plus for myself (I am the main applicant in the home loan and my husband is the co-applicant) and my husband can buy a term plan? Or should we both go for term plans. Also if you could suggest if I should go for MAX, ICICI, HDFC or Aegon term plan. Very confused. Secondly, as you suggested re emergency funds: - I was thinking of continuing with PPF and NSC and open one sukanya account as we have no knowledge of mutual funds, SIP etc. Thirdly, a personal accident insurance and lastly health insurance (Our offices are covering our insurance). I have no idea about mutual funds equity SIP etc. Can you suggest any plan name (at least one) which I go for which will used for my daughter’s education etc. . Also which plan will you advise for our retirement plans.