How to invest for my short, mid and long-term financial goals?

My wife (27) and I (33) are IT professionals. We both have EPF accounts for more than five years now. Currently, we invest some basic amount in PPF every year to keep it active and to meet 80C limits. However, we both have NPS Tier-1 accounts since last year with 70% equity and 30% corporate bond allocation, where we invest 50,000 each, every year.

Besides this, we also invest 5,000 per month in Axis Small Cap Fund since January 2022 and 2,000 per month in HDFC TaxSaver Regular Plan Growth since 2019 for my wife’s 80C tax deduction. I plan to invest 10,000 each in Mirae Asset Emerging Bluechip Fund Direct Growth and ICICI Prudential Nifty 50 Index Fund.

I have two LIC policies. One is Jeevan Anand Plan-149 with sum assured of 5 lakh and a monthly premium of 1,653, since 2008, and a Jeevan Saral Plan-165 with a sum assured of 10lakh with monthly premium of 1,021, started in 2013. I’m planning to surrender the second policy in 2023. Should I continue with these policies or surrender them with losses?

My goal is to generate around 5 crore for retirement in 30 years, 2 crore for children’s education in 20 years, 1 crore to buy another house in 10 years and 20lakh to prepay my home loan in five years (current outstanding is 29 lakh with EMI of 37,000 ending in November 2031).

I want to know if my MF and fixed return…

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