I am 28 years old & presently I have below plans for future. I am earning 47K per month and at a rate of 9% rise in salary per annum. My family includes my wife with 1 child ( 2 years) and parents. My spouse is housewife and parents retired this year (2012).
Life Insurance:
1) Term Plan: ICICI I-Care (Online): Sum assured: INR 2500000/- with 4500/- premium per year for 30 years (Taken in 2012)
2) LIC Jeevan Saral: Sum assured: INR 465000/- with 10809/- premium per year for 35 years (Taken in 2009)- Endowment
3) LIC Jeevan Anand: Sum assured INR 600000/- with 20500/- premium per year for 30 years (Taken in 2007)- Whole life
Health Insurance:
1) Reliance Health Insurance floater scheme for whole family of INR 500000/- with 8000/- premium per year.
Savings:
1) PPF/ EPF: Every year company cuts 45000/- for EPF and I deposit 50000/- in SBI-PPF (Taken in 2012)
My Questions:
1) Is it enough or should I invest more ? Where and how ?
2) ICICI online term plan is taken without medical test. Whether, if any illness comes in future say after 5 years, do I have to inform ICICI for that ?
3) What are the best equity plans for long term to invest and how much?