Sir, I am working in a GOVT ORGANIZATION at a salary of 40500 pm. I invest as follow EPF-16000, LIC JEEVAN SARAL-24000 PY, TERM PLAN INSURANCE( FOR 3000000)-900PM, SIP IN MUTUAL FUND-(HDFC CHILD FUND 1000, REL BANK FUND-1500, IDFC PREMIER-2000, SBI EMERGING BUSINESS-1100, REL GOLD FUND -500). Income tax cutting is 22000 approx P/Y. now what I should do? Is my investment good?

I am 41 years old . I have to construct house in 5to 6 yrs, 02 child of age 14&16 yrs at now. saving I have 1400000.I AM INVESTING 16000 IN PF DUE LOW RISK APPETITE.

WHAT ABOUT BOTH LIC POLICY. I HAVE GROUP INSURANCE OF 3500000 FRON MY ORAGANISATION(CUTTING IS 1700 P/M). I AM THINKING TO STOP BOTH LIC ( 4 YRS OLD POLICY) & TAKE SBI eSHIELD AT 18 RS DAILY POLICY. IS IT REALLY GOOD. IS ANY OPTION TO SAVE INCOME TAX? HOW(* LIKE HOUSE LOAN etc)