I am 36 years male married with one 3 year boy and wife is not working. I work as a software Engineer in an MNC with 32 LPA. My assets and liabilities are as follows Assets: 1. Shopping complex at my home town worth 1.3 crores yielding 40k as rent 2. 2BHK home in an apartment at my work location worth 55 Lakhs (Loan running) 3. PF 20 lakhs 3. LIC policy of 7 Lakhs Sum Insured 4. Company GPA 1 cr. No term insurance Liabilities: Personal Loan @11% interest of 8 Lakhs Home loan @8.5% 50 Lakhs spread over 18 years I want to retire in 10 years and want to save enough for my kids education and future. My current expenses are 40k without loan EMIs. Please let me know how much I need at the time of retirement and savings to lead the same life that I am living now. Also I would like to know how can I achieve the same .

Ans: Dear Abhishek,

It's great to see your proactive approach toward financial planning. At 44, with a monthly salary of Rs 1.60 lakhs, you are at a crucial juncture to optimize your investments and obligations to meet your retirement goal of Rs 20 crores.

Understanding Your Current Financial Situation
Income and Expenses
Your monthly income is Rs 1.60 lakhs. This is a good amount to manage your obligations and investments. Here's a snapshot of your expenses:

Home Loan 1: Rs 31.49 lakhs with EMI of Rs 30,000 for 128 months at 8.35%.
Home Loan 2: Rs 8.20 lakhs with EMI of Rs 5,410 for 116 months at 9.35%.
Car Loan: Rs 6 lakhs with EMI of Rs 10,476 for 5 years.
Rent: Rs 15,000 per month for a rented home in Navi Mumbai.
Your total loan EMIs and rent sum up to Rs 60,886 monthly. Adding regular living expenses, savings, and investment plans, your budget allocation needs a strategic review.

Investments and Insurance
Mutual Funds and Equities
You invest Rs 20,000 monthly in mutual funds and have Rs 20 lakhs in equities. This is a robust start. However, evaluating the performance and diversity of these investments is essential. Ensure your mutual fund portfolio includes a mix of large-cap, mid-cap, and small-cap funds for balanced growth and risk management.

Health and Term Insurance
Health Insurance: Rs 21,000 annually for a cover of Rs 10 lakhs.
Term Plan: Rs 50 lakhs each for you and your wife.
Your insurance coverage is adequate for your current needs. However, revisiting your health insurance to ensure it covers all possible medical expenses and conditions is always wise.

Analyzing Financial Goals and Obligations
Home and Car Loans
You have significant loan obligations, and here’s how you can manage them effectively:

Home Loan 1 and 2: Consider prepaying these loans whenever you get a bonus or windfall. This reduces the principal amount, saving you interest in the long term.

Car Loan: Given its high-interest rate, prioritize paying off this loan early. Car loans are depreciating assets, and clearing this loan sooner can free up funds for other investments.

Retirement Goal: Rs 20 Crores
Assessment of Current Investments
Reaching a goal of Rs 20 crores by retirement requires strategic planning and disciplined investing. Here's a breakdown:

Mutual Funds: Your monthly investment of Rs 20,000 should continue, but ensure it's allocated in diversified funds. Actively managed funds can offer better returns compared to index funds, despite higher fees. These funds are managed by professionals aiming to outperform the market.

Equities: Your Rs 20 lakhs in equities should be monitored regularly. Equity markets are volatile, but with a long-term horizon, they can yield significant returns. Ensure your equity investments are diversified across sectors to mitigate risks.

Enhancing Investment Strategy
Increase SIP Contributions: Gradually increase your SIP contributions by 10-15% annually. This leverages the power of compounding and helps you reach your retirement corpus faster.

Regular Funds over Direct Funds: While direct mutual funds have lower expense ratios, regular funds offer the benefit of professional guidance through a certified financial planner (CFP). This guidance can be invaluable, especially in volatile markets.

Asset Allocation: Maintain a balanced asset allocation. As you approach retirement, shift from high-risk investments like equities to more stable options. However, don't move entirely to low-risk investments, as some exposure to equity can combat inflation.

Risk Management and Insurance
Health Insurance: Ensure your health cover is comprehensive. Given rising medical costs, a cover of Rs 10 lakhs is good, but consider increasing it based on family health history and future healthcare needs.

Term Insurance: Your term plans provide a solid safety net. Ensure the sum assured is 10-15 times your annual income. Also, consider adding critical illness riders if not already included.

Debt Management
Prepay High-Interest Loans: As mentioned, prioritize prepaying your car loan due to its higher interest rate. For home loans, look for part-payment options to reduce the principal.

Emergency Fund: Maintain an emergency fund covering at least 6 months of expenses. This should be in a liquid form like a savings account or liquid mutual fund to access it easily during emergencies.

Maximizing Savings
Tax-efficient Investments: Utilize tax-saving instruments like ELSS (Equity Linked Savings Scheme), PPF (Public Provident Fund), and NPS (National Pension System). These not only save tax but also offer good returns.

Review and Adjust: Regularly review your financial plan with a CFP. Life events like salary hikes, job changes, or major expenses should trigger a review. Adjust your plan to stay on track with your goals.

Empathy and Understanding Your Financial Journey
Your dedication to securing your family's future and planning for retirement is commendable. It's essential to stay disciplined and adaptive to market changes. Financial planning is a journey requiring periodic adjustments and strategic decisions.

Final Insights
Your financial journey is on the right track with prudent investments and comprehensive insurance coverage. By strategically managing your loans, increasing your SIPs, and maintaining a balanced asset allocation, you can achieve your retirement goal of Rs 20 crores. Regularly consulting with a CFP will ensure your plan stays aligned with your financial aspirations.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: First, I want to commend you and your wife for being financially proactive and disciplined. Your combined monthly income of Rs. 3.50 lakhs and structured investments show a solid foundation. Your goal to retire by 50 with an income of Rs. 1.5-2 lakhs per month is achievable with strategic planning. Let’s explore how you can optimize your current finances to reach this goal.

Current Financial Snapshot
House Loan:

Outstanding loan: Rs. 15 lakhs
EMI: Rs. 15,000 per month
PPF Accounts:

Combined balance: Rs. 7 lakhs
Monthly investment from July 2024: Rs. 12,500 each (total Rs. 25,000)
Mutual Funds:

Lump sum: Rs. 2 lakhs and Rs. 3 lakhs
Monthly SIP: Rs. 10,000 in equity and debt
Properties:

One rental property generating Rs. 12,500 per month
Primary residence
Fixed Deposits:

Total: Rs. 20 lakhs
Emergency Fund:

Total: Rs. 5 lakhs
NPS Accounts:

Annual contribution: Rs. 50,000 each (total Rs. 1 lakh)
Term Insurance:

Sum assured: Rs. 1 crore each
Provident Fund:

Combined balance: Rs. 25 lakhs
With this strong financial base, let’s assess how to align your assets and investments towards your retirement goal.

Setting Clear Retirement Goals
Your goal is to retire at 50, with a steady monthly income of Rs. 1.5-2 lakhs. To achieve this, we need to:

Estimate Retirement Corpus:

We need to calculate how much you’ll need to generate Rs. 1.5-2 lakhs per month, considering inflation and longevity.
Optimize Current Investments:

Evaluate and adjust your current investments for growth and stability.
Increase Investment Contributions:

Plan to increase your savings and investments to meet the desired retirement corpus.
Estimating Your Retirement Corpus
Assuming you need Rs. 1.5-2 lakhs per month in today’s terms, we must account for inflation. Typically, a 6-7% annual inflation rate is reasonable for long-term planning.

Inflation-Adjusted Income:

Rs. 1.5 lakhs today will be much higher in 15 years due to inflation. For example, at 6% inflation, Rs. 1.5 lakhs will be around Rs. 3.6 lakhs in 15 years.
Corpus Calculation:

To generate Rs. 3.6 lakhs per month, you need a substantial retirement corpus. Typically, using a safe withdrawal rate of 4-5%, you’ll need a corpus of approximately Rs. 9-10 crores.
Optimizing Your Current Investments
To build this corpus, let’s review and optimize your existing investments and strategies.

Paying Off the Home Loan
Low-Interest Priority:

Your home loan of Rs. 15 lakhs with an EMI of Rs. 15,000 is manageable. If the interest rate is low, continue paying the EMI. Use surplus funds for higher growth investments rather than prepaying the loan.
Focus on Higher Returns:

Redirecting extra money towards investments with higher returns than your loan’s interest rate can be more beneficial.
Leveraging PPF Accounts
Consistent Contributions:

You plan to invest Rs. 25,000 per month in PPF. This provides safe, tax-free returns, which is great for a portion of your portfolio. Continue these contributions for stability and security.
Long-Term Growth:

PPF’s tax-free nature and stable returns make it a strong long-term investment. It’s perfect for balancing your riskier investments.
Enhancing Mutual Fund Investments
Review Lump Sum Investments:

Your Rs. 2 lakhs and Rs. 3 lakhs in mutual funds need reviewing. Ensure these funds are aligned with your risk tolerance and goals. Prefer funds with a good track record of consistent returns.
Increase SIPs:

You currently invest Rs. 10,000 monthly in SIPs. To meet your retirement goals, consider increasing your SIPs gradually. Target Rs. 20,000-30,000 monthly as your income allows.
Focus on Growth:

Prioritize equity mutual funds for higher returns, balanced with some debt funds for stability. Actively managed funds can outperform index funds, providing better growth potential.
Fixed Deposits and Emergency Fund
Emergency Fund:

Your Rs. 5 lakhs emergency fund is excellent. It’s crucial to keep this liquid and accessible. This provides security and peace of mind.
Reassess Fixed Deposits:

With Rs. 20 lakhs in FDs, you have stability, but returns may be lower. Consider reallocating a portion to higher-yielding investments, keeping some for short-term needs and safety.
NPS Contributions
Tax Benefits:

Your annual Rs. 50,000 each in NPS is beneficial for tax savings and retirement planning. Continue these contributions for long-term retirement benefits.
Growth Potential:

NPS offers good growth with a mix of equity and debt. It’s a great supplement to your retirement corpus, providing steady growth and tax benefits.
Investment Strategy to Achieve Retirement Goals
To retire comfortably by 50, focus on growing your wealth while managing risks. Here’s a strategic plan:

Maximize Equity Exposure:

At your age, focus on equity investments for higher growth. Increase your SIPs in equity mutual funds and ensure a diversified portfolio.
Rebalance Periodically:

Regularly review and rebalance your portfolio to stay aligned with your goals. Adjust allocations based on market conditions and your risk tolerance.
Leverage Professional Management:

Actively managed funds can provide higher returns through expert stock selection and management. Consider funds with good track records and professional managers.
Increase Contributions Over Time:

As your income grows, gradually increase your SIPs and other investments. Aim to invest a larger portion of your salary towards your retirement corpus.
Utilize Tax-Efficient Investments:

Maximize contributions to PPF and NPS for tax savings. Also, consider tax-efficient mutual funds and equity investments.
Diversify Across Asset Classes:

Balance your portfolio with a mix of equities, debt, and safe instruments like PPF and FDs. Diversification reduces risk and enhances returns.
Managing Risks and Ensuring Stability
Risk management is crucial in your journey towards early retirement. Here’s how you can mitigate risks while pursuing your goals:

Adequate Insurance Coverage:

Your term plans of Rs. 1 crore each provide a safety net for your family. Ensure you have adequate health insurance to cover medical emergencies.
Emergency Fund Maintenance:

Keep your Rs. 5 lakhs emergency fund intact. This protects against unexpected expenses without disturbing your investments.
Regular Financial Check-Ups:

Periodically review your financial plan and investments. This helps in adapting to changing circumstances and staying on track.
Plan for Inflation:

Consider the impact of inflation on your retirement needs. Ensure your investments grow faster than inflation to maintain purchasing power.
Building a Sustainable Retirement Plan
Creating a sustainable retirement plan involves both growing your corpus and planning for a stable income post-retirement. Here’s how:

Target a Diversified Corpus:

Aim for a retirement corpus that includes a mix of equity, debt, and fixed-income investments. This provides growth and stability.
Consider Systematic Withdrawal Plans:

Post-retirement, consider using Systematic Withdrawal Plans (SWPs) from mutual funds to generate a steady income. This allows you to withdraw money systematically while keeping your capital invested and growing.
Explore Annuity Options:

Though not the focus, evaluate annuities for a portion of your retirement corpus for guaranteed income. They provide stability and reduce the risk of outliving your savings.
Maintain a Balance Between Safety and Growth:

As you approach retirement, gradually shift to safer investments to protect your corpus while keeping some exposure to growth assets.
Final Insights
Your goal to retire at 50 with a monthly income of Rs. 1.5-2 lakhs is ambitious but achievable. Here’s a summary of how to work towards it:

Focus on Equity for Growth:

Increase your equity investments through SIPs and lump-sum mutual fund investments. This provides the growth needed to build a large corpus.
Maintain Diversification and Stability:

Balance your portfolio with PPF, FDs, and NPS for stability and tax benefits. Keep your emergency fund intact for security.
Increase Investments Over Time:

Gradually increase your investment contributions as your income grows. This accelerates your wealth-building process.
Leverage Professional Management:

Utilize actively managed mutual funds and the expertise of Certified Financial Planners. They help in optimizing your investments and staying on track.
Regularly Review and Rebalance:

Periodically review your financial plan and investments. Rebalance your portfolio to stay aligned with your goals and risk tolerance.
Starting early and maintaining a disciplined approach will lead you to a comfortable and financially secure retirement at 50. Your proactive steps today will pave the way for a fulfilling and worry-free future.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: Absolutely understand your concerns. You have a good income and valuable assets, but you also have significant financial goals. Let's plan to achieve Rs. 5 crores in 8 years and ensure a comfortable retirement by 65.

Evaluating Current Financial Position
Firstly, let's assess your current financial position. Your monthly income is Rs. 2.5 lakhs with variable pay. Your CTC is Rs. 65 lakhs per annum, including company stocks. You own two flats worth Rs. 1.8 crores, one land worth Rs. 9 lakhs, and ancestral land worth Rs. 45 lakhs. Your company stocks are worth Rs. 20 to 30 lakhs. You have a PPF balance of Rs. 30 lakhs.

Your liabilities include an Rs. 80 lakh home loan and an Rs. 2 lakh personal loan, which will conclude in three months. Your monthly expenses, including EMIs, are Rs. 2 lakhs. Your child’s education costs Rs. 2-3 lakhs per year.

Setting Financial Goals
Your primary goals are:

Accumulating Rs. 5 crores in liquid money in 8 years.
Planning for retirement by age 65.
Assessing Income and Expenses
Your monthly income after tax is Rs. 2.5 lakhs. Monthly expenses are Rs. 2 lakhs, leaving you with Rs. 50,000 for savings and investments. Once the personal loan concludes in three months, you will have an additional Rs. 2 lakhs monthly for savings and investments.

Debt Management
First, prioritize managing your home loan. The personal loan will conclude soon, which is good. Continue paying your home loan EMIs on time. Consider prepaying part of the home loan if you receive bonuses or variable pay. This will reduce your interest burden.

Savings and Investments
To achieve your goals, you need a disciplined approach to savings and investments. Here's how you can plan:

Short-term Goal: Accumulating Rs. 5 Crores in 8 Years
Monthly Savings Required:

You need to save and invest a significant amount monthly.
With your additional Rs. 2 lakhs available after the personal loan conclusion, start saving Rs. 2.5 lakhs monthly.
Consider investing in mutual funds. Actively managed funds through a Certified Financial Planner (CFP) can provide better returns than direct funds.
SIPs (Systematic Investment Plans) are a good way to invest consistently.
Investment Options:

Mutual Funds: Diversified equity funds, balanced funds, and debt funds can provide a balanced portfolio.
PPF: Continue investing in PPF. It offers tax benefits and secure returns.
Stocks: Continue holding company stocks. Monitor their performance and consult your CFP for advice.
Long-term Goal: Retirement Planning
Evaluate Retirement Needs:

Estimate your post-retirement expenses considering inflation.
Consider healthcare, lifestyle, and any other retirement goals.
Current Assets and Investments:

Your flats, land, and ancestral property are valuable assets.
Ensure they are well-maintained and consider rental income from flats if not already done.
Retirement Corpus:

Aim to build a retirement corpus that supports your post-retirement lifestyle.
Consult your CFP to estimate the required corpus.
Invest in Mutual Funds:

Long-term investments in mutual funds can help grow your retirement corpus.
Focus on equity funds for higher returns over a long period.
PPF and EPF:

Continue contributing to PPF.
If you have an EPF (Employees’ Provident Fund), continue your contributions.
Child's Education Planning
Your child’s education costs Rs. 2-3 lakhs per year. Consider creating a dedicated education fund.

Education Savings:

Allocate a part of your monthly savings towards this fund.
Consider child education plans or mutual funds specifically designed for education savings.
Invest in Sukanya Samriddhi Yojana (SSY):

If you have a daughter, SSY offers attractive returns and tax benefits.
This can be a part of your education savings strategy.
Diversifying Investments
Diversification is key to managing risk and maximizing returns. Here's how you can diversify your portfolio:

Mutual Funds:

Invest in a mix of equity, debt, and balanced funds.
Regularly review and rebalance your portfolio with your CFP.
PPF and EPF:

Continue contributions for secure, long-term growth.
Company Stocks:

Hold and monitor their performance.
Consider selling a part if they appreciate significantly and reinvest in diversified funds.
Real Estate:

Your flats and land are valuable assets.
Consider rental income and long-term appreciation.
Building an Emergency Fund
An emergency fund is crucial for financial security. Allocate a part of your savings to build a fund covering 6-12 months of expenses. This fund will help manage unexpected expenses without disturbing your investment goals.

Insurance Coverage
Ensure you have adequate insurance coverage. Here's what to consider:

Life Insurance:

Adequate coverage to support your family in your absence.
Term insurance is recommended for higher coverage at lower premiums.
Health Insurance:

Comprehensive health insurance for your family.
Consider a top-up plan for additional coverage.
Critical Illness and Disability Insurance:

Coverage for critical illnesses and disability.
This ensures financial support in case of severe health issues.
Monitoring and Reviewing Your Plan
Regularly monitor and review your financial plan. Here's how:

Quarterly Reviews:

Review your investments, expenses, and savings every quarter.
Make adjustments as needed.
Annual Reviews:

Conduct a detailed annual review with your CFP.
Assess your progress towards goals and make necessary changes.
Adjusting for Life Changes:

Adjust your plan for any major life changes, like job change, additional income, or change in expenses.
Maintaining Financial Discipline
Financial discipline is key to achieving your goals. Stick to your budget, avoid unnecessary expenses, and focus on your savings and investment plan. Here are some tips:

Automate Savings:

Automate your savings and investments.
This ensures consistency and reduces the temptation to spend.
Budgeting:

Maintain a monthly budget.
Track your expenses and identify areas to cut back.
Avoid Debt:

Avoid taking on new debt.
Focus on repaying existing loans and maintaining a debt-free lifestyle.
Final Insights
You have a solid foundation with a good income, valuable assets, and a disciplined approach to savings. Achieving Rs. 5 crores in liquid money in 8 years and planning for a comfortable retirement is possible with strategic planning and disciplined execution. Focus on prioritizing debt repayment, diversifying investments, and maintaining financial discipline. Regularly review and adjust your plan to stay on track towards your financial goals.

Start implementing these steps immediately. Track your progress, adjust your plan as needed, and stay committed. Financial freedom is achievable with determination and smart planning.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: Your financial portfolio is robust, with a mix of fixed income, equity, real estate, and insurance. Given your current lifestyle, dependents, and specific needs, a detailed evaluation is necessary. The goal is to ensure your family’s financial security while sustaining your lifestyle after retirement.

Assessing Your Current Financial Status
PPF and EPF/Superannuation: Rs 60 lakhs in PPF and Rs 80 lakhs in EPF provide a stable foundation.

CSGL Investments: Rs 66 lakhs adds significant fixed-income security.

Real Estate Rental Income: Rs 39,000 monthly rent is a steady and inflation-linked source of income.

Equity Portfolio: Rs 1.9 crores in equities ensures long-term growth potential.

Mutual Fund Investments: Rs 5 lakhs offers diversification, though the amount is currently modest.

FDR in Wife’s Name: Rs 50 lakhs ensures a safety cushion for emergencies.

Medical Insurance: A Rs 50 lakh cover is commendable and provides robust health security.

Key Observations and Challenges
Current Expenses: Rs 94,000 monthly is significant, but it aligns with your income.

Retirement Income Gaps: Post-retirement income from pension (Rs 4,500) and LIC (Rs 3 lakhs annually) seems inadequate.

Inflation Impact: Current expenses will rise over time due to inflation. Adjusting for this is essential.

Autistic Daughter’s Needs: Planning for your daughter’s long-term care and security is critical.

Steps to Ensure Financial Sustainability
1. Build a Sustainable Withdrawal Plan
Corpus Utilisation: Use the PPF, EPF, and CSGL corpus strategically to generate monthly income.

Systematic Withdrawal Plan (SWP): Set up an SWP from your equity and mutual fund investments. Withdraw a fixed amount monthly to supplement income.

Segregate Corpus for Short and Long-Term Goals: Allocate funds for immediate needs, medium-term needs, and your daughter’s long-term security.

2. Increase Equity and Mutual Fund Exposure
Expand Equity Investments: Allocate a portion of your fixed deposits and PPF maturity to equity mutual funds for inflation-beating returns.

Balanced Funds for Safety: Invest in balanced or hybrid funds to reduce risk while achieving moderate growth.

Active Fund Management: Work with a Certified Financial Planner to choose funds that outperform passive investments over the long term.

3. Create a Contingency Reserve
Emergency Fund: Maintain at least 12 months' expenses (approx. Rs 12 lakhs) in a liquid fund or FDR. This ensures liquidity during emergencies.

Insurance Cover: Consider a family floater top-up plan or critical illness cover to address rising healthcare costs.

4. Plan for Your Daughter’s Long-Term Security
Trust Creation: Create a trust or a will for your daughter to manage funds for her lifetime security.

Designate Beneficiaries: Clearly define your daughter as a nominee in your investments and insurance policies.

Systematic Allocation: Set aside a fixed corpus in safer instruments, such as debt mutual funds or bonds, dedicated to her needs.

5. Optimise Tax Efficiency
Tax on Withdrawals: Be aware of tax implications on mutual fund SWP and other investments. Plan withdrawals to minimise tax outgo.

Rebalance Portfolio: Shift investments into tax-efficient instruments like equity mutual funds, which have a lower long-term tax rate.

Rent and Capital Gains: Declare rental income and manage gains on real estate sales strategically to stay tax compliant.

6. Utilise Insurance and Pension Benefits Wisely
LIC Policies: Rs 3 lakhs annually is a valuable income source. Invest this further if not needed for immediate use.

Pension Maximisation: Explore ways to increase pension contributions until retirement, if possible.

Health Insurance Costs: The reduction in premiums post-65 will ease your cash flow.

Financial Projections Post Retirement
Annual Expenses at 60: Adjust current expenses for inflation. At 6% inflation, Rs 94,000 will become Rs 1.25 lakhs monthly by 60.

Expected Income at 60: Add rental income (Rs 39,000), LIC (Rs 25,000 per month), and pension (Rs 4,500).

Gap Coverage: Supplement the shortfall through SWP from your existing corpus.

Long-Term Growth: Allow your equity investments to grow untouched for the first 5-7 years post-retirement to accumulate wealth.

Final Insights
Your current portfolio is impressive and provides a strong financial foundation. However, aligning your investments with future goals and inflation is critical. Structured withdrawal plans, increased equity exposure, and efficient tax management are essential. Focus on securing your daughter’s financial future through dedicated funds and legal instruments like trusts or wills. Regular reviews with a Certified Financial Planner will ensure you stay on track.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment

Ans: Hi,

You are doing well but the allocation is entirely of no use. Let us have a detailed look:
1. 4 BHK where you are currently living - good but you will never sell it. So cannot consider in your future requirement.
2. 3 apartments - values at 90 lakhs cumulative. Good but real estate is highly illiquid. It would be wise to sell one or 2 of these and move these funds to liquid assets like mutual funds to fund your retirement after 50.
3. Current MF - 1.9 lakhs and 2.2 lakhs - total 4.2 lakhs. Insufficient comapred to your goal of retiring after 7 years. You should do some serious investments in these so as to build a good retirement fund for you.
4. You have LIC of sum assured 25 lakhs and 8 lakhs - not at all recommended as every LIC gives an annual return of only 4-5% yearly over a long time and this doesn't even beat FD interest or inflation. Surrender these if you can and again-go for good return generating assets.
5. Term Plan - 25 lakhs. Good but insufficient for you.
6. 57 lakhs in PPF, EPF, SSY and NPS. Hold it. But try and reduce your contribution to bare minimum in SSY and PPF as these generate a very low return for you to meet your goals.

Your requirements - Daughter's Education (need minimum 20 lakhs in today's value); Future Health (minimum requirement 25 lakhs); Your retirement after 7 years.

Current expenses - 70k monthly
Invest remaining 1 lakhs in equity mutual funds giving an annual return of 14-15% for you to meet your goals.
Liquidate 2 flats and redirect that fund to MFs.

Please work with a professional to draft a financial plan for you.

Hence consult a professional Certified Financial Planner - a CFP who can guide you with exact funds to invest in keeping in mind your age, requirements, financial goals and risk profile. A CFP periodically reviews your portfolio and suggest any amendments to be made, if required.

Let me know if you need more help.

Best Regards,
Reetika Sharma, Certified Financial Planner
https://www.instagram.com/cfpreetika/