Have I selected good funds to invest?

I am a 30-year-old professional. I just started four SIPS in four mutual fund schemes:
1. Franklin India Smaller Companies Fund G
2. Mirae Asset Emerging Bluechip Fund G
3. Relaince Smallcap Fund G
4. SBI Bluechip Fund G

I am investing Rs 1,000 in each scheme. I am going to invest for 5 to 10 years. Can you tell me whether these funds are good?
I have been investing in LIC also. I have taken three life insurance policies from LIC 6 years ago and the policy term is 20 years.
--Sanjeev Kumar

Neeraj Chauhan, CEO, The Financial Mall, responds:

All funds are good, but three out of four funds are in small and midcap category and it makes your portfolio very risky. Second, work with real numbers to ensure that your SIP amount would be sufficient to meet goals. I would ask you to replace two midcap funds with multi-cap funds like Kotak Opportunity and L&T India value. I can't comment on your LIC policies as details are insufficient.

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