How can I increase my wealth?

My annual income is Rs 24 lakh and I am a long-term investor. I am investing Rs 3,000 per month in each of the following five mutual funds via SIP:

ICICI Prudential Focused Bluechip Equity Fund - Growth
ICICI Prudential Value Discovery Fund - Growth
ICICI Prudential Top 100 Fund - Growth
ICICI Prudential Dynamic Plan - Growth
ICICI Prudential Equity & Debt Fund - Growth

My insurance + investment plans:
ICICI Pru Life Time Classic - Rp SIP: Rs 10,000 per month
LIC policy: 12,000 per month
Bajaj Allianz Life Insurance: Rs 1,500 per month
Sum assured: Rs 7,20,000

Am I investing right? What else can I do to increase my wealth?
-- Pankaj Thorat

Deepesh Mehta, Founder, Grow Wealth, responds:

Your mutual funds portfolio is skewed towards one mutual fund company. You should invest across different fund houses to avoid concentration risk.

Also, your portfolio is very conservative. Given that your time horizon is very long, you should add midcap funds or large- and mid-cap funds to enhance the returns in the portfolio.

You are holding insurance-cum-investment plan under life insurance policies. You should avoid this. Take a term insurance and invest the rest of the money in mutual funds or PPF for better long-term returns.