Is this type of investment justified?

I am investing Rs 10,000 in the following three funds via SIPs:
Kotak Tax Saver Fund – regular plan (G): Rs 3,000
Tata Mutual Fund: Rs 3,000
Reliance Mutual Fund: Rs 4,000
I have LIC Money Back Plan 20 years: Rs 6,000
I also have two MIPs:
HDFC Mutual Fund: Rs 1,70,000
Kotak Select Focus Fund: Rs 90,000
Please suggest if this type of investment is justified?
--Abhishek Dhawan

Vishal Ramaswamy, a mutual fund advisor, responds:

You are investing Rs 10,000 in equity funds, Rs 6,000 in LIC Money Back Plan, which is invariably in debt and the MIP plans are a combination of debt and equity. So if the returns are satisfactory, thus far as well as projected, then your investments are justified.