Where should I invest for my retirement?

I am 28 years old and unmarried. I have a term insurance (ICICI Prudential Life Insurance of Rs 50 lakh with accidental benefit of Rs 50 lakh), two LIC policies (one is 14 table with a quarterly premium of Rs 1,630 for 16 years and the other one is Jeevan Anand with a quarterly premium of Rs 1,830 for 16 years), one IDBI Federal Life insurance policy (20 years tenure, 15 years to be paid, quarterly premium of Rs 3,350).

I have recently invested Rs 5,000 (one time investment) each in Birla Sun Life Floating Rate Fund - Long term plan (G) and ICICI Prudential MIP 25 (G) for one to three years. I have also started a monthly SIP of Rs 1,000 in SBI Bluechip Fund - Reg (G). I want to invest Rs 1,000 every month via SIP for my retirement. Please suggest.

--Raju Kalita

Chirag Gokani, founder, WealthWiz Advisors, responds:

Currently, all your investments are in the form of insurance which are low yielding as it is meant to give protection. Also, mutual fund schemes chosen by you are debt and hybrid debt funds. Only the SIP started by you is in an equity fund. You need to invest more in equity funds, as you are young and have no major financial responsibility of family.

I would suggest you to invest in a multicap fund. You can choose any good multi cap fund with good performance track record.

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