First, nice to know that you are preparing youself at the right time for your future. Age is on your side and you can plan great things from here.
Now coming to your financial plan, please read below mentioned points carefully.
Term insurance:
You must get atleast insurance with sum assured 10 times yearly salary + all pending liabilities (personal/home loan etc). You can buy this when you are of 30 years. As most of the policies have a maximum period of 30 years, buying at 30 will make sure you are atleast covered till 60 years age. A person has most of the liabilities since this age only, as after that kids become independent.
You should get atleast a cover of 1.5 to 2 crore as per your profile.
Get either ICICI iProtect online insurance or LIC Amulya Jeevan. If you are really a LIC fan, wait for some more time as they are coming up with cheaper online term insurance soon.
Medical Insurance:
When you get married, buy a family floater medical insurance immediately with good sum assured (more than 5 lakhs would be good). Companies like Apollo Munich and Max Bupa have good policies, which even cover maternity expenses too, but after a period.
Even if your employer has provided medical insurance, get one yourself too as company policy lapses the day you leave them.
As soon you have child, add them in floater policy too.
Also please get Critical illness rider added in medical insurance too. This will make sure you get a fixed sum (apart from medical expenses) in case of some major illness like cancer, heart problem, tumor etc.
Home Insurance:
As you will own your house in next few years, it will be advisable to cover your home against natural calamities and some disasters. This will make sure that you get an amount to re-construct your home after any incident.
Also you must get insurance for all household items like furniture, electrical/electronics appliances, jewelry etc against theft, mechanical or electrical breakdown.
Personal Accident insurance:
This will give you cover against an accident which causes permanent/temporary partial or fully disability. Term insurance, Medical insurance, Critical illness riders will fail to pay you anything here.
Emergency fund:
Anytime there cane be a need of some emergency amount. So I would advise you to keep at-least 2-3 lacs (depending on your location and life style) in liquid assets. If needed, you should be able to withdraw these fund on a very short notice like in a day or two. It may not generate great returns, but amount should be pretty safe and quickly withdraw-able.
For this requirement, I would advise either liquid mutual funds or a savings account with auto sweep facility. These may generate 6-8% returns depending on the period for which amount remains invested.
This amount should not be touched unless there is an real emergency situation.
Once you have all insurances mentioned above, you and your family will be covered against most of the disasters in life.
Liabilities:
If you are paying more interest on any loan than what you can earn on your investments, first try to clear that loan.
Clear your credit card and personal loan outstanding asap as it has highest interest rates. Please remember to pay whole credit card due amount every month to avoid hight interest payment.
Prepay home loan when you have additional income like bonus etc.
Short term goals:
Builder payments, buying car, marriage expense, honeymoon travel cost are short term money requirements which will come up in next 3-4 years. You should start saving for these right now. Your focus should be more on short term debt based investment rather than equity or any investment with long term lock-in.
You will also need to prepare for rise in monthly expenses once you are married as expenses will increase substantially after this.
Estimate expenses in next 3-4 years for all these and start building a corpus for same by investing into Fixed maturity plan(FMP) mutual funds and bank fixed deposits.
Long term goals:
Children education, their marriage and your retirement are some of the long term goals. Once you free from your short term goals (saved enough towards that), you can start playing long term game.
For long term, a mix of equity, debt and some part of gold fund may be good approach.
In the initial years, you should invest more into equities as risk appetite is more. As you grow older, children education expenses and other family expenses will rise and your risk taking capability will go down, so you should then start putting less into equities and more into debt based funds.
You can start with 75:20:5 ratio in equity, debt and gold based funds. After age of 35 years, you can start reducing equity portion with 2-3% per year so that by 55 your ratio is around 20:80.
For debt/safe portions: you should go with EPF, PPF and NPS (New Pension System)-G/C class.
For equity portion: Diversified equity mutual fund SIP and NPS (E class) are good options. You can read more about some of the best funds here: Best equity mutual funds
Tax saving:
Term insurance, medical insurance, EPF, PPF, NPS will also help you in tax saving once direct tax code is applied from next financial year.
I would not recommend to invest in long term infra bonds to save income tax. As they have less interest and lock-in period is huge. Plus gains are taxable too. As you have loans and other liabilities to fulfill, I would rather advice to prepay loans from this money.
One personal advice: Plan for 1-2 small and one long trip every year, this make sure that energy and fun are back in life. I myself have worked for more than 8 years in software development and know how important is to get a break in life!
Having said all this, please do your own research as well, before following the above plan. As all financial websites say: We are not liable for any financial or any other kind of loss :)
We would also advise you to consult a certified financial planner in details. He may charge you some fees, but will take care of all your queries and give you confidence.
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