RESCHEDULING OF FINANCIALLY SAVINGS AND INVESTMENT TO ACHIEVE GOALS.

Following are some of the assumption taken by us:

1. Your age is around 49-50 years and you have still around 11 years more in service.
2. After retirement you will get a good amount of monthly pension, which will be sufficient to cover your current lifestyle expenditure atleast 70-80%.
3. You and your spouse are already covered under Central Government Health Scheme, so there is no risk on health expenses side.
4. You don't have any liabilities like home loan, auto loan, personal loan etc.
5. Apart from GPF funds, you don't have any other substantial savings like fixed deposits, savings bank deposit etc.

Both HDFC and LIC insurance taken by you are not the best decision taken from point of view of your near term goals. Market is not good at this point and your investment in HDFC UlIP might not be showing a good performance as of now. Within next 2-3 years when market recovers and your fund value is positive and whenever the policy payment period ends (generally 3-5 years), stop making payment and try to exit these policies.

For risk coverage perspective, you should buy a term insurance policy immediately. Get policy with sum assured around ten times your yearly income, with maximum possible term. An ICICI iProtect policy for 50 lacs sum assured for 25 years term would come for around 22-23000 per year.

We have divided your strategy based on your two cases below:

If GPF is withdraw-able at your will : If you can take out amount from GPF on your son and daughter's marriage then continue investing 30,000 per month that you are investing. At the end of next two year, GPF amount would increase to around 15 lacs (considering monthly investment of 30,000 and interest @ 8.5%), you can withdraw 10 lacs from there for son's marriage. In next 3 years, this amount would increase to around 18 lacs and you may again withdraw 15 lacs for daughter's marriage. Rest 10,000 per month you should invest in a mix of equity, debt and gold based SIP investments in 40:50:10 ratio. Reduce equity portion by 4% per year and increase debt one by this as age grows.

If GPF is not withdraw-able at your will : Without considering GPF amount, With 10,000 monthly investment as of now, in next two year its unrealistic to accumulate 10 lacs for your son's marriage and 15L in 5 years for daughter's marriage. So you would have to reduce GPF monthly investment amount to prepare yourself for next 2-5 years money need. Lets say if the GPF amount is reduced by 20,000, then you would have 30,000 per month to invest for short term goals.
As you cannot take risk with this amount, Whole of this amount should be invested into fixed maturity plan mutual funds and bank fixed deposits, so that after two years you get a 7-8% return after taxes.

Feel free to ask more questions in case you have some doubts.

Disclaimer: Having said all these, above suggestions are just a small advise based on our experiences. These advises have been provided based on information you provided. There may be some more assumptions which needs to be taken. So you may think about these.
We would still advise you to consult a professional certified financial planner (CFP) in case you have even some doubt.