As per theory on Prudence Financial Management, One can invest 100-Age(%) (75%) in high risk securities. However, it depends upon the personal wealth and financial situation at the time of investing. Further, to avoid high risk , One can look for mutual funds (Preferably thru SIPs) as it is managed by Professional Fund Manager. Outlook should be of more than 10 years.
As regards, Insurance, It seems your family is depending upon you. It is better to have term insurance ( Minimum 10 times of your Annual earnings) to take care of your dependents in case of any unfortunate event. At your age, you will get quite competitive premium rates.
You should list down your life events in order of its occurance (Marriage/Child Education/Child Higher education etc.) along with financial requirement and see when you want money and how much, prepare your financial plan (liquidity factor) accordingly.
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