Nisha-Considering the timeframe of around 15+ years, I suggest you to use equity mutual funds and PPF. You can chose one large cap fund like Franklin India Bluechip Fund, one small and mid cap fund like HDFC Midcap Opp Fund or Franklin India Prima Fund. Invest Rs.2,000 per month equally among these two funds. Invest Rs.1,000 into PPF. Stay away from any child insurance plans. Instead buy a term plan to the tune of around 15-20 times to protect the life risk (in your name if you are working or on your husband’s name).