Will these funds help me to make Rs 6 crore?

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I am 28 years old. I want to accumulate a corpse of Rs 6 crore. in a period of 22 years. I’m planning to start SIP in these funds:
Nifty Index Funds: Rs 4,000
Axis Small Cap Fund: Rs 3,000
PGIM Flexi Cap Fund: Rs 2,000

Will you please tell me if these funds are okay for my goal? If not, please suggest more suitable funds. I am also investing in a ULIP plan from the last three years – Rs 5,000 monthly.
I can manage to invest Rs 5,000 more every month.
–Kamal Garg

Assuming an annual return of 12%, you have to invest around Rs 46,300 every month to create a corpus of Rs 6 crore in 22 years. You plan to invest Rs 9,000. Even with the extra Rs 5,000 you are willing to invest, you are way below the target investments. It is not clear how you arrived at the target corpus. You have to work with real numbers to arrive at a realistic figure. You also need to tone down your expectations from your mutual fund investments. You can hope to get around 12% returns over a long period. Remember, this is based on historical data. As Indian market becomes more developed, it may offer lower returns.

We always recommend to our readers to choose their mutual funds based on their goals, investment horizon, and risk profile. You have not mentioned your risk profile. Therefore we will not be able to recommend any mutual fund category to you. If you are interested in growing wealth without too much risk, you may opt for large cap schemes. If you have a moderate risk profile, you may opt for flexi cap funds. Since you are new to mutual funds, we would not recommend risky categories like mid cap, small cap, sector schemes etc. These schemes can be extremely risky and volatile. New investors will not be able to deal with them. That is why these schemes are recommended to experienced investors who are ready to take extra risk and have a long investment horizon.

Best large cap funds to invest in 2022
Best flexi cap funds to invest in 2022

If you don’t understand the basics of mutual funds or investing, you should hire a mutual fund advisor. Gain knowledge and experience before handing your investments on your own.

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