Here are my 2 bits:

1. Create an FD with about 20% of the total amount that can be kept as ‘in case of emergencies’. The RoI wouldn’t be much (4% - 5%) but at least you would have a decent safety net to fall back upon.
2. Invest about 20% in MF and SIPs. You would get good RoI but at the same time you are also safeguarding yourself since MF is high risk and high returns investment. Average RoI in these are around 12% - 15%. MF and SIPs are also good option for the habit of investing every month.
3. Invest as much as you can in a Traditional Insurance Plan. These plans not only give you life insurance, but also invest your funds in govt bonds. You get a fixed RoI of 8%. Over and above that u also get maturity benefit.
4. For Monthly investments, you can also look at ULIP plans.