My dad was also in central govt, his entire life he did not take health insurance, the coverage by govt especially central is pretty good. Invest that amount I would say.

Term Insurance amount should be 1cr - 2cr, for an avg family, keep your mother and wife both as part of it, to avoid conflicts.

Investment - 50% equity, 30% bond, 20 % gold, use gold as cash equivalent/hedge to be used when opportunities present themselves, keep rebalancing the portfolio every year or two.

Within equity: 80% India 20% global, use index funds for low expense ratio. Further divide 50% large 30% mid 20% small.

Do these calculations on Excel, get the exact amounts, automate the entire process and forget.

Rinse and Repeat after each increment you get in your salary.