Children education/marriage corpus

I have heard many people talk of wanting to plan for their children's marriage and/or education fund.
The simplest option is:

• Get a term insurance (in case of any casualty, your family and child will not suffer)
• Invest in a good MF (either of equity large/diversified/index or sector funds) for long term (80%)
• Invest in good Debt MF (Long Term/Short Term/Gilt/MIP) (20%)

There are folks who would rather want a risk free investment.
For them the plan would be

• Get a term insurance (in case of any casualty, your family and child will not suffer)
• Open a PPF account and invest 1.5L yearly
• Open a Sukanya Samriddhi account (in case of a girl child) and invest 1.5L yearly
• Invest in good Debt MF (Long Term/Short Term/Gilt/MIP 
• NSC
• 10 year cash certificates and zero coupon bonds
• FD

Whatever you may plan, don't procrastinate.

If you have better options, would love to hear them out.