Can I buy insurance, open a PPF account in the name of my 40-year-old specially-abled brother?

I have a 40-year-old specially-abled brother. He has no source of income. Can I open a PPF account in his name? Can I also save some money for him and buy insurance policies that might help in his old age?
Jayant R. Pai CFP and Head - Products, PPFAS Mutual Fund replies: A PPF account can be opened in his name, with your assistance. If he is unable to sign the form, you will require a Power of Attorney, authorising you to act on his behalf. The same procedure will apply in case of other investments too. You could make him a nominee in a few of your investments. This will help him in case you pre-decease him. You can buy a life insurance policy for your brother only if you have an 'insurable interest' in it. You must prove that the loss of your brother's life will affect you financially. You can make him a nominee for a new / existing non-term policy so that he can receive the maturity proceeds or the death benefit in due course

I am 44 and have a 6-year old daughter. I plan to work for the next 14-15 years. Which funds should I invest in for my child’s education and marriage and my retirement? I have a family floater policy of Rs 5 lakh, mutual fund investments worth a few lakhs and some FDs.
Vidya Bala, Co-Founder, PrimeInvestor.in replies: Your quantum of investment will depend on your surplus every month and a ballpark figure of how much you want for each goal. Use any online calculator to arrive at this figure with 4-5% inflation assumption. Since you already have some mutual funds, pick the ones that have been consistently performing well and make sure you allocate each fund to a specific goal. Go with a 60-75% allocation for your retirement and about 60-70% for your daughter. Use a combination of multi-cap, mid-cap and index funds for equity and some short duration funds and FDs for debt. Up your medical cover by at least 3 times.