Any Saving/Investment plans from our IL

Not familiar with indian laws. But first try to maximize all the tax sheltered investments. If direct payroll deduction options are available, avail of that.
Then, have two accounts, one for each salary and try to live assuming there is only one salary. This is what we do. Don't tap into other account unless buying a house or property. If with kids, buy gold annually in the name of kids. Converting money into non-liquid investments will prevent from money getting spent.

 

The max limit deposit is 1.5 Lakhs, you can invest as per your wish in one financial year (April to March next year). as you have mentioned 500K which means 50 Lakhs, no you can't.

 

Dear
Some members suggested RD to start with, FD/RD are taxable at source. It will be wise as suggested one member to open RD for year & than deposit that matured amount in PPF to maximize profit. LIC only if you are not covered by your company. Keep in mind your future requirement & invest/Save accordingly. I myself was reaning good for 15 years, & very keen on saving without curtailing our moderate life style.