Here's how you can achieve target of Rs 40 lakhs in 5 yrs

If he wants to invest Rs 20,000 per month and we expect around 12% annual return from his portfolio, so he can accumulate around Rs 16 lakh in five years. But his target is Rs 40 lakh and to achieve that he should invest a fixed amount of Rs 48,000 every month.
So, starting with Rs 20,000 every month now and if he wants to accumulate Rs 40 lakh, he should increase his investment amount on YoY basis. All the funds in the portfolio are good and the investor should continue with those funds as well as the insurance scheme.
As far as allocating Rs 20,000 is concerned, he should add Reliance Gold Saving Fund to his portfolio. He can invest Rs 4,000 in gold saving fund, Rs 8,000 in HDFC Top 200 Fund, Rs 3,000 can be invested in HDFC Equity Fund and Rs 5,000 in a midcap fund like IDFC Premier Equity Fund. So this way he can allocate his Rs 20,000.