Have I selected the right schemes for SIPs considering my age

The schemes you have selected for your SIPs are from diversified equity fund and mid & small cap categories, ideally suited to investors with high to very high risk taking capacity. You are 63 years old and therefore you should first analyze if you can or should take this much of risk?

Out of the 5 funds, you should consider changing the two funds - AXIS Mid Cap and IDFC Premier Equity Fund. Both the funds are not performing well.

Both the funds are now has only 2 Stars rating from Value Research. CRISIL has also given these two funds the lowest Ranking i.e. CRISIL Rank-5 which means 'Relatively weak performance'.

Now, which fund to replace these two funds? If you want to continue with the same risk profile, then you can consider doing SIP in DSP BlackRock Micro cap Fund (Mid & Small Cap category) and Birla Sun Life Advantage Fund from Diversified Equity Fund category.

However, if you feel that you are taking higher risk by investing in the diversified equity funds or mid and small cap funds, then you can consider investing in balanced funds. Please check the top performing SIPs in balanced funds from here https://www.advisorkhoj.com/mutual-funds...

Hope the above helps.