Like Ranjan, I too am against mixing investment with insurance. For insurance there are separate avenues avaialable. So, just for the sake of Insurance I would not recommend DWS Tax Saver.
Now, coming to your investments you seem to have too much exposure to SBI Mutual Fund. So, instead of Sbi magnum balanced fund you can consider DSPML Balanced Fund.
Discontinuing with HDFC Tax Saver may not be such a good idea. Even though the fund's performance has not been upto mark recently, you should that the Fund has always outperformed the Benchmark over longer periods which inspires confidence. And moreover, HDFC as a Fund House position themselves as "No Surprise Fund House" which explains their performance during Bull Market. It is when the market is Bearish or Sideways that the Funds of HDFC give better returns than thier peers.
Regarding your other choice of investments they are really good and to compliment these investments and balance your portfolio, I feel you should add a Large Cap Fund like Birla Sunlife Frontline Equity Fund or DSPML Top 100 Fund to your portfolio.
Regarding your choice for 2 more Diversified Funds to add to your Portfolio my choice for the same would among the following:-
Birla Sunlife Equity Fund
Fidelity Equity Fund
Reliance Growth Fund
HDFC top 200 fund
Best of luck.
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