Almost every person opts for travel insurance to safeguard themselves against unexpected events. Since you are going on vacation for 1 month, it's important for you to have travel insurance for your protections. Travel insurance safeguards your finances throughout your journeys. Travel insurance gives you:

Medical coverage in case of medical emergencies, trip cancellation protection, helping you in lost or delayed luggage situations, and many more.

If you don't need cash immediately, then it's better to put all the money in mutual funds. Trust me, it's a wise decision. For stable and steady growth, you could consider a balanced fund or a large-cap fund. The risk factor is very low in these types of mutual funds. 
If you want flexibility, you can transfer this money to your savings account to earn the interest, or you could just put in a short-term fixed deposit.