Can I invest life savings of Rs 60 lakh in mutual funds?

I am an NRI. I have savings of Rs 60 lakh. I am looking to return to India for good. I am 32 years old and I am planning to retire in seven years. Is it a wise idea to invest the life savings of Rs 60 lakh in mutual funds and live off the returns once I hit 40? I do have an additional passive income of Rs 80,000 per month coming in as rental income.
--Anitha Karthik

Shweta Jain, founder & CEO, Investography, responds:

Yes, you can invest in mutual funds to generate regular income, and to grow your wealth. You need retirement planning and you also need a customised solution according to your risk appetite. I wouldn't recommend schemes here as I think that would be irresponsible to make recommendations without understanding more about you.