How can a retiree secure a regular income?

I am a 59-year-old retired person. I want to invest a lumpsum of Rs 10 lakh to generate better returns than bank fixed deposits. I need a regular monthly income. I have no other income.
--Aniruddha Ghosh

Vishal Dhawan, certified financial planner, founder and CEO, Plan Ahead Wealth Advisors, responds:

You may consider investing in Senior Citizen Savings Scheme (SCSS) to generate a regular income. SCSS pays a fixed interest on a quarterly basis. This makes the scheme better than bank fixed deposits. You may also consider to start an SWP in a short duration debt mutual fund to withdraw a fixed amount periodically. You should also consider investing around 20 per cent of your corpus in a diversified equity fund. This will help your portfolio to keep pace with inflation. You may start a Systematic Transfer Plan to invest the money in a diversified equity mutual fund.