How should I invest a lumpsum in mutual funds?

I am 30 years old. I am working. I got VRS option from my employer and received the settlement amount. I have two children. I have invested in two LIC policies for each child for their studies. I also have Jeevan Akshay policy. Now I have a remaining lumpsum and wish to invest. I am not willing to take risk. But at the same time I do not have any need of the money in the near future so wish to invest in the mutual funds. How should I invest a lumpsum in mutual funds? I am also ready to hear an advice on financial planning. Kindly advise.
--Dhivya Narayanan

Manish Saluja, a Certified Financial Planner, responds:

Considering your age of just 30 years, VRS option seems to be unjustified. Still, I would recommend investing the lumpsum amount in some good MIP or balanced mutual fund scheme. You should get in touch with a good financial planner for a proper financial planning advice.