Where should I invest for an income of Rs 1 lakh after five years?

If I want a monthly income of Rs 1 lakh after five years, how much do I need to invest? Which is the best investment option? Which is the safest investment?
-- Alka Chaturvedi

Shweta Jain, founder, Investography, responds:

If you want absolute safety, you should invest in debt mutual funds. To get an income of Rs 1 lakh monthly after five years, without accounting for inflation,she would need a corpus of 1.2 crore. Accounting for an inflation of five per cent, you would need a corpus Rs 1.75 crore, assuming a post-tax return of 8 per cent per annum. You need to have this money in five years. If there is a shortage today, you need to put together an investment plan to create the corpus. You can invest in IDFC Credit Risk fund and Franklin India Ultra Short Bond fund and withdraw money through a Systematic Withdrawal Plan plan after five years.