Where should my mom invest for a monthly income?

My mom wanted to invest some money in mutual funds to get decent monthly returns. Please suggest some hybrid or debt plus equity balanced schemes.
--Tushar Dev

Gaurav Monga, Certified Financial Planner, responds:

For generating monthly income, it is recommended to create a portfolio between liquid, debt and equity schemes. The allocation will depend on the investment horizon, amount of monthly income required and investment surplus. Some part of the corpus can also be invested in dividend option of hybrid schemes like ICICI Prudential Balanced Advantage Fund. But entire dependence on this option is not recommended because of the risk involved and dividends are not fixed in nature. You can consult a financial advisor for creating a portfolio.