So you should invest only your long-term money in equity funds. I would recommend you to invest in Franklin India Prima Fund if you can extend your investment horizon for 5 years. First you need to sit and work out with the family how much they will need on a monthly basis. Suppose they need Rs 20,000 a month and are receiving Rs 12,000 as pension, we need to provide for the remaining Rs 8,000 only. So they need to invest around Rs 13 lakh in fixed deposit, which will give them around Rs 8,000 a month.

Source: Economic Times September 12, 2016 10:53 UTC