Investment Plan

You'll be scammed by LIC agents selling ULIPs.

Short answer is FD at any bank.

If you come back with "i want best returns" then please work backwards. Why do i want the monthly income. What are my uses of the money. Will I still be working and need small amount of regular money.

If you want your money to grow, you have to lock in your money for longer periods into equity/MFs to gain the benefit.