Balanced Fund Taxed at Par with an Equity MF
The best strategy which you can adopt is investing in a balanced mutual fund, which invests minimum of 65% in equity and remaining 35% in debt. With SWP (Systematic Withdrawal Plan) strategy, you can withdraw a monthly amount
SIP is just a facility to invest in MFs wherein a monthly fixed amount is invested on any particular date every month. Alternatively, you can invest lump sum any amount, any time.
Secondly, you need to identify for what goal and for how long are you willing to stay invested. MFs offer various schemes