Lots of options but depends on the kitty amount and returns expected for regular income along with yearly inflation
1. Post office MIS..
2 Gsec 10/15/20 years..this will be readily available directly to retail investors
3 NCD/infra/tax free bonds from secondary market - only govt companies and SBI
4 Senior citizen FD from SBI
1.FD/NCD(secured) from NBFC(Mahindra/HDFC) short duration 2/3 years to be constantly renewed
2 Debt MF with quarterly SWP
3 Corporate FD- Godrej only - parsi baba dhoka nahi ape...!
I am not sure why people still ignoring good old deposits, fixed ones. You will be safe for more than anything. People at that age will want directly just that than anything. How much it is now even in some small bank ? Around 8% yearly maybe, good for me being 82 years old I think