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Monthly Income Plan
A Monthly Income Plan (MIP) is a mutual fund that invests about 80% money in debt and the rest in equity. There is nothing 'monthly income'ish about a Monthly Income Plan.
That said, the MIP is an extremely useful product in the portfolio of a retiree. It gives her a relatively safe investment avenue, since 80% of the money is in debt. The 20% in equity ensures that the long term returns beat inflation, so that the retiree does not find her purchasing power getting eroded by the 25-odd years of retired life that she has to live. By choosing the dividend option, the retiree can make sure the money is received on a monthly basis, just like a pension.