what best options for investing lump sum amount of voluntary retirement benefit under current economics India?

Retired employees -in early forties- now jobless -needs to find another job. Under these conditions where they can invest to get good returns, safely and without having tax burden (they don’t have the benefit of Rs. 5,00,000 of tax exemption usually eligible for V.R.S employees
if PF account is closed, what are the options? which shares, Mutual funds gives good returns and are safe?

Please suggest on good LIC Pension plan based on my mentioned needs?

I am going to take pension plan from LIC. But confused which pension plan to take. Please suggest a good one based on my requirements below.
My age is 29 years. I would like to get pension from 50 years or at the worse 55 years. I would like to get pension on monthly basis rather than getting in lump sum amount. And anything between 30k to 50k rupees per month I would prefer to get as pension. I can pay premium either yearly or monthly but I prefer paying monthly. Anything between 8k to 12k per month I can pay. So please suggest the best pension plan from LIC. And will I get the same amount of pension throughout my life? (like constant 40k throughout my life?)

I went to LIC premium calculator page for New Jeevan Suraksha-I and entered the details as follows,
Deferement period: 20
Notional cash option: Rs. 30,00,000
Premium in Rs. Monthly : 10,419.00
So in this, after 20 years of premium payment I can get lump sum of Rs. 30,00,000 ?
If I choose monthly option, how much will I get for lifelong ?

Suppose in between say after 10 years I am not able to pay for few months due to financial problems, will I loose the plan or I can still continue it? Please explain this.

Thanks in advance.

National Pension scheme?

National pension scheme is a grate efforts of PFRDA, the complete information like benefits of scheme, returns after 60 years of age (Pension/ lump sum) and any other benefits should be clearly mentioned at PFRDA web side.

Is SIP mode of investment always better than lump sum investment?

Suppose I invest Rs2000 monthly in a mutual fund (growth option) for two years and someone else invests Rs48000 in the same fund at the same time I start investing. Who is going to have better return? I feel since NAV will generally increase with time, the second person gets more number of units since he buys at a cheaper rate and will get better return at the time of redemption (units bought at cheaper rate, sold at higher rate). Do you agree with this view?
Of course there may be small fluctuations in NAV but I think this is not too large to make SIP mode more profitable in the long run in a growing economy. I am confused about utility of SIP. What is your view?