Debt Instruments or FD - Use as Retirement plan?

Debt Instruments or FD - Use as Retirement plan?

Have heard many times the statement that -- "if you are a ling term investor with a horizon of 10+ years, you will reap benefits."
OR
"In the long term invest in equity MF"

But all of us would like to have a debt (read fixed guarantee) income scheme as well isn't it?

Here is what I was thinking and need your opinion on the same. (I haven't taken the taxation part into account.)

Fixed Deposit as a tool for retirement plan:

SBI current term deposit rate is 9.25%
20,000 INR invested now will give you close to 50,000 INR in 10 years.

Picture this:

Make a FD of 20,000 INR every month (till interest rates are high).
10 years later, you will get 50,000 INR per month (guaranteed) + your additional income at that time.


Recurring Deposit:

An RD of 2K per month for 10 years @ SBI (@ 9.25%) will generate income of 4L odd after 10 years.

Make a RD of 2K (or 1K) per month for 10 years @ SBI (assume 12 RDs)
Yearly - 24K (or 12 K). -- 2k * 12 or 1K * 12
At the end of 10 years, monthly one will get 4L (or 2L) per month for the next 12 months + your additional income at that time.

Debt MF:

Pick a MF with more or less guaranteed income
e.g. HDFC Monthly Income Plan - LTP - Dividend Re-investment (Monthly)
This scheme gives 0.06 INR per month as dividend.
Buy 17000 units (each @ 12.5 means 2.12L).
Monthly dividend on 1000 INR which can be re-invested.
This is 5% return

But after this, without doing anything, due to consistent dividend (note: if it continues that way)...
After 10 years one would have 28690 units.
Even if the NAV is same, it comes to 28690 * 12.5 = 3.58L
That comes to 6.8% yearly + any gains due to rise in NAV

What do you think? Makes sense?