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Depends on our expected life style.
Consider you keep the money in mutual fund and It grows 12% every year. So 1.2 cr you can spend every year without affecting your corpus.
I am assuming the 6-7% inflation, so ideally you shouldn't spend the entire 1.2 Cr, or 10L per month and help the money compound.
Is that sufficient for you for next 40 years considering you live till 80 and you don't wanna be depended on your kid.
Also are you planning to leave some wealth for your kid?
We have just one life - Just make sure you take some time to enjoy it as well!