MIP vs Dynamic bond fund

Hello Sreekanth, Hope you are doing fine and must be expecting correction to continue as other long term investors ;) I wanted to ask about MIP vs Dynamic bond fund investment. Before getting further on this let me explain current situation. My wife is in 30% tax bracket, she has multiple SIP's running in equity funds based on our long term goals. We haven't stopped/touched any SIP during market peaks and looking fwd to continue with them for decade/s. She has 15+ lacs in arbitrage funds (because of tax slab). 2 lacs in short term debt and 4 lacs in Birla SL MIP || wealth 25 plan, other than all the equity investments, FD's and savings account. Now we want to put around 2-3 lacs for 3+ years, last year I invested similar amount in Birla Sunlife MIP for 3+ years time-frame. But now I'm thinking whether to invest in MIP or get it invested in Dynamic Bond funds as interest rates are on decline and they may increase only after couple of years. Duration can be longer than 3 years as well, it's just one FD got matured recently and that amount needs to be parked appropriately. Arbitrage funds are good for her because of post tax returns but I was wondering if the investment period is 3+ years, MIP or Dynamic bond fund could be better option because of indexation benefit. Please advise and let me know if you want any further details from my side. There is no short term goal at the moment so investment period is not an issue. Moreover I don't feel like investing lumpsum in equities at the moment.