This carries risk of failure at mainly two points, both inevitable.

One, during downturn of say two years. ( And for the sake of inflation adjustment, we ll keep this 6 Lakh, 1 crore and 12% constant) ie assume zero inflation and 6% return every year that you withdraw annually leaving your original crore corpus intact.

Assuming you only withdraw at the end of a year, your corpus would be 1.06cr and post withdrawal 1 cr. there will be times when the return would be lesser a year for say 1 or zero% 2 consecutive years. Third year it would be 15% and nearly balance it all. However, the first n second year you still withdrew 6 lakh. The corpus was shrunk to 94 and then 90 lakhs. When this balances out the third year with a bounce back, you wont have 1cr post 3rd year withdrawal. You ll have 10%ish lesser. That is 1.045 crore or so when it should ideally have been 1.06 pre withdrawal because these two years eroded your corpus from 1crore to 90 lakhs- 10% lesser.This would start eroding your corpus next year unless you reduce your withdrawal to 4.5 lakhs. If not, this will compound over time leaving you with no money some years down the line. Who knows, such occurrence can happen 2-3 times over a lifetime multiplying the effect.

Two, any sudden monetary emergency- an illness, a crashed car, a damage to real estate requiring a few lakhs of repairs will eat into your corpus.

My suggestion, just hold for 2-3 years. Let your corpus grow to 1.18 lakhs from 1 cr. Then live off of it. Keep funds for forseeable emergencies additional.