ANothr alternative is to do the folloing:
Ascertain split of fixed, variable and stock option / deffered cash. A Good mix would depend on what level the person is at (junior, mid management, senior management, C level)
Am assuming that a 10 Lakh salary would be mid management. Possible options:
70 % Fixed, 20% variable and 10% deferred cash / stock options = 7 L + 2 L + 1 L
For the fixed salary, possible structure is:
Basic = 40% of Fixed Pay
Retirals = 12% PF, 4.81% Gratuity (both as a % of basic)
HRA = 40% or 50% of basic (basis metro / non metro)
Medical = 15000 p.a.
LTA = one months basic
Conveyance = 9600 p.a.
Balance would be general allowance (i.e. 7 lakhs minus all of above components) from which employee can choose sodexo (meal coupons), professional development etc capped to the maximum available amount within the general allowance bucket.
Hope this helps!