Asymmetric returns can be gained from buying equity shares. The downside is limited to the amount you allocate. The upside is unlimited, as the company can keep on growing.
Why go for such complicated structures, they lead to confusion and diminished returns?
In your nifty call option scenario you failed to mention the duration of the option, it is important as options are decaying assets.
I had a similar idea of putting funds in fixed deposit and buying stocks with the interest. The problem was the amount of fixed deposit has to be very high so that the interest is meaningful. The asset allocation will be highly skewed towards debt. DEBT>>>EQUITY will mostly lead to lower return over a long period of time.