Retirement Planning: Ensure lifelong pension with annuity plans

For retirement planning, an annuity plan from a life insurance company can help provide a regular income. Individuals must look at the coverage, safety, and liquidity before buying an annuity plan.

Jataveda Bhattacharya, Head - Product Design, says if an individual is planning for a future need which is still a few years away, then he can buy a deferred annuity. “He can choose the number of years after which he will need the income, and lock in the annuity rate right now. Thus, he can secure a guaranteed income for the future,” she says.