Which is the best annuity plan in India?

After we retire, the annuity funds help to provide a stable income every month. So, before telling you about the best annuity plan in India, I would like to tell you what is the meaning of annuity plans.

An annuity plan provides regular income to an individual after retirement in exchange for investments made in the form of instalments during the service period. In these types of plans, the life insurance organisation invests the investor’s money and whatever return is generated, is paid back by the company. Annuities can be received after paying a lump-sum amount or after completing a tenure specified by the organisation.

Which is the best annuity plan in India?

There are different types of annuity plans such as deferred annuity, immediate annuity, variable annuity, fixed annuity, lump-sum annuity, and periodic annuity. 

Now, I feel the best annuity plan to invest in is the Aditya Birla Sunlife Immediate Annuity plan. I will tell you why:

The Aditya Birla Sunlife Immediate Annuity Plan is a non-participating single premium plan which helps to get a regular income after retirement. This plan provides flexibility to choose from 6 types of payout options to get the annuity. 

• You do not need any medical test to avail this plan.

• The plan offers regular income after retirement.

• You can pay for the annuity in different ways such as yearly, half-yearly, quarterly, and monthly from the date of purchase.

• You can avail of tax benefits under Section U/S 80C and 10(10D) of the Income Tax Act by investing in this plan.

• After paying a lump sum amount you can avail of the annuity. 

• This annuity provides financial assistance to an individual.

I have myself invested in this plan, I am secured for the future. There are other types of popular annuity plans such as:

• Aviva Annuity Plus Plan

• Exide Life New Immediate Annuity Plan

• Future Generali Immediate Annuity Plan

• HDFC Life New Immediate Annuity Plan

• ICICI Pru Immediate Annuity Plan

• SBI Life Annuity Plus Plan

I hope you liked my answer on the best annuity plan in India.

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