Annuity: Buy Best Annuity Plans of 2021

Annuity plans are essentially an agreement between the two parties, one being the insurance company and the other being the buyer. It is a series of equal payments that are made at regular intervals of time. It is a popular choice among people who want a steady income and wish to enjoy the golden period of their lives without any financial stress or burden. Post-retirement it is important to have a flow of income so that you can meet the daily needs and simultaneously maintain your lifestyle too.

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Annuity plans essentially offer guaranteed income throughout your life.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

You may also compare: Saral Pension Yojana

What are Annuity Plans?

In the simplest words, annuity plans enable one to receive payments regularly for a lifetime after investing a lump sum. The investment made is further invested by the company and the investor is paid with the generated returns.

No matter, how well your life is going at this point. It is equally as important to secure money for the prospective times too. This is prudent for your second innings and to cover your everyday expenses.

Investing in the best annuity plans 2021 will not let you worry and you will be able to secure the future for your spouse, your children, and your family.

What are the Features of Annuity Plans in India?

Annuity plans are designed in a way to give you a comfortable life after your retirement. Annuity plans give you financial security and therefore you should invest in the best annuity plan 2021.

Listed below are some of the key features offered within annuity plans in India 2021:

  • Safe Investment Option:

    Annuity plans let you save for the future and is one of the safest investment tools. While buying any of the annuity plans you will be informed about the same and is guaranteed for a living mostly.

  • Financial Security:

    The time you buy an annuity plan begins right from there, which again is guaranteed for life.

  • Flexibility in Payouts:

    You have the flexibility to choose from an array of annuity options depending on what suits your requirements the most.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

What are the Different Types of Annuity Plans?

Listed below are the following types of annuity plans in India 2021:

  • Deferred Annuity:

    Under this, the money is invested for some period before payments are made. It can be chosen by individuals who are working and still have some years of work before retirement. It may also come with a “life cover”, which implies that in case of the demise of the insured, the nominee is paid a lump sum amount.

  • Immediate Annuity:

    In an immediate annuity, you start receiving payments as soon as the initial investment is made. If you are approaching retirement age, then this is the type of annuity to opt for. So, deferred annuity accumulates money while immediate annuity pays money.

    You can convert deferred annuities into an immediate annuity if you want immediate payments.

    Depending on the investment type, immediate annuities are further classified as fixed and variable. When the payout made to the customer is a fixed sum for a certain number of years, it is called a fixed annuity or annuity certain. In a guaranteed period annuity, the period for, which the payment will be made, is decided. Even if the policyholder dies, payments are made to the nominee for the remaining years. If the individual survives the tenure, they receive the payout for the rest of their life.

    When the payout varies depending on the type of investment or market performance, it is a variable annuity.

  • Variable Annuity:

    As the name suggests, within the variable annuity plans the payout is unfixed and it may accordingly vary from company to company. It happens as it completely is based on the market performance of the insurance company. Besides, the plan market-linked and is more risk-prone. It is to be noted that when the returns are good the payouts will most likely be on the higher side and vice versa

  • Fixed Annuity:

    Within the fixed annuity plans the amount of payout is fixed for the complete period of the annuity plan. Moreover, the plan duration is too fixed. Therefore. Even after the demise of the insured, it is the nominee who will likely receive the fixed payout.

    In the table below, are types of annuities based on the features and meeting the requirements by the certain annuitants:

    Annuity Types

    The Variants

    Premium Frequency

    Single

     

    Regular

    Payout Types

    Variable

     

    Fixed

    Initiation of Payout Time

    Deferred

     

    Immediate

    Payout Duration

    Life Annuity

     

    Certain Time

    People Benefiting

    Single Life

     

    Survivor/ Joint

    Nature of Buyer

    Individual

     

    Group

Read Also: Annuity Calculator

Best Annuity Plans 2021-22

Below is the list of best annuity plans to invest in 2021-22.

Plans

Entry Age

Frequency of Income

Purchase Price

Aditya Birla Sunlife Immediate Annuity Plan

Min-30 years

Max-90 years

Yearly, Half-yearly, quarterly and monthly

Min. regular income of Rs.1,000, Rs.3,000, Rs.6,000, or Rs.12,000 for annual, half-yearly, quarterly, and monthly. Yearly mode of the annuity payment.

Aviva Annuity Plus

Min-18 years

Max-80 years

Yearly, Half-yearly, quarterly and monthly

Min- Rs.25,000

Max-No limit

Canara HSBC Pension 4Life Plan

Min- 45 years

Max- 80 years

Yearly, Half-yearly, quarterly and monthly

Min- Rs.2,00,000

Max- No limit

Exide Life New Immediate Annuity Plan

Min-0, 45, 55 (years)

Max-100, 85 (years)

Yearly, Half-yearly, quarterly and monthly

Min- Rs.1,000 per month

Max- no limit

Future Generali Immediate Annuity Plan

Min- 40 years

Max-80 years

Yeary, monthly

Min-Rs.30,000

Max- no limit

HDFC Life Pension Guaranteed Plan

Min- 30, 45 ( years)

Max- 85 years

Yearly, Half-yearly, quarterly and monthly

Immediate Life Annuity- Rs.42,076

Immediate Life Annuity with Return of Purchase Price- Rs.1,60,261

Deferred Life Annuity with Return of Purchase Price- Rs.76,046

ICICI Prudential Immediate Annuity Plan

Min-20,30,55 (years)

Max-100 years

Yearly, Half-yearly, quarterly and monthly

Min- Rs.12,000

Max- No upper

IDBI Federal Guaranteed Lifetime Income Plan

Min- 45/50 (years)

Max- 85 years

Yearly, half-yearly, quarterly, and monthly

Min-Rs.1,50,000

Max- No limit

India First Immediate Annuity Plan

Min- 40 years

Max-80 years

Yearly, half-yearly, quarterly, and monthly

Min- Rs.3,00,000

Max- No limit

Kotak Lifetime Income Plan

Min-45 / 55 (years)

Max-99 years

 

Yearly, half-yearly, quarterly, and monthly

Min-Rs.1,000

Max- No limit

Max Life Guaranteed Lifetime Income Plan

Min-45/55 (years)

Max-80 years

Yearly, half-yearly, quarterly, and monthly

Min-Rs.1,000

Max- No limit

Reliance Nippon Life Immediate Annuity Plan

Min- 20 years

Max- 80 years

Yearly, half-yearly, quarterly, and monthly

Min-1,00,000

Max- No limit

SBI Life Annuity Plus

Min- 40 years

Max- 80 years

Yearly, half-yearly, quarterly, and monthly

Min- N/A

Max- No limit

Shriram Life Immediate Annuity Plus

Min-0 years

Max- 85 years

Yearly, half-yearly, quarterly, and monthly

Min- Rs.3,00,000

Max- No limit

Star Union Dai-Ichi Life Immediate Annuity Plan

Min-45 years

Max- 99 years

Yearly, half-yearly, quarterly, and monthly

Min-Less than 10 lakh

Max-Rs25. And above

TATA AIA Life Insurance Smart Annuity Plan

Min-45 years

Max- 85 years

Yearly, half-yearly, quarterly, and monthly

Immediate Life Annuity- Rs.87, 527

Immediate life annuity with return of purchase price- Rs.2,06,155

Deferred life annuity with return of purchase price-Rs.1,08,303

Max-no limit

Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.

  • Aditya Birla Sunlife Immediate Annuity Plan

    This is a single premium payment policy, which helps an individual to keep aside his/her savings and provides a regular income in the retirement years so that one can enjoy relaxed and happy second innings. Let’s take a look at the features of the policy.

    Features of Aditya Birla Sunlife Immediate Annuity Plan

    • The plan offers the benefit to choose from 6 different pay-out options to receive an annuity.
    • The plan offers guaranteed income for entire life.
    • The policyholder can choose the annuity pay-out modes as monthly, quarterly, half-yearly, and yearly from the date of policy initiation.
    • No medical test is required to purchase the plan.
    • Tax benefits can be availed U/S 80C of the Income Tax Act.
  • Aviva Annuity Plus

    This is a traditional insurance plan, which is specifically designed to provide guaranteed regular income after retirement. Here are some of the salient features of the policy.

    Features of Aviva Annuity  Plus

    • The plan offers the advantage to choose from 7 different annuity options as per one’s requirement.
    • The annuity amount payable is guaranteed for the tenure of the policy.
    • The plan offers the flexibility to enhance the purchase price at inception for a higher annuity installment.
  • Canara HSBC Pension 4Life Plan

    This is an annuity product where the policyholder receives a predefined level of annuity installment in exchange for a purchase price.  This plan ensures a regular guaranteed income post-retirement. Let’s take a look at the features of the policy.

    • The plan offers an extensive range of annuity options to choose from.
    • The plan offers the option to receive an immediate or deferred annuity.
    • The plan offers the option to receive regular payments as long as your partner is alive.
    • The plan offers the flexibility to choose annuity installment as monthly, quarterly, half-yearly, and yearly mode.
  • Exide Life New Immediate Annuity Plan

    This is an immediate annuity plan with an option of return of purchase price. The plan offers guaranteed regular income after retirement as an annuity. The following are the key features of the policy.

    Features of Exide Life New Immediate Annuity Plan

    • The plan guarantees lifelong annuity payouts.
    • The plan offers flexible options to receive an annuity.
    • No medical examination is required.
    • The plan offers a large rebate on annuity rates depending upon the purchase price.
    • On the demise of the life assured a full refund of the purchase price is given to the beneficiary.
  • Future Generali Immediate Annuity Plan

    The plan secures the financial future of the individual after retirement by paying guaranteed regular income as an annuity.  The annuity is paid immediately after the policyholder pays the premium of the policy as lumpsum. Here are the features of the policy.

    Features of Future Generali Immediate Annuity Plan

    • The policy offers a fixed income for the rest of the retirement life of the insured.
    • The plan offers the flexibility to choose a monthly or yearly payout modes.
    • The plan offers the option to choose between ‘life annuity’ or ‘life annuity with return of purchase price’.
    • The policy offers an annuity card that ensures convenience in receiving the annuity amount.
  • HDFC Life Pension Guaranteed Plan

    This is a non-participating single premium annuity plan that provides a regular guaranteed income for a lifetime. Some of the salient features of the policy are.

    Features of HDFC Life Pension Guaranteed Plan

    • The plan offers regular guaranteed income for a lifetime.
    • The plan offers the option to choose a deferred or immediate annuity option.
    • The life assured can purchase the plan on a single or joint life basis.
  • ICICI Prudential Immediate Annuity Plan

    This plan is specifically designed to provide financial security to the individual in golden years of retirement. As an immediate annuity plan, it provides the life assured with a guaranteed regular income for the entire life. The following are some of the key features of the policy.

    Features of ICICI Prudential Immediate Annuity Plan

    • Pay once and get guaranteed regular income for the life.
    • The plan offers the flexibility to receive income at a frequency of monthly, quarterly, half-yearly, or yearly.
    • The plan offers 12 different annuity options to choose from to suit the financial needs.
    • The plan comes with the option of returns of the purchase price in case of death, critical illness, and permanent disability due to accident.
    • The plan offers annuity income from as early as age 30.
    • Higher annuity rates for the large purchase price and deferred pension plan
  • IDBI Federal Guaranteed Lifetime Income Plan

    This is an immediate annuity plan, which offers a guaranteed regular income for life. The plan ensures that the financial future of an individual is secure after retirement and help them to deal with any type of eventualities after retirement. These are the salient features of the policy.

    Features of IDBI Federal Guaranteed Lifetime Income Plan

    • The plan comes with 3 different annuity options to choose from.
    • The plan offers the convenience of a one-time payment.
    • The plan offers the option to receive an immediate or deferred annuity.
    • The plan offers the option of return of purchase price on death.
    • The life assured can choose to receive an annuity in monthly, quarterly, half-yearly, or yearly mode.
  • India First Immediate Annuity Plan

    India First immediate Annuity Plan is specifically designed to help you maintain a good lifestyle post-retirement. The plan helps you deal with the rising healthcare costs and stay ahead of inflation. The plan offers a guaranteed return in form of a regular annuity after retirement. Let’s take a look at the features of the policy.

    Features of India First Immediate Annuity Plan

    • Pay once and get guaranteed regular income for the life.
    • The plan offers the flexibility to receive income at a frequency of monthly, quarterly, half-yearly, or yearly.
    • The life assured can purchase the plan on a single or joint life basis.
    • Higher annuity rates for the large purchase price and deferred pension plan.
  • Kotak Lifetime Income Plan

    This is a non-participating non-linked immediate annuity plan, which ensures a financially independent and comfortable life post-retirement. The plan provides assured income throughout your life. Here are some of the key features of the policy.

    Features of Kotak Life Insurance Plan

    • The plan ensures financial independence after retirement.
    • Offers an extensive range of income options to cater to the different requirement needs of the individual.
    • The life assured can choose to receive the annuity in monthly, quarterly, half-yearly, and yearly mode.
    • The plan offers 6 different annuity options to choose from.
  • Max Life Guaranteed Lifetime Income Plan

    This is non -participating, a non-linked general annuity savings plan that helps you to start planning for your retirement at an early stage so that you can create a retirement fund for the future. The plan offers both the option of a deferred and immediate annuity. let’s take a look at the features of the policy.

    Features of Max Life Guaranteed Lifetime Income Plan

    • The plan offers guaranteed lifetime income to cater to the financial needs after retirement.
    • The life assured can choose the payout options to receive annuity at yearly, half-yearly, quarterly, and monthly frequency.
    • The life assured can choose between a single-life annuity or a joint-life annuity option.
    • The plan offers multiple annuity options to choose from.
    • The policyholder can choose the annuity option, which provides 105% of the purchase price to the beneficiary of the policy after the death of the annuitant.
  • Reliance Nippon Life Immediate Annuity Plan

    This is a non-participating, non -linked immediate annuity plan that provides guaranteed regular income to the individual after retirement. This is a single premium payment plan where one needs to pay a lump-sum premium amount and opt for a suitable annuity option as per one’s requirement. The following are some of the salient features of the policy.

    Features of Reliance Nippon Life Immediate Annuity Plan

    • The plan offers guaranteed whole life income as an annuity to the life assured.
    • The plan offers the flexibility to choose from 3 different annuity options.
    • Tax benefits can be availed on the premium paid.
    • Convert your earnings into regular income.
  • SBI Life Annuity Plus

    This is a non-participating, non-linked annuity plan, which helps the individual to celebrate their golden years without any financial worries. The plan offers a comprehensive range of annuity options to choose from. Let’s take a look at the features of the policy.

    Features of SBI Life Annuity Plus

    • The plan offers security through a steady retirement income after retirement.
    • The plan offers the option to choose from different annuity options.
    • The plan offers a fixed annuity from the date of policy issuance.
    • The annuity payouts can be received in yearly, half-yearly, quarterly, and monthly frequencies.
    • The life assured can also enjoy the option of advancing the annuity.
  • Shriram Life Immediate Annuity Plus

    This is a non-participating, non-linked immediate annuity plan, which aims to provide lifetime guaranteed income post-retirement. To gain immediate regular income the policyholder needs to pay the premium once as lump-sum. The following are the features of the policy.

    Features of Shriram Life Immediate Annuity Plus

    • Annuity for life increases at 3% per annum simple rate.
    • The plan offers guaranteed annuity with a return of 100% purchase price on the death of the life assured.
    • A guaranteed annuity is offered after completion of 5/10/15/20 years of the policy and thereafter for the life.
    • Tax benefits are available as per the provision of the Income Tax Act.
  • Star Union Dai-Ichi Life Immediate Annuity Plan

    This is a non-participating, non-linked immediate annuity plan, which aims to provide lifetime guaranteed income post-retirement. This is a single premium payment plan where one needs to pay a lump-sum premium amount and opt for a suitable annuity option as per one’s requirement. The following are some of the salient features of the policy.

    Features of Star Union Dai-Ichi Immediate Annuity Plan

    • The plan offers the flexibility to receive an annuity in monthly, quarterly, half-yearly, and yearly installments.
    • The plan offers 9 different annuity options to choose from.
    • The plan offers a single premium payment mode.
    • Guaranteed lifelong income is offered with three plan options.
  • TATA AIA Life Insurance Smart Annuity Plan

    This is a single premium non-participating, non -linked immediate annuity plan that provides guaranteed regular income to the individual after retirement. The plan ensures that the financial future of an individual is secure after retirement and help them to deal with any type of eventualities after retirement. These are the salient features of the policy.

    Features of TATA AIA Life Insurance Smart Annuity Plan

    • The plan offers flexible annuity options to choose from so that an individual can fulfill his/her future needs.
    • The plan offers the option of a single or joint-life annuity.
    • The plan offers the flexibility to choose different annuity payout modes i.e. yearly, half-yearly, quarterly, and monthly.
    • Top-up options are offered to enhance the annuity payouts.
    • The plan offers security through a steady retirement income after retirement.

How Does Annuity Plans Work in India 2021?

Annuity plans could be the best thing for your retirement period if you select the best annuity plan in India.

It takes a lot of effort to build a retirement corpus. Today many life insurance companies in India provide annuity plans so that you need to depend on somebody else for your golden period and take the burden in regards to the finance.

Therefore, it is indeed important to understand the working of the annuity plans in India 2021.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Listed below are the ways annuity plans in India 2021 work:

  • Life Annuity with Return of Purchase Price:

    Until the time you do not pass away, you will be receiving the payments of annuity constantly at a specified interval of time. After this, the insurance provider would return the initial amount that was used while buying the annuity to the mentioned nominee. This might be considered a decent alternative by those who desire to leave a legacy aftermath.

  • Joint Life Annuity with Return of Purchase Price:

    Till the time the other half is alive, the payments will be received at a constant frame of time. The initial amount of investment will be received by the nominee if either the spouse or both are no more alive.

  • Inflation-indexed Annuity: 

    With every passing year, there is a certain increase in the annuity rate, which could be 2% or even 5%. Possibly, it would not be connected to the rate of inflation, which is actual; however, the expenses will be taken care of up to a specified scope.

  • Joint Life Survivor Annuity:

    It will be paid until you’re or the better half is alive.

  • Life Annuity:

    One will be able to receive a constant payout until one passes away. The annuity shall stop the day you are no more alive. The payout could be received on a monthly, quarterly, or annually.

  • Annuity Payable For a Guaranteed Phase:

    The annuity to be paid will be for a specified time-frame, which could be from 5, 10, or even 15 years in case the buyer of the annuity passes away. The annuity will stop in case the annuitant is no more alive or the period of guarantee is completed accordingly.

When is the Right Time to Invest in Annuity Plans 2021?

Annuity plans are a long-term investment, which is issued by any of the insurance companies in India with the general intent of protecting you monetarily at the very important yet crucial phase of your life.

As such, there is no certain or specified right time to buy the best annuity plan in 2021. You can buy the annuity plan as early as possible like at the age of 45 or 50 years and start availing of the benefits possibly.

Listed below are the ways to buy the best annuity plan 2021 in India:

  • Select the Right Type of the Annuity Plan:

    It is essential to select an annuity plan on the premise of the age of retirement and the pay-out one wishes. For instance, one can choose between the immediate annuity and the deferred annuity. When it comes to an immediate annuity, the person will soon likely receive the payments post the investment is done initially. In case of a deferred annuity, the amount will be locked for specified times previous to the payments are done. Anyone who is about to retire may opt for immediate annuity and deferred annuity could be opted by those who have some years before the retirement period commences.

  • Select the Right Type of Annuity Option:

    Most of the insurance providers provide different annuity alternatives to opt. The annuity options could vary from single life to a joint life. Besides, there are annuity plans, which offer flexibility wherein the annuity payouts yearly will increase. You can access the payouts accessible for any specific scenario and choose the best annuity plan in 2021 that is suitable and fulfills your requirements.

  • Extensive Research the Plan Features:

    Before you zero down any of the annuity plans you need to understand the requirements and conduct thorough research on the premise of it. Look for plans that offer multiple benefits for you and your other half as well and accordingly opt for the payout method.

    The right annuity plan will help you and your partner to live a contented life even after the retirement years.

Advantages of Annuity Plans

Now, let us have a look at the below-mentioned advantages, which are offered under any of the annuity plans apart from peace of mind:

  • No Cap of Investment:

    When it comes to annuities plans there are as such no investment caps like we have an investment in the case of Senior Citizens Savings Scheme and Post Office Monthly Income Scheme.

  • Removes Reinvestment Peril:

    One of the biggest benefits that annuity plans offer is that there is absolutely no scope of any reinvestment risk. Structurally, in India, we are likely towards the interest rates, which are at a lower side; the peril is that when one desires to reinvest a principal, most likely you will end up receiving a rate of interest at a lower side. Besides, the short-term tools for example POMIS have reinvestment risk. However, when you invest in an annuity plan, it is assured that you will receive the payout for a lifetime.

  • Sense of Financial Security:

    An annuity plan gives you security in terms of finance for a life wherein you will receive every month. The insurance provider takes on the peril of how to move ahead with the monetary aspect until you are alive and not worry about the future. Moreover, one can opt for the frequency of the premiums and likewise opt to obtain payout, which is fixed out at a specified interval of time, which could be monthly, quarterly, semi-yearly, or yearly.

Disadvantages of Annuity Plans

The annuity plans do offer a guaranteed sum, which likewise provides stability and security to the retirees, however, it has certain disadvantages listed below:

  • Simple Interest:

    The annuity plans use simple interest whereas instruments like Senior Citizens Savings Scheme do use compound interest every quarter.

  • No Premature Withdrawal:

    Annuity plans do not permit premature withdrawals. Premature withdrawals are allowed in investment instruments such as POMIS and SCSS. For instance, when it comes to an SCSS, you can withdraw the money after a year by making the payment as a penalty. Therefore, if you are looking forward to accessing the principal amount, an annuity plan will not be of much help nor will be a choice.

  • Low Rate of Return:

    The returns on the annuity plans every year is not much attractive when compared to various other products, which likewise offers the low returns.

  • No Inflation Fight:

    Most of the instrument plans do not combat inflation. Also, the price increase is not restricted to the age of retirement or so. Therefore, it is prudent to contemplate the effect of inflation before one plan for retirement.

  • No Access to Capital:

    In India, annuity plans are not an opulent instrument option as the citizens mostly want to avail capital, which is not possible in the case of an annuity plan. On the other side of the coin, when it comes to the POMIS, the investor will receive a capital post of six years.

    Read Also: Present Value of Annuity
  • Eligibility Criteria of Annuity Plans

    To avail of the annuity plan on needs to be under the age group of 35 years to 75 years most likely. However, the age group may vary from one insurance company to the other.

Documents Required Buying the Annuity Plan

In the below grid, is the list of documents that might be required when buying the annuity plan:

Evidence of Age

Evidence of Identity

Evidence of Address

Evidence of Income

Certificate of Birth

Aadhar Card

Aadhar Card

Salary Slip

Driving License

Voter ID

Voter ID

ITR Return Copy

Passport

Driving License

Driving License

Statement of Bank

Mark Sheets (High Secondary)

PAN Card

Passport

 

 

Passport

Ration Card

 

 

 

Utility Bills

 

Written By: PolicyBazaar
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