Want guaranteed income for life? Choose SIP over annuity for better return

Start a SIP or invest into an equity mutual fund which may create a considerable corpus during the accumulation phase

Does it make sense to buy an annuity plan with guaranteed income for life? Is there any product like annuity which can give my wife and me a regular monthly income?

No, it does not make sense. There are two issues. The annuity rate you will get is really low and the annuity income is taxable as salary. So why do this? Instead, start a systematic investment plan (SIP) or invest into an equity mutual fund which may create a considerable corpus during the accumulation phase. After that, you can choose to withdraw as you like during the retirement years.

I am