Several insurance companies, including the Life Insurance Corporation (LIC) of India, have launched deferred annuity plans in the past few weeks. Customers need to understand the role these plans can play in their retirement portfolio before investing in them.
Fixed, lifelong income
These plans offer a reliable income stream during retirement. “This is the only product that can provide a guaranteed income during retirement for as long as the customer lives,” says Srinivas Balasubramanian, head of products, ICICI Prudential Life Insurance.
With average life expectancy increasing, most people are uncertain whether their savings can sustain them during their retirement.