A retirement annuity plan helps you get regular income after retirement. You invest money during your working years, and after retirement, the insurance company pays you a fixed amount every month or year.
There are two types of annuity plans:
- Immediate annuity: You pay a lump sum once and start getting income immediately.
- Deferred annuity: You invest over time and start receiving income later, usually after 60.
These plans help when your regular job income stops. The money you receive is called an annuity. It gives you financial freedom and peace of mind in old age.
Some plans also give life cover or return of invested amount to your family after your death. You can choose a plan based on your needs, age, and retirement goals.
Retirement annuity plans are a good way to enjoy your golden years without financial stress.
