When you retire, you want a worry-free way of getting a regular income from investing the corpus you have accumulated over your working lifetime. In the absence of social security, or sufficient pension, you need a financial instrument that will give you the income you seek for the rest of your life. Annuities do precisely that. An annuity is a retirement product that gives you pension for life. In India they are sold by life insurance companies and you can choose from a range of options available currently.
India's wealthy opt for term insurance policies worth Rs 5-20 crore: Report
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