Planning for a financially secure and comfortable retirement life should include different investment instruments. A diversified portfolio helps you to build a sizable retirement corpus with higher returns. You should include annuity plans in your investment portfolio to ensure a steady income during retirement years.

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In India, the annuity plans are a category of insurance plans which come with dual benefits of savings options and insurance coverage. Let's take a look at the top 5 annuity plans in India that offer financial protection and peace of mind during retirement years.

ICICI Pru Guaranteed Pension Plan Flexi

Under this plan you can choose to pay premiums for five to 15 years, according to your pension needs. It gives a lifetime guaranteed annuity benefit in addition with the option of returning the total premium paid. If you pay Rs 10 lakh as premium, you get it back as a lump sum on the maturity of the policy along with a pension of about Rs 4,900 per month for a lifetime. The deferment period is 5 to 10 years. With diverse annuity alternatives and tax advantages, this plan is suitable for retirement planning.

Max Life Guaranteed Lifetime Income Plan

Max Life's annuity plan allows investors to start investing from as early as 30 years of age. You can choose the deferment period up to 10 years while the maximum age for investing is 90 years. It assures guaranteed income for a lifetime at high annuity rates during the non-working years of your life. If you invest a lump sum of Rs 10 lakh, you will get a pension of about Rs 5,700 per month after retirement.  

Bajaj Allianz Guaranteed Pension Goal

Bajaj Allianz gives an annuity plan that ensures assured income throughout one's lifetime. It gives flexibility in terms of payout modes and options, such as Joint Life Annuity. It offers a minimum pension payout of Rs 12,000 per annum. The plan also gives the Return of Purchase Price (ROP) alongside tax benefits under the Section 80C of the I-T Act.

HDFC Life Systematic Retirement Plan

This plan enables people to pick their annuity deferment duration and gives a guaranteed fixed return of a minimum of Rs 12,000 per annum for a lifetime. In case of uncertain events, it offers a Return of Total Purchase Price to the nominee(s) or beneficiary.  

IndiaFirst Life Guaranteed Annuity Plan

IndiaFirst Life's annuity plan offers plenty of options, along with Annuity Certain and Joint Life or Family Income plans. It also features the Return of Purchase Price option and an Escalating Life Annuity plan to boost annuity income over time. The minimum annual annuity amount is Rs 12,500 while there's no maximum limit.