Retirement
Annuity
A product where you hand over a lump sum to an insurer in exchange for a fixed regular income for life.
An annuity converts a lump sum into a guaranteed stream of payments, often for the rest of your life.
It gives certainty, but the payout rates in India are usually low, and the income is taxable at your slab.
It suits people who value guaranteed income over growth, but for many, an SWP from a good corpus is more flexible.
For example
Put ₹50L into an annuity and you might get roughly ₹25,000-30,000 a month for life, guaranteed but modest and taxable.