As interest rates in India are poised to decrease in the coming months from the current approximately 7%, financial experts are urging individuals to seize the opportunity to invest in pension or annuity products. These products, exclusively offered by life insurance companies, guarantee a steady income for life, shielded from fluctuations in interest rates.
Investing in annuity products now proves advantageous for retirees seeking financial stability. By locking in the current interest rate, individuals can secure a consistent income stream, ensuring financial independence throughout their retirement years.Consider the case of Mr. Prajapati, who faced a reduction in his monthly income due to declining interest rates on his deposits. Had he invested in an annuity product, he would have enjoyed a steady monthly income regardless of interest rate fluctuations.
One standout option in the market is the ICICI Pru Guaranteed Pension Plan Flexi, which not only assures a stable income post-retirement but also facilitates systematic investments to build a retirement corpus. Moreover, a unique feature of this plan promises a 100% refund of premiums paid, making it an unparalleled offering in the life insurance industry.