As early as possible. Starting in your 20s or 30s makes the required monthly amount far smaller.
NPS is a regulated contribution scheme with market-linked funds and an annuity requirement; insurance pension plans may offer guarantees and cover.
A series of regular payments from an insurer, usually for life, in exchange for a lump sum.
Annuity income is generally taxable. Some lump-sum components may be exempt; rules change, so verify.
Usually only in limited cases or with penalties. Pension products are designed to protect retirement money.
If a spouse depends on the income, it is worth considering despite the lower initial payment.
Combine annuities with growth investments or choose increasing annuities.
Many deferred plans give a death benefit during accumulation; it varies by product.