The launch of LIC's annuity plan and rising interest rates have reignited interest in the space. The pension, general annuity and group fund assets under management (AUM) for LIC stand at Rs 6,06,017 crore, significantly higher than those of SBI Life, HDFC Life, and ICICI Prudential Life.

However, before taking the final investment call, you need to study all the options available closely. ET Wealth explores some types of annuity to help you decide.

1. Constant annuity for lifetime
How does it work: The annuity amount, at a uniform rate, will be paid for life.

Life Insurance Corporation of India (LIC) Jeevan Shanti - Immediate Annuity Plan
Annual payout (Rs) for a 40-year-old: 73,194
Annual payout (Rs) for a 50-year-old: 79,212
Annual payout (Rs) for a 60-year-old: 90,942
Annual payout (Rs) for a 70-year-old: 1.15 lakh

SBI Life Insurance Annuity Plus
Annual payout (Rs) for a 40-year-old: 68,250
Annual payout (Rs) for a 50-year-old: 76,840
Annual payout (Rs) for a 60-year-old: 90,161
Annual payout (Rs) for a 70-year-old: 1.15 lakh

ICICI Prudential Life Insurance Immediate Annuity Plan
Annual payout (Rs) for a 40-year-old: 71,171
Annual payout (Rs) for a 50-year-old: 74,618
Annual payout (Rs) for a 60-year-old: 81,647
Annual payout (Rs) for a 70-year-old: 1.05 lakh

HDFC Life Insurance Pension Guaranteed Plan
Annual payout (Rs) for a 40-year-old: 71,612
Annual payout (Rs) for a 50-year-old: 76,386
Annual payout (Rs) for a 60-year-old: 84,011
Annual payout (Rs) for a 70-year-old: 98,909

2. Annuity for life with return of purchase price
How does it work: The annuitant will receive the payouts for life and after his or her death the purchase price will be returned to the nominee.

Life Insurance Corporation of India (LIC) Jeevan Shanti - Immediate Annuity Plan
Annual payout (Rs) for a 40-year-old: 66,462
Annual payout (Rs) for a 50-year-old: 66,870
Annual payout (Rs) for a 60-year-old: 67,482
Annual payout (Rs) for a 70-year-old: 68,502

SBI Life Insurance Annuity Plus
Annual payout (Rs) for a 40-year-old: 59,286
Annual payout (Rs) for a 50-year-old: 62,897
Annual payout (Rs) for a 60-year-old: 65,760
Annual payout (Rs) for a 70-year-old: 67,005

3. Joint life option, without return of purchase price
How does it work: After the annuitant's death, entire annuity will be paid to spouse during her lifetime.

Life Insurance Corporation of India (LIC) Jeevan Shanti - Immediate Annuity Plan
Annual payout (Rs) for a 40-year-old: 69,828
Annual payout (Rs) for a 50-year-old: 73,500
Annual payout (Rs) for a 60-year-old: 80,844
Annual payout (Rs) for a 70-year-old: 96,858

SBI Life Insurance Annuity Plus
Annual payout (Rs) for a 40-year-old: 63,270
Annual payout (Rs) for a 50-year-old: 69,744
Annual payout (Rs) for a 60-year-old: 78,956
Annual payout (Rs) for a 70-year-old: 95,265

ICICI Prudential Life Insurance Immediate Annuity Plan
Annual payout (Rs) for a 40-year-old: 69,510
Annual payout (Rs) for a 50-year-old: 71,590
Annual payout (Rs) for a 60-year-old: 76,586
Annual payout (Rs) for a 70-year-old: 73,617

HDFC Life Insurance Pension Guaranteed Plan
Annual payout (Rs) for a 40-year-old: 68,586
Annual payout (Rs) for a 50-year-old: 71,451
Annual payout (Rs) for a 60-year-old: 75,896
Annual payout (Rs) for a 70-year-old: 84,126

4. Joint life option, with return of purchase price
How does it work: Annuities will be paid to the annuitant and his spouse throughout their lifetime; purchase price of Rs 10 lakh will be handed over to the nominee post the death of the annuitant and spouse.

Life Insurance Corporation of India (LIC) Jeevan Shanti - Immediate Annuity Plan
Annual payout (Rs) for a 40-year-old: 66,258
Annual payout (Rs) for a 50-year-old: 66,564
Annual payout (Rs) for a 60-year-old: 67,074
Annual payout (Rs) for a 70-year-old: 67,992

SBI Life Insurance Annuity Plus 
Annual payout (Rs) for a 40-year-old: 56,921
Annual payout (Rs) for a 50-year-old: 61,029
Annual payout (Rs) for a 60-year-old: 64,764
Annual payout (Rs) for a 70-year-old: 66,880

5. Increasing annuity
How does it work: The annuitant will be eligible for lifetime annuity payouts that are enhanced at a simple rate each policy year.

Life Insurance Corporation of India (LIC) Jeevan Shanti - Immediate Annuity Plan
Annual payout (Rs) for a 40-year-old: 54,528
Annual payout (Rs) for a 50-year-old: 60,954
Annual payout (Rs) for a 60-year-old: 72,888
Annual payout (Rs) for a 70-year-old: 97,062

SBI Life Insurance Annuity Plus
Annual payout (Rs) for a 40-year-old: 43,489
Annual payout (Rs) for a 50-year-old: 52,813
Annual payout (Rs) for a 60-year-old: 66,258
Annual payout (Rs) for a 70-year-old: 91,157

ICICI Prudential Life Insurance Immediate Annuity Plan
Annual payout (Rs) for a 40-year-old: 42,790
Annual payout (Rs) for a 50-year-old: 46,982
Annual payout (Rs) for a 60-year-old: 53,717
Annual payout (Rs) for a 70-year-old: 76,113

HDFC Life Insurance Pension Guaranteed Plan does not have this option available.

Pension, general annuity and group fund AUM*
LIC: Rs 6,06,017 crore
SBI Life: Rs 25,947 crore
HDFC Life: Rs 15,856 crore
ICICI Prudential Life: Rs 3,814 crore