Correspondence: V.N.S. Pillai, LIC Southern Zonal Training Centre, Prithvipakkam, Ambattur, Chennai 600053, India. Tel: +91 044 26860676 ext. 303; Fax: +91 044 26860253; E-mails: vns.pillai@licindia.com; sreekaran@sify.com

¹is a faculty member at LIC Southern Zonal Training Centre in Chennai (Madras), teaching economics and law of life insurance and pensions. His contributions to education and research in life insurance and pensions are enormous and he is associated with many universities regarding this. He is the recipient of several awards and recognition, and the latest addition to this list was the conferring of Best Business Academic of the Year 2006 by the Indian Commerce Association. The findings, interpretations and conclusions expressed in this article are entirely those of the author. They do not necessarily represent the view of the Life Insurance Corporation of India.

Received 19 March 2008; Revised 19 March 2008.

Abstract

Annuity plans are purchased based on the returns they provide on funds invested. Yet the options given under annuity plans need not be exercised by annuitants on the basis of returns they are more influenced by societal values.