Forget about annuity plan. Just do it yourself. It's not that hard. Dump say RM100k into public bank or Maybank and continue collecting dividend until perpetually. It's a cheap DIY annuity vs what those insurance companies can sell you. All the commission and fees. Save the commission and fees and go out for nice makan with family.

Nah, I prefer to DIY my own plan. Don't forget about sales commission

I have a mix of strategies - my bonds & their coupons are a form of annuity, and I supplement that with purchased annuity plans from established players like AIA, and then there's the CPF Life, which I'll be enrolling when I turn 55.

Yes, you are correct. But my wife and I decided against kids when we got married 30 years ago so our strategy reflects our life choice.

Annuity portfolio actually failed in Malaysia in the 80s... (if I have my facts right)

So you won't find any in Malaysia.

While annuities are great, it takes all the risk away from you, but it doesn't hurt too much to do it on your own.
On this matter, I actually agree with @Ramjade.

Just start early, start now, be diligent about it.

OR

To approach it DIY style with higher certainty, maybe engage an FP?
I highly endorse @holocene for this purpose

The annuity plans I purchased were kind of a natural progression from the original “didn’t know any better so buy insurance” plans which I guess every young man who’s a bit financially naive went through with a friend of a friend’s who works as an insurance agent.

Once I realised that my income and savings and passive returns were more than required to cover my old age and then some, I changed strategies and focused more on full health insurance coverage and bought annuity plans instead of life or worst, investment linked policies.

These plans were bought decades ago, around the same time as my bond purchases started. They had lower entry criteria - I didn’t have to have $250,000 in cash per bond - so these annuities also had their value then.

I personally wouldn’t buy them again if I had a chance to turn back the clock, but hindsight is always 20/20…

Only in death - they pay 101% of all premiums paid. This is a pure savings plan. I pay for 10 years (I finished paying last year), and I draw $10,000 once I turn 65 until I die. I better stay healthy, so I get back more than I paid for hahaha.