Annunities

Of late, I have been thinking of retirement planning. Perhaps, in part being influence by the ads by Manulife on the MRT and in part, coming to the realization that I am getting older every year.

I am exploring two plans, one gives a fixed sum of $xxx amount once you reach 60 and another pays out $xxx per month when you reach 65 and when you are 75, it gives you a 25% increment to factor in for inflation. Once you reach the payout age of 65 years old, you can get a lump sum payout in addition to the monthly payout of $xxx per month.

So the plans are like

	Company A	Company B
Years	26 years	16 years
Payout	Lump sum payout of $12,000 @ age 65.	Lump sum @$6000at age 55
Lump sum	Age 65 onwards $12000 + $500/mth Age 70 :$625/mth Age 75-80: $781/mth Every 2 years payout of $300-$500 Total premiums paid :$433.80 x 321 = $135345.56 Annual: $5054.10 x 26 = $131406.60 Additional maturity bonus at age 85.	Age 55 onwards $6000+($500 x 12 x 15 years) = $96000 Maturity reward of $228,432 at age 70.
Monthly Premium	$433.80 x312 months.	$597.29 x  $192 $7167.48/year
Total Payout till 80	$126,360 + $3000 = $129,360	$324432.

  I am wondering which should I choose. Should I choose one that pays out till age80 or one that pays out early. But what's going to happen after the insurance expires?