As per the IRDA, for all annuities that are due on 1 April 2016, pension plan holders must choose their annuity options at the time of buying the pension plan, instead of at the end of the accumulation phase, as the rule was earlier in force. The aim of this is to ensure easy processing. Six months before the maturity date, the insurance company must communicate with the pension plan holder about all options available with corpus and payout under each option to enable changes if any.