You need to give a default option now, i.e., at the time of purchase of this policy. However, depending on your situation, you always have the option to change/ alter the annuity option at the time of maturity of the pension policy. HDFC Life will get in touch with you 3-6 months before the maturity of the policy and you can revisit your annuity choice options then. In case you don’t revert to HDFC Life at that point of time, the default annuity options chosen earlier would be considered and your annuity payments would commence. However, after commencement of annuity you won’t be able to make any further alterations.