There is no single "best" policy for old age, as each person's situation is unique. However, there are a few general principles that can help guide your decision-making.
One key consideration is whether you want to have a lump sum of money to use all at once, or an income stream that you can tap into as needed. This will likely depend on your other sources of income and your overall financial goals.
Another important factor is how much risk you are willing to take with your investments. For example, if you are close to retirement, you may want to focus on preserving your capital, rather than trying to grow it. This may mean investing in more conservative options, such as bonds or cash equivalents.
Of course, you'll also need to think about the fees and expenses associated with each type of policy. For instance, annuities typically have higher fees than other types of investments.
Ultimately, the best policy for you will be the one that aligns with your unique goals and circumstances. If you're not sure where to start, it may be helpful to speak with a financial advisor.