retirement planning

hi,
what products should one invest in if one wants a steady flow of income every month/every year after retirement?
i mean, something where one does not have to worry about timing the market and all. I know, most answers will be like in case its more than 15-20 years away, then equities provide a better return, so invest in equity mutual funds or stocks of blue chip companies, but if one goes about doing that, then one needs to keep a track of market conditions to ensue that i dont withdraw when market is at its downturn..but rather withdraw when the market is at its highest?or the stock/MF is at its highest price/NAV?
buying a series of LIC endowment policies makes more sense?say from the age of 30 one buys 1 policy every year for the next 15 years, each with a maturity of 30 years, then every year after 60 years, the maturity amount + (addiional) bonus amount comes into the bank account without too much hassle.
I understand that the returns might not be exactly great?but it still assures a lump-sum amount every year..in the twilight years?
are there other such options???

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