Annuity

 

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1 An annuity is a contract under which a corpus sum is created, as a lump sum or in instalments, in return for which the insurance company undertakes to make periodic payments.

2 An annuity is useful in income planning after retirement, as it can generate a regular income over a long period of time, upon investment.

3 The annuity paid depends on the annuity rate applicable at the time of the purchase. The annuity rate is guaranteed for the entire period.

4 The holder of the annuity (annuitant), can decide the frequency of annuity payments--monthly, quarterly, halfyearly or annual.

5 An annuity may be immediate or deferred. In the former, the payments begin immediately upon purchase, while in the latter, the vesting age is some time away.

6 Some products such as insurance-based retirement plans and NPS mandate that a portion of the corpus at retirement should be used to buy an annuity to provide a regular income.

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