11.15.2006

Various Types of Annuities

According to the premium payment frequency and need of individuals there are different Annuity plans available.

The main and basic Annuity Plans are:

IMMEDIATE ANNUITY
Under such plans an annuity is purchased by paying premium in lumpsum at one time. The Insurer will start to pay annuity payments immediately from a starting date which may be a month,one year away or any date as agreed by the annuitant from the date of the purchase. The Insurer will pay the annuity till the death of the annuitant.

IMMEDIATE ANNUITY CERTAIN
Under such plans annuity installments to the annuitant are paid for a specified certain period and thereafter for whole life till his death. In the case of death of the annuitant within the specified certain period the remaining guaranteed payments will be made to the beneficiary.

DEFERRED ANNUITY
Under such plans the benefits are only payable after the end of the Deferment period which is a specified period. A deferred annuity can be purchased with a lumpsum premium or installment payable during the deferment period.

There can be different Annuity Plans developed by making some modification to any of these basic annuity plans or combining them to make a Single Annuity Plan.

MORE RELATED TOPICS
What are Annuities
What are Insurance Riders

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