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Annuity Policy is a fixed sum of money paid at regular intervals to a policyholder by an insurance company for lifetime in return of a lump sum amount invested by the insured. Let’s learn more about it in this post.
It is a fixed amount of money paid annually for lifetime to a policyholder by an insurance company in return of a lump sum one time payment or in installments by the insured. It is like a contract between the person buying the annuity and the insurer offering the plan. Here, the insurer is required to make payments to the insured immediately or in the future after his/her retirement or after a particular tenure as per the terms and conditions of the Annuity.
The most simple form of annuity seen in India are in the form of pension plans where the payouts are given mostly after retirement of the insured. Most people in India buy annuities to secure their life after retirement.
Of course annuities allow several benefits and secures the lives of people, especially after retirement or when they are old and unable to work. Some of the benefits are mentioned below:
There are varied options of annuities provided by insurance companies in the form of pension plans and life insurance policies. If you want to know about the different types of annuity plans, check them below:
Now that you know what annuity is and about the types of annuities, you may like to know how annuities work? Here are the points:
Read More: Best Saving Plans in India 2022
Conclusion
An annuity is a perfect plan that works for individuals looking for a fixed income after retirement. The annuity income fulfills different needs of people. You must strive to buy an annuity to ensure security in the long run. An annuity is something that one can surely rely on.
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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