Common Contracts
1 similar Annuity Agreement contracts
ICEA LIONAnnuity Agreement • May 6th, 2021
An annuity is a contractual agreement between you (the Annuitant) and an insurance company in which you make a lump-sum payment(s) and, in return, receive regular payouts, beginning either immediately or at some point in the future. The payouts continue as a regular stream of income to the you as the annuitant and ceases in the event of your unfortunate demise. The lump sum one uses to purchase an annuity could come from your accumulated savings during your active working years in investment solutions such as a Personal Retirement Scheme. An Annuity is not to be confused with an Income Draw Down even though both are retirement income solutions.
