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The annuity settlement and payment:

An annuity payment is a fixed amount  (sum)  of money paid to someone (insured person) each year, generally for the rest of the life.

It is a contract between the insurance company and the insured person, in which the insurance company pays to the insured person, a lump sum yearly payment after the maturity of an insurance plan.

The insurance plan with an annuity is a better income option during retirement or after the retirement of the insured person, the insured person can also get tax deduction benefits. 

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