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.
