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Types of Annuity Settlements

When any customer has bought the an annuity plan from any insurance company, he has to fix, how will he get its benefit through annuity settlements. So, insurance company has divided his annuity settlements into 4 parts.




1st Type : Life Time Payment Option

If any customer will buy this annuity plan, insurance company will pay him its benefit life time. But if he dies, his beneficiaries will not get the principle amount which is invested by him.

2nd Type : Life Time Payment with Refund Option 

If any customer will buy this annuity plan, insurance company will pay him its benefits life time through annuity settlements but if he dies, his beneficiaries will get the principle amount of investment.

3rd Type : Life Time Payment Option with Certain Period 

As per this annuity plan, customer will get life time payments from insurance company. But if he dies before the certain period, same payment will start to his beneficiaries. For example, after starting payment, the certain period is is 6 year, if you die before six year, same life time payment will start to your beneficiary whose name is nominated by you.

4th Type :  Annuity Settlement in Certain Temporary Period 

In this type of annuity settlement, you will receive the payment for a set of period. It may be 10 years or 20 years. If you die before this period, your beneficiaries will get same period upto same set of period. For example, set of period is 20 years, after 14 years, you have died. Now, next 6 years, your beneficiaries will get the payment.

Important : In first type, there will be high rate of return because beneficiaries can not claim for refund or payment. In other types return will be low than first type.

Related : Annuity Examples

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Accounting Education: Types of Annuity Settlements
Types of Annuity Settlements
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Accounting Education
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