In Insurance, the term “Annuity” specifies a policy issued by the insurance company to promise the policyholder a fixed income for the lifetime. It is a fixed amount of money that the policyholder gets each year for the rest of their life. According to this contract between the policyholder and the insurance company, the insurance company has to pay you either immediately or in the future after a certain period.
The policyholders get this payment monthly or quarterly. This is the best insurance policy for supplementing income after retirement to help you handle some of the basic living costs.
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