Published on March 2, 2014
ANNUITIES By Abila Antony
CLASSIFICATION OF ANNUITIES Commencement of income Mode of premium Number of lives covered Disposition of proceeds
BASED ON MODE OF PREMIUM Single premium Annuities Level premium Annuities
SINGLE PREMIUM ANNUITIES Purchased Sum by payment of a single sum. payable will be high Annuity purchased when Payment receives insurance amount from maturity policy. Annuity begins after certain age or immediate as per other terms of contract
LEVEL PREMIUM ANNUITIES Annuitant must remit premiums periodically to the insurer ( insurance company) for predetermined period. Beginning of the policy annuitant has an option to surrender the policy and encash the same partly or fully. In case of death of the annuitant, the beneficiary can encash the surrender value or premium paid whichever is higher.
BASED ON NUMBER OF LIVES COVERED Single life annuity Multiple life annuity
SINGLE LIFE ANNUITY: Single person makes the contract Suitable Use for there is no dependent. all their savings during life time.
MULTIPLE LIFE ANNUITY 2 or more person jointly take the policy Joint life annuity • Payment of annuity stops on the death of any one of the insured Last survivor annuity • Payment continues until the death of the last person of the group
BASED ON THE DEPOSITION OF PROCEEDS Life annuity • Regular payment to the annuitant throughout his life. • Demerit: death of the annuitant leads heavy loss because return amount will not get .(no guarantee) Guaranteed minimum annuity • Payment to the annuitant is guaranteed. • Payment will continue up to the specified period.
DIFFERENCE BETWEEN ANNUITY & PENSION Annuity • Insured get in form annual payment for predetermined period or after the death. • Liquidates the accumulated funds • insurer agrees to pay annuity installment Insurance • Premium is paid on installment basis and Sum assured on the end of policy • Accumulates the fund. • Assured agrees to pay premium.
Insurance Annuity Risk sharing Risk does not rise because pension paid upon the death of insured Payment is fully given on the death of the insured Payment by the insurance stop on the death of insured. Premium Calculate as per the mortality estimation Premium calculate on the basis longevity of the annuitant Generally for the benefit One’s own benefit. of dependent Underwriting is common No underwriting
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