Immediate Payment Annuity

Immediate Payment Annuity,

Immediate Payment Annuity Definition:

Definition of Immediate Payment Annuity: Direct annuity is an agreement between an individual and the insurer that provides the guarantor income to the owner or beneficiary starting immediately. This is different from a deferred pension, in which payment begins at a future date chosen by the retiree. Direct Pension is also called Individual Direct Premium Pension (SPIA), Income Pension or Direct Pension.

  • Payment is sold annually through insurance companies and immediately upon purchase. The latter can generate income for the owner.
  • Buyers can choose between monthly, quarterly or annual revenue.
  • Payment is usually fixed for the term of the contract, but variable and inflation-adjusted pensions are also available.

Literal Meanings of Immediate Payment Annuity

Immediate:

Meanings of Immediate:
  1. Act immediately or both.

  2. Access time, ratio or interval.

  3. (Knowledge or reaction) is obtained or demonstrated without intuitive justification.

Sentences of Immediate
  1. Authorities did not take immediate action

  2. A funeral in which only immediate family members are present

  3. Hume pointed out that it is impossible to know the causes directly because we do not have the necessary understanding of the relationship.

Synonyms of Immediate

instant, instantaneous, on-the-spot, prompt, swift, speedy, rapid, quick, expeditious, recent, not long past, just gone

Payment:

Meanings of Payment:
  1. The act or process of paying or receiving something or something.

  2. Paid or payable

Sentences of Payment
  1. Apply for a cashback waiver

  2. A $ 2,500 interim settlement

Synonyms of Payment

remittance, remission, settlement, discharge, clearance, liquidation, reckoning, instalment, premium, amount

Annuity:

Meanings of Annuity:
  1. Usually for a lifetime, someone is paid a certain amount each year.

Sentences of Annuity
  1. You leave 1,000 a year at will

Synonyms of Annuity

payment, pocket money, sum of money, remittance, contribution, consideration, handout, grant, subsidy, maintenance, financial support, subsistence, benefit, stipend, pension, annuity, keep, upkeep, expenses