Approved Annuity Plan is the plan approved by the SECP and offered by the life insurance companies authorized by the SECP. An annuity by its very nature can be called a financial plan that makes a regular stream of payments to the annuity holder.
What is a Annuity Plan?
An annuity is a contract between you and an insurance company in which you make a lump sum payment or series of payments and, in return, obtain regular disbursements beginning either immediately or at some point in the future. The goal of annuity is to provide a steady stream of income during retirement.
Are Annuity Plans Good?
You can buy annuities for safety, long-term growth, or for income. In several cases, they are insuring the amount of income you can take from the annuity in the future. The only real way to determine if an annuity is a good investment for you is to have a plan.
Who has the Best Annuity?
What are the 3 Types of Annuities?
There are four main types of annuities:
- Immediate annuities.
- Deferred income annuities.
- Fixed annuities.
- Variable annuities.