Question
An annuity that is bought as one nears retirement age so
that the annuitant can start receiving payments as soon as the initial investment is made, is known as ___________Solution
An immediate annuity is a plan wherein the premium is paid in lump-sum and not multiple number of times. With the immediate annuity contract, an individual will receive a guaranteed payout at regular interval of time. An immediate annuity should be bought by those individuals who are at the verge of retirement and are looking forward to receiving income every month with immediate effect.
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