What are the types of annuities?

[chirag-garg]

An annuity is a financial instrument where you pay a lump sum in the accumulation period and get regular payments as long as you live or for a pre-specified fixed period.

There are five types of annuity plans available in the market.

1. Immediate annuity plans

2. Differed annuity plans

3. Fixed annuity plans

4. Variable annuity plans

5. Lump-sum annuity plans