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    Annuity is a fixed amount of money received for the whole life or a definite time period specified and agreed upon, in the contract. A savings account is the most common example of an annuity, where the annuitant deposits the principal amount of money to earn a certain percentage. The annuitants may invest this money in business, insurance companies or lend it to individuals. The percentage of the income is specified at the time of agreement. This serves as a partial return of the principal amount and an additional inc
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    greed upon, in the contract. A savings account is the most common example of an annuity, where the annuitant deposits the principal amount of money to earn a certain percentage. The annuitants may invest this money in business, insurance companies or lend it to individuals. The percentage of the income is specified at the time of agreement. This serves as a partial return of the principal amount and an additional in
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    ant deposits the principal amount of money to earn a certain percentage. The annuitants may invest this money in business, insurance companies or lend it to individuals. The percentage of the income is specified at the time of agreement. This serves as a partial return of the principal amount and an additional in
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    oney in business, insurance companies or lend it to individuals. The percentage of the income is specified at the time of agreement. This serves as a partial return of the principal amount and an additional in
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    d at the time of agreement. This serves as a partial return of the principal amount and an additional income, simultaneously.

    In case of group annuity contracts, the periodic payments are made to one of the employers, covered by a master contract signed by the employer. Retirement annuities are paid only post-retirement. In case of the annuitant?s death, before the expiry of the agreed period or the annuitant?s decision to surrender the policy, a certain amount is paid back to the annuitant?s beneficiary.

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