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The offered plans are made to provide a fixed monthly income after retirement and help people live a comfortable life. Under these plans, the annuitant needs to pay a fixed monthly premium to the provider and receives a guaranteed income depending on the total amount accumulated.
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What Is Fixed Annuity? The offered plans are made to provide a fixed monthly income after retirement and help people live a comfortable life. Under these plans, the annuitant needs to pay a fixed monthly premium to the provider and receives a guaranteed income depending on the total amount accumulated.
Why Should You have a Fixed Annuity Insurance? Benefits of having a fixed annuity plan: Guaranteed Monthly Income: The annuitants receive a guaranteed income every month to take care of their essential expenses. This greatly helps people to plan their expenses in advance and make new investments. Tax-Deferred Growth:These plans offer a tax-deferred accumulation on the amount paid as premiums and the annuitants will not have to pay any taxes on the amount, till they plan to withdraw.
Types of Fixed Annuity Basically, it offers two types of policies including:FixedImmediate Annuity: Provides a fixed monthly income immediately after buying a plan. Fixed Deferred Annuity: Provides a fixed monthly income on the accumulated income, after the retirement.
Immediate Annuity Insurance These are the plans designed for those couldn’t get an annuity plan in the early years of their employment. People who have saved a decent amount can make a one-time payment to the provider and can start receiving a fixed monthly income immediately. Deferred Annuity Insurance These are the most commonly bought plans where the annuitant pays a premium every month and receive a fixed income after their retirement. These plans are great for planning the retirement in early years.
Additional Features in the Plan Some insurers also provide additional features or benefits under a cheap annuity insurance that include: Interest On Accumulated Amount: Under fixed annuity plans, the annuitant receives an interest on the amount accumulated and gets an increased monthly income, accordingly. Annual Withdrawal: Unlike other annuity plans, annuitants can withdraw up to the 10 percent of the amount accumulated, once in a year and manage their unplanned expenses.
Policy Claim Insured or their beneficiary can make a claim in the following two ways: Maturity Claim: When the annuitant gets retired and policy is matured. Death Claim: When the annuitant passes away while the policy is active. Death Claim There are some specific plans that offer a death claim on annuity and one can include this feature as an add-on as well. These claims are made by the beneficiaries after the death of annuitant and an accumulated cash value is provided after the document verification. Maturity Claim Under this condition, the annuitant makes a claim when they are retired and had been making premiums consistently. The annuitant needs to submit the policy document and start receiving a fixed income from the next month.
Exclusions in Fixed Annuities Annuitants or the beneficiaries may not receive the benefits under certain situations that include but aren’t limited to: • Suicide, attempt to suicide or intentionally caused injury • Criminal or unlawful act • Influence of drug or restricted medicines • Injuries due to racing vehicles or dangerous adventures • War, Civil War, Riots, Revolution or any war-like operations
Get Insurance at Best Prices! Optinsure has been helping to get cheap life insurance quotes from a number of top insurers and choose a plan with maximum benefits. Contact us to avail top insurance quotes easily and choose an annuity insurance plan as per your requirements. Website: https://www.optinsure.com Tel: 1 (908) 232-9968 Email: quote@optinsure.com
