Annuity is a tax-deferred contract, which provides an income for a specific time period or for life. There are two types of annuities:
(a) Deferred annuities:
Deferred annuity allows you to grow your assets tax deferred and convert your account balance to income payments at a future date.
Deferred annuity has two stages:
- Savings and investing
- Retirement income
Since all of your earnings are tax-deferred, it means that you are free from paying taxes on your earnings from annuities until you withdraw your money, which is usually at retirement. Henceforth, you can make a single lump sum disbursement on the annuity, or you can make multiple contributions over time.
(b) Immediate annuities::
Immediate annuity allows you to receive income payments right away. For regular income payments, immediate annuities can be very beneficial. Immediate annuities have a provision to give income for a set period of time. Immediate annuities are ideal for people, who want an income with multiple options.
We have a network of experienced professionals, who will guide you in choosing the right solution, matching your annuity loan requirements.
Chance for loans can help borrowers purchase annuity with the following advantages:
- Annuities are the only policies through which you can avail income for life.
- High level of income with security and mental peace.
- Annuities carry much less risk than the alternatives available.
- With annuities you convert lump sum into monthly payments.
Annuities pay you for your entire life no matter how long you live.
