As per Lawkidunya, an approved annuity plan is the plan approved by the SECP and offered by the life insurance companies authorized by the SECP. An annuity by its very nature can be called a financial plan that makes a regular stream of payments to the annuity holder.
What is an Approved Annuity in Pakistan
An annuity is a financial product that allows you to pay premiums and then receive regular or lump sum payments in the future, usually upon maturity of the plan or at retirement. One advantage of an approved deferred annuity is that the contributions are tax deductible.
Who Benefits From Annuities
The most appropriate use for income payments from an annuity contract is to fund your retirement. Only an annuity can pay an income that can be guaranteed to last as long as you live. There are three participants in an annuity contract: the owner, the annuitant, and the beneficiary.
Is Annuity Income Safe
Annuities are generally seen as safe investments that can provide guaranteed income in retirement. Some annuities can also be passed to a beneficiary down the line. But like any investment, annuities aren’t entirely risk-free.
Which Annuity is Best
MassMutual is our pick for the best annuity company because it has an incredibly secure financial foundation. The company has earned the highest possible AM Best rating, the second-highest possible S&P Global credit rating and a nearly perfect COMDEX score.
