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Author Topic: defered annuity  (Read 3050 times)
kpteo
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« on: February 10, 2011, 12:22:21 PM »

hi,

can I know more about "defered annuity" and its definition? Is the insurance premium fall into this category?

Thank you...
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Trevor Keegan
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« Reply #1 on: February 16, 2011, 04:13:23 PM »

Hello KPTeo

Definition - Deferred Annuity
 
An annuity that is not scheduled to begin payments until a given date. These annuities may be purchased with a single payment or, as is more often the case, with a series of periodic payments. Deferred annuities are most commonly purchased by individuals who want to make periodic payments during their working lives in order to receive monthly or annual income payments from the annuities during their retirement.
 
Key component - insurance products that provides for monthly or annul income payments after the maturity of the products

Regards
Trevor Keegan
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"The best measure of a man's honesty isn't his income tax return. It's the zero adjust on his bathroom scale.'' Arthur C. Clarke

"Philosophy teaches a man that he can't take it with him; taxes teach him he can't leave it behind either."  Mignon McLaughlin
kpteo
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« Reply #2 on: February 16, 2011, 11:35:47 PM »

Dear Thevor,

May I say in this case, the life & medical policies are not under this category? But some of the life policy (some refered to saving policy) will be making periodic payment after the maturity, will it be considered as a deferred annuity?

Thank you very much,

Teo
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Trevor Keegan
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« Reply #3 on: February 17, 2011, 05:44:20 PM »

Hello KPTeo

Currently Insurance Annuity plan had been stop for the last 3 years. Only a few local insurance company are granted this product. i.e. Hong Leong and MAA. The product name come with " annuity". Without the name itself, the premium not entitle for tax relieve. However; they are agents claim the proposed product is annuity product unless the product name has "annuity" stated. Hope this clarification helps.

Regards
Trevor Keegan
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"The best measure of a man's honesty isn't his income tax return. It's the zero adjust on his bathroom scale.'' Arthur C. Clarke

"Philosophy teaches a man that he can't take it with him; taxes teach him he can't leave it behind either."  Mignon McLaughlin
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