IamDozzy
Active member
This concept might be new to some people especially those that haven't been employed before. Annuity in Insurance is an agreement between an employee and an insurance company by which a lump sum of money or installments of money is paid to the insurance company and in return receive regular payment of that deposited money at some point in future probably after retirement from their present job.
It is similar to pension scheme but the only difference is that pension scheme involves both the employer and employee paying money to the insurance company while annuity totally by passes the employer. Annuity is only done between the employee and the insurance company.
If you've had a experience with Annuity or you know someone that has, kindly share what the process was like. Was it favourable?
It is similar to pension scheme but the only difference is that pension scheme involves both the employer and employee paying money to the insurance company while annuity totally by passes the employer. Annuity is only done between the employee and the insurance company.
If you've had a experience with Annuity or you know someone that has, kindly share what the process was like. Was it favourable?