YOU ASK:

What is the definition of Income-Date?

WE ANSWER:

The income date refers to the date when the annuity matures.

This is when the annuitant will start getting regular annuity payments as stipulated in the annuity contract.

The annuity usually has two phases - the savings phases, where the annuitant pays regular premiums to save up for the annuity and the income phase, where he will start receiving the income payments. The income date refers to the date in between, where the savings phase ends and when the income phase begins.

The income date is also called the annuity date or the maturity date.

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