What is the definition of Life Income with Refund Annuity?

The Life Income with Refund Annuity refers to a life annuity that provides income payments while the annuitant is still alive and will also pay a refund if the annuitant dies before the guaranteed amount is fully paid.

The guaranteed amount is approximately no less than the amount the annuitant paid during the savings phase, but may be more depending on the performance of the investments.

In the event of the death of the annuitant, the beneficiary will receive the balance of the guaranteed amount via a cash payment or via installment payments.

The Life Income with Refund Annuity is also called a Refund Annuity.

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