The following options are available for annuity payment. Annuity can be paid monthly, quarterly, half yearly and yearly.

1. Life Annuity: It means a level annuity is paid in arrears as long as the annuitant survives.

2. Annuity Guaranteed for 5 years and for life thereafter: It means a level annuity is paid in arrears for the first 5 years irrespective of whether the annuitant survives or not during these 5 years. However, after elapse of guaranteed period i.e. first 5 years, annuity will be paid as long as the annuitant survives. 

3. Annuity Guaranteed for 10 years and for life thereafter: It means a level annuity is paid in arrears for the first 10 years irrespective of whether the annuitant survives or not during these 10 years. However, after elapse of guaranteed period i.e. first 10 years, annuity will be paid as long as the annuitant survives.     

4. Annuity Guaranteed for 15 years and for life thereafter: It means a level annuity is paid in arrears for the first 15 years irrespective of whether the annuitant survives or not during these 15 years. However, after elapse of guaranteed period i.e. first 15 years, annuity will be paid as long as the annuitant survives.

For options 2, 3 and 4 above, in case the annuitant dies during guaranteed period, the nominee of the annuitant will receive the annuity amount in the same way as it would have been paid to the Annuitant if he would have been alive, for the remaining guaranteed period.      

5. Annuity for Life increasing @ 3% per annum simple: It means a life annuity increasing @ 3% p.a. simple is paid in arrears as long as the annuitant survives.     

6. Life Annuity with Return of Purchase Price: It means a level annuity is paid in arrears as long as the annuitant survives and the Purchase Price of the annuity (excluding taxes) is paid to the nominee on death of the Annuitant.      

7. Joint Life Last Survivor Annuity: It means a level annuity is paid in arrears as long as both or either of the two annuitants survives.