The main types of annuity plan include:

1. Time of receiving the annuity income:

Immediate annuity: Immediate annuities are more suitable for retirees to invest in. The monthly annuity income will be paid shortly after the premium is paid in a lump sum.
Deferred annuity: Premiums may be paid either in a single lump sum or by regular payments, and the annuity income will be paid out when the Insured reaches the specified age. Deferred annuity plan is a choice for those who are still at work because the funds continue to grow over time, and upon retirement, the accumulated Cash Value can be converted into stable annuity income.

2. The annuity income period:

Lifetime Annuity: The plan guarantees lifelong annuity payments even if the Insured lives until 100 years old or even longer.
Fixed-period Annuity: The annuity income will only be paid over a specified period.

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