Definitions for "Guaranteed annuity"
A retirement investment that provides you with a guaranteed fixed income stream when you invest a lump sum. You choose upfront whether you want to receive this for a fixed term, or for the rest of your life. You can also choose how often you want to receive the income payments and whether you want the payments to increase each year with inflation.
A guaranteed fixed term annuity provides regular income payments for a fixed period of time. You can invest in a guaranteed term annuity using any accessible superannuation/rollover savings, or other savings. You can also choose how often you want to receive the income payments and whether you want the payments to increase each year with inflation.
An annuity that will be paid to a person for his or her lifetime, with a minimum number of payments guaranteed. For example, if a person who owns an annuity that has a five-year guarantee dies after three years, payment will continue to the persons or spouse for two years.
Keywords:  policy, standard
standard policy