Annuity Certain the stipulated annuity is paid for a fixed number of years. The annuity payments come to an end at the end of that period, irrespective of how much longer you may live.
In deferred annuities the premiums paid into such annuities may be deducted from one’s taxable income at the time of payment, its quite advantageous, especially to tax payers in higher tax brackets.
Life annuity guarantees you a specified amount of income for your life. If death happened then the annuity payments cease but your investment is refunded to your estate.
A guaranteed minimum annuity, on the other hand, not only provides you with a specified income for your lifetime but, in addition guarantees that your estate will receive payments for a certain minimum number of years, say ten years, even if you should die earlier